The following is an excerpt from the 2023 GEN Impact Report, released at the Global Entrepreneurship Congress in September 2023. Read the full report here.
GEN launched its Small Business Grants Program in 2020 in response to the well-known challenges faced by entrepreneurs during the COVID-19 pandemic, and has since issued USD $22.4 million in grants to small businesses. In the three years since its inception, the program has grown from simply helping founders navigate the darkest days of the pandemic crisis to more widely supporting entrepreneurs – especially those from historically-underrepresented communities – as they seek to overcome ongoing challenges and scale their businesses.
In 2022 and 2023, GEN issued 908 grants, with entrepreneurs receiving a total of USD $15 million thanks to partners including Hello Alice, Etsy, FedEx, Antares Capital, Tiger Global, BGE, KKR, DoorDash, Progressive and Mastercard.
Supporting Entrepreneurs Across Sectors
Julie Sanger, owner of Park Ridge Creamery, an ice cream shop in the mid-Atlantic region of the United States, is one of more than 475 entrepreneurs to receive a grant through the BGE Small Business Energizing Grant, which prioritizes businesses operated by historically underrepresented groups often challenged by limited access to capital.
Sanger planned to use the funds to purchase new equipment to grow her product and service offerings, and to support new staff hires.
“During the COVID years, many business owners had to pivot and shift into survival mode. Plans and dreams went out the window; it all came down to keeping our staff paid and our doors open, and the financial toll was brutal on all of us,” said Sanger. “Luckily, 2023 has brought a renewed sense of hope and promise. It’s the first time in a long time I feel like we can make some forward progress, and the Energizing Small Business Grant supported by BGE will help make that possible.”
Lindsey Moore is among 20 impressive tech founders awarded funding through the AccelerateHER Fund, a grant program sponsored by Tiger Global and administered through GEN’s Small Business Grants Program. The program provided $50,000 to women entrepreneurs building breakthrough technologies or tech-enabled companies.
Shortly after concluding her 10-year career with the U.S. Agency for International Development (USAID), the diplomat and economist-turned-entrepreneur founded DevelopMetrics, a data science firm, to equip leaders in her field with better data to make more informed policy and program decisions.
“The grant is transformational for us in investing in a technology platform that enables us to reach a wider group of people,” said Moore. “For example, we can now offer our data to local organizations without having them contribute to the R&D costs, allowing them to benefit from the data in their products, which aligns with our mission of increasing impact.”
Aligned with Global Entrepreneurship Week, FedEx, GEN and Hello Alice awarded 30 founders with $10,000 grants through the FedEx® Entrepreneur Fund, which aimed to uplift veterans and small business owners with disabilities by providing access to funding, resources and networks. The fund received a staggering 12,500 applicants.
Hannah Heimbaugh, a speech-language pathologist and assistive technology specialist living with ADHD, anxiety, and depression is one recipient. Heimbaugh launched her company, AdaptAbilities, in 2019 to provide accessible and affordable switch-adapted toys and devices for all age groups. Her mission is to offer those with special needs “independence through innovation.”
Heimbaugh planned to use the funds to hire employees to support manufacturing and distribution during her busiest months.
“I hope to primarily employ individuals with disabilities, like myself,” said Heimbaugh. “There is a large need in my community for employment opportunities for people with disabilities. As a therapist whose passion is to help others find tools to increase their independence, I feel strongly about fostering a work environment that is accommodating to the needs of others.”
Impact Between 2020 and 2023
- 2020: 276 grantees, $3,080,804 awarded
- 2021: 306 grantees, $4,784,000 awarded
- 2022: 548 grantees, $7,985,000 awarded
- 2023: 360 grants, $6,560,000 awarded
- Total grants Awarded: 1,490
- Total dollars Distributed: $22,409,804
Read the full 2023 GEN Impact Report here.