In an era where diversity and inclusion are at the forefront of societal conversations, the PFund Foundation, in collaboration with Quorum, is thrilled to announce the commencement of the 2023-24 round of Equity Fund grants. Rooted in a mission to support queer entrepreneurs of color, this initiative is poised to drive change, empower innovation, and elevate voices that have long been underrepresented in the entrepreneurial landscape.
Fostering Change Through Grants
The Equity Fund stands as a beacon of opportunity for queer entrepreneurs and small businesses, casting its net across the expansive realm of the Upper Midwest. With a distinct emphasis on queer entrepreneurs of color and businesses situated in rural areas, PFund and Quorum have pooled a remarkable $435,000 in grant funds across three distinct cohorts for the current year. Each grant recipient is set to receive:
- Grants ranging from $5,000 up to $30,000, directed towards bolstering small business capabilities and fostering the growth of queer entrepreneurship throughout the region.
- Access to five tailored training sessions, designed to cater to the unique needs of small business owners. While recipients from the Twin Cities metropolitan area will partake in in-person trainings orchestrated by PFund, virtual learning sessions arranged by Quorum will welcome grantees from greater Minnesota, North Dakota, South Dakota, Iowa, and Wisconsin.
- A one-year membership to Quorum, the LGBT chamber of commerce of Minnesota. For recipients outside Minnesota, stipends will be provided to facilitate the purchase of an annual membership from a local queer chamber of commerce – a testament to the initiative's commitment to nurturing connections beyond geographical boundaries.
Paths to Eligibility
Eligibility criteria pave the way for dedicated entrepreneurs to harness the power of the Equity Fund. Aspiring candidates need to meet the following criteria based on the respective cohorts:
1. The Equity Fund for Twin Cities Queer Entrepreneurs of Color:
- Identify as LGBTQ+ and as Black, Indigenous, or a Person of Color.
- Business must be located within the seven-county Twin Cities metropolitan area.
- Business must have been operational for at least one year.
- Annual gross revenue for the most recent fiscal year should not exceed $250,000.
- Business should employ 20 or fewer individuals.
2. The Equity Fund for Minnesotan Queer Entrepreneurs:
- Identify as LGBTQ+.
- Business must be located within the state of Minnesota.
- Business must have been operational for at least one year.
- Annual gross revenue for the most recent fiscal year should not exceed $250,000.
- Business should employ 20 or fewer individuals.
3. The Equity Fund for Midwestern Queer Entrepreneurs of Color:
- Identify as LGBTQ+ and as Black, Indigenous, or a Person of Color.
- Business must be located within North Dakota, South Dakota, Iowa, Wisconsin, or the respective First Nations territories.
- Business must have been operational for at least one year.
- Annual gross revenue for the most recent fiscal year should not exceed $250,000.
- Business should employ 20 or fewer individuals.
Pioneering a Diverse Entrepreneurial Landscape
The Equity Fund for Queer Entrepreneurs of Color in the U.S. is a clarion call for diversity, innovation, and change. By bridging gaps, amplifying underrepresented voices, and offering financial and educational support, PFund Foundation and Quorum have set the stage for a more inclusive entrepreneurial landscape. If you identify with the criteria and aspirations of this initiative, seize this remarkable opportunity to shape the future of entrepreneurship.
To learn more about the Equity Fund, its application process, and how you can be part of this transformative journey, visit https://www.pfundfoundation.org.
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