First Black Investments in Greensboro Equity Fund grant awarded
The BIG Equity Fund — the first permanent endowment of its kind in Greensboro — was established in 2019. A quarter million dollars was raised from Black donors early on, and the community-wide campaign is roughly halfway towards reaching its $3 million endowment goal. Current priorities include addressing the digital divide, wealth building, and health care — disparities laid bare by the pandemic. Another is small business development.
That’s the issue covered by Piedmont Business Capital’s grant proposal. They say some Black-owned companies in the Greensboro area are shut out of bidding on projects due to less working capital compared to bigger firms. Piedmont proposes a bonding assistance reimbursement program to cover fees. Additionally, it would provide coaching and financial literacy programs.
On Tuesday, the company received a $100,000 grant from the BIG Equity Fund — $50,000 a year over the next two years. The award coincides with Black Philanthropy Month, a global celebration and campaign for funding equity. The money will be overseen by The Community Foundation of Greater Greensboro.