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Sia Scotch gives grants to minority entrepreneurs
Scotch whisky brand Sia is offering 11 entrepreneurs from minority backgrounds a US$10,000 grant as part of The Entrepreneurial Spirit Fund to help ‘build stronger communities’.
Crowdfunded Sia Scotch whisky was set up by Hispanic entrepreneur Carin Luna-Ostaseski. The Entrepreneurial Spirit Fund by Sia Scotch is an initiative to provide entrepreneurs of colour with ‘access to the capital and mentorship’ that will help them ‘take action, build stronger companies and have a positive impact on their communities’
Running for its second consecutive year, the programme will award US$10,000 grants to 11 entrepreneurs.
“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 first-hand 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 colour 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.”
Sia has donated US$350,000 towards the grant scheme since its inception.
The brand said despite approximately 18.7% of all US businesses being minority-owned (US Census Bureau), which represents more than 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.
The Entrepreneurial Spirit Fund was established in partnership with Hello Alice, an online platform that connects a community of small business owners with the resources they need to grow their businesses.
“Entrepreneurs of colour are an economic force in the US and recognising their impact in our communities is of great importance,” said Elizabeth Gore, co-founder and president of Hello Alice.
“In our most recent survey, 89% of small business owners claim access to capital is limiting their business growth potential.
“Along with our partner Sia Scotch Whisky, we are excited to continue this groundbreaking grant program to help support this underserved community and provide the resources, tools and additional exposure that these businesses need to succeed.”
To apply, applicants can visit hialice.co/siascotchfund.
Applications close on 26 September 2022.
Earlier this year, Diageo-owned Scotch whisky Johnnie Walker partnered with musicians Brittany Howard and Tia P to unveil its First Strides grant scheme.