The Entrepreneurial Spirit Fund by SIA Scotch will award $10,000 grants to 11 qualifying entrepreneurs who self-identify as people of color, for a total of $110,000.
This year, the grant program will focus on growing businesses specifically within the brand’s own world – the food, beverage, and hospitality sector . This space has been disproportionately impacted by COVID-19, and its small business owners continue to face massive barriers, such as adapting to consumers’ ever-evolving preferences and spending behaviors, adjusting to increased at-home demand, and facing supply chain disruptions. As a brand built from the ground up, SIA Scotch Whisky truly understands the importance of supporting these often-overlooked small business owners along their entrepreneurial journeys.
“As an entrepreneur from a historically underrepresented and underserved community, gaining access to funding and mentorship during my startup journey was always an uphill battle,” said founder Luna-Ostaseski. “The food, beverage and hospitality space is very competitive, and I know from firsthand experience how game-changing support can be. SIA Scotch Whisky was born out of my perseverance and passion, and to this day our purpose is to inspire other entrepreneurs of color to achieve the unexpected – just like I did. I am so proud of The Entrepreneurial Spirit Fund and its continued commitment to paying it forward.”
However, success is not easy to come by. Entrepreneurs of color tend to face more obstacles when it comes to raising capital and are far more likely to get shut out of financing completely. Despite approximately 18.7% of all U.S. businesses being minority-owned, representing over 50% of new businesses started and creating 4.7 million new jobs, this group is still largely excluded in funding – receiving only a 2% share of venture capital annually over the last decade.
To apply for one of the 11 grants, visit https://hialice.co/siascotchfund now through Sept. 26, 2022. To be eligible, business owners must be 25 years of age or older (as of November 1, 2022) and a legal U.S. resident.
Businesses must be owned 51%+ by person(s) of color, a for-profit business producing less than $5M in annual gross revenue, not be an alcohol beverage wholesale or retail license holder or a business which makes/distributes/imports alcohol and must operate and/or conduct business in at least one of the following states: California, Colorado Connecticut, Florida, Georgia, Illinois, Massachusetts, Minnesota, New Jersey, Nevada, New York , Rhode Island or Texas. The final grant recipients will be announced on Nov. 1, 2022, kicking off National Entrepreneur Month.