Daymond John: Selected Black entrepreneurs to receive $25,000 in grants

Founder of clothing line FUBU and an investor on ABC’s “Shark Tank”, Daymond John said on Tuesday that he will host a Black Entrepreneurs Day, slated for October 24. It will be a virtual event that seeks to support Black-owned businesses.

It is no news that Black-owned businesses have been twice-hit by the coronavirus pandemic, compared to other businesses. Hence, John has tirelessly invested much of his time and resources in helping suffering Black-owned businesses.

“We need to be building businesses, not burning them,” John said on CNBC’s Make It. “And I am going to tell anyone who will listen that.”

According to a Brooking Institute reports in February, only 4.3% of America’s businesses are owned by Blacks. Adding that Black-businesses start up with “a third less capital than their White peers and have difficulties raising private investment systems.” White business owners are also more likely to get loans in their first year of business compared to Black business owners.

During the Black Entrepreneurs Day event, John plans to give $25,000 in grants to seven selected Black entrepreneurs, each. A total of $175,000 grants will be given to business owners. In addition, the winners will get mentorship from John and free $1,000 in Facebook ad credits. The grant is supported by the event’s partners, including Chase for Business, The General Insurance, Cisco, Robinhood, Pepsi, Yappa, Webex, and Quickbooks.

“We created this event because we all want to do more. When we reached into our Rolodexes to find out who could be involved, we wanted to make sure it extends beyond relationships,” said John.

The grants which is called the NAACP Powershift Entrepreneur Grant will be given through the National Association for the Advancement of Colored People (NAACP). Applications for the grants are opened and will close on October 12.

Businesses that fall under these categories: food and beverage, beauty and wellness, retail, finance, and technology, can apply for the grant.

“We are looking for people who need these grants,” said John. “Entrepreneurs who are as passionate about their businesses as I was when I started.”

John founded FUBU at an early age of 23 with only $40 and has since grown into a mega apparel business despite the hurdles he faced. The fashion empire is now worth $6 billion.

The event will also have other celebrity entrepreneurs such as Shaquille O’Neal, Jamie Foxx, Gabrielle Union, LL Cool J, Elicia Aazli, Brian Lamb, and Arlan Hamilton, as speakers at the event. They will also share their stories which will be “the biggest value of the event”, according to John.

“It is going to give our audience a first-hand reminder that none of us were knighted in finding success. We found it through failure, struggles, missteps, and a passion to learn from those mistakes.”

John says the event is beyond writing checks. It is being able to identify with a cause that is sure to make a difference in society.