As a black business owner, you know how difficult it can sometimes be to get the funding you need. Most of the time, it seems like banks, angel investors, and venture capitalists are only interested in working with large firms with a successful track record. Today we’re excited to announce that Chichi Eburu has launched a new initiative to help bridge this gap by providing grants for black-owned businesses.
- Juvia’s Place Is Giving $50,000 Grants to Six Black-Owned Brands
Juvia’s Place is a 6.5 million dollar company (with plans to be valued at more than 11 million dollars by the end of this year) that was started by Tonya Hall, one of the owners of Chichi. Juvia’s Place has already done a tremendous job and has been recognized as a top performer on Wall Street with its strong growth in sales and profits, but it could still use help with marketing strategies, SEO, and other tech support.
Chichi has made some significant investments in black businesses. For example, they have put $250,000 in BounceTV Inc. (from their portfolio) and purchased $300,000 of shares in their portfolio companies.
- Research & Development Grants
Chichi has also provided funding to inventors doing work that will benefit the economy and help the community. For example, Chichi Eburu gave over $100,000 to Daniel Johnson for his research on RFID chips for police dogs. Another notable group that received grants was the African American Network to End Homelessness because of its technology-based approach to ending Homelessness within the African-American community and other communities.
Chichi has received several awards during the first year of its company. For one, they were awarded the Best Technology Company of the Year in July. Also, they won the Outstanding Technology Award and Rising Star Award from Black Enterprise magazine.
- Community-Based Grants
Chichi Eburu has also taken a more community-based approach by giving $25,000 to Elevate: A San Diego Youth Arts and Technology Resource (ESYAR). Some other grants include $10,000 to One People’s Project and the Best in Blue Award to The Black Business Development Center of San Diego County. Chichi Eburu is about to launch a grant for nonprofit groups that provide educational programming for children with an autism spectrum disorder.
When it comes to business Chichi Eburu is on the right track. They have a strong vision of helping their portfolio companies become more profitable and successful, and they are making a difference in our communities. As a result, we are excited about this new initiative and hope you will be too.