The Global Entrepreneurship Network, Antares Capital and Hello Alice today announced the recipients of $1M in grants as part of the Antares REACH program, which launched in June of this year. The grant is sponsored by Antares Capital and administered through GEN's Small Business Grants Program, which has connected entrepreneurs with more than $15 million in funding since 2020.
In total, 40 grants of $20,000 were awarded through the REACH program to early-stage small businesses led by diverse and underrepresented founders. Of the recipients, which were chosen from a pool of over 100,000 applications, 90 percent are businesses led by individuals of color, and 88 percent are led by females or gender non-conforming persons. Companies from over a dozen varied industries led by founders from 4 distinct generations are represented. The founders will use the grants to introduce products, expand their regional presence, and further promote a positive social impact within the communities in which they operate.
To qualify, businesses must have a viable product or service with less than $5M in annual revenue and they must be operated by entrepreneurs of historically underrepresented groups. In addition to the $20,000 grant, all recipients will be eligible to receive an additional $5,000 grant after completing a post-grant report. They will also be given access to professional development opportunities through Hello Alice.
This announcement comes just one year after women-founded companies received less than 2 percent of capital invested in VC-backed startups in the US, and Black-owned startups received just over 1 percent. REACH aims to address this discrepancy by expanding access to capital for these historically underrepresented groups at their earliest foundational stages.
“The Antares REACH Grant is very significant and restorative to me and my manufacturing business because kubé is building regenerative food systems that exist to restore life, health, joy, dignity and equity back to people, animals and the soil. With this grant, I will create good paying production jobs to meet our growing demand,” said Kai Nortey, CEO, Co-Founder of kubé.
“We know and live the needs of the recovery community every day. To have the resources to meet those needs is a rare opportunity. We plan to improve not only the business but the lives of our staff, clients and community,” said Dr. Teresa Walker, owner, New Leaf Clinic.
Meet the Recipients
To learn more about the grant program, visit https://helloalice.com/grants/antares-capital/.