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Gran Coramino gives $1m to small businesses
Kevin Hart’s Tequila brand Gran Coramino has granted more than US$1 million to 100 underrepresented businesses in the US and Mexico.
The American comedian and actor founded the brand in 2022 with 11th-generation Tequila maker Juan Domingo Beckmann.
The brand donates US$1 of every bottle sold to its Coramino Fund, which supports underrepresented entrepreneurs in the US and Mexico.
Hart said: “As an entrepreneur myself, I’ve seen how early financial support can impact the long-term success of the business.
“The Coramino Fund was created to provide support to some of the hardest working people out there – entrepreneurs and small business owners.”
Since it launched two years ago, the brand has provided financial support for more than 100 entrepreneurs with US$10,000 grants. Of the businesses that have received funding, 52% are Black-owned, 36% Latinx-owned and 12% are Black and Latinx-owned. Two-thirds (66%) are owned by women.
Michael T Pugh, CEO and president of the Local Initiatives Support Corporation (LISC), which is the US impact partner of the fund, added: “Small businesses are the economic backbone of communities, but many owners lack fair access to the capital and services they need to grow.
“We are grateful to Gran Coramino for recognising the systemic barriers that impact the success of underrepresented entrepreneurs and developing a give-back strategy to help address them.
“When we invest in these businesses, we are also investing in the wellbeing of the communities where they operate.”
In addition, Frances Roman, chef and owner of Puerto Rican restaurant Cocotazo in New York City, spoke of the much-needed boost the grant gave her business. “As a business owner, you face ups and downs, and the Coramino Fund grant came at a time when we needed it most.
“We were able to buy more equipment to cater to larger clients and invest in advertising. Since then, we’ve hired three more women and are outgrowing the space.”
Later this year, the brand will expand its Coramino Fund programme through a partnership with Tecnológico de Monterrey university in Mexico.
Owned by Proximo Spirits, Coramino debuted an añejo for its Tequila line in 2022.