The Houston Fund for Social Justice and Economic Equity announced today the launch of the Open for Business Grant portal to distribute $20 million to Houston-area diverse small business and non-profit organizations.
Donor Name: Houston Fund for Social Justice and Economic Equity
County: Selected Counties
Type of Grant: Grant
Size of the Grant: $10,000 and $65,000
Grant Duration: 12 months
The Wells Fargo Open for Business Fund is a roughly $420 million national small business recovery effort with a focus on racially and ethnically diverse small business owners, who have been disproportionately affected by the pandemic. The fund was created from the gross processing fees that Wells Fargo received from Paycheck Protection Program loans made in 2020. Wells Fargo has donated funds to Community Development Financial Institutions (CDFIs) and local nonprofits across the nation.
The purpose of the Open for Business Grant Program (i.e. Grant Program) is to advance the mission of the Houston Equity Fund to enact transformational change by investing resources into organizations and initiatives that empower and uplift communities of color.
- Business owners will have the opportunity to apply for grants ranging between $10,000 and $65,000.
- The grant period is 12 months.
Who is Eligible?
To be eligible to apply for funding, the small business must meet ALL criteria:
- Business established and registered with State of Texas prior to December 31, 2021
- Business location is within the City of Houston
- Primary business location is in and impacting a vulnerable community
- Have 1- 50 employees, including the owner, full-time, and part-time employees and 1099 contractors engaged in an ongoing way to support your business
- 2021 Annual Gross Revenue of $1,500,000 or less
- Eligible business type: sole proprietorship, limited liability company (LLC), corporation, partnership
- INELIGIBLE business types: adult entertainment and sexually-oriented businesses; businesses whose main source of revenue comes from alcohol or tobacco sales; gambling businesses; government-owned entities or elected official offices; businesses primarily engaged in political or lobbying activities; and illegal businesses and enterprises.
- Business Owners must be 18 years of age and reside (primary home address) in Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, or Waller counties.
For more information, visit HFSJEE.