Private debt firm Antares Capital is awarding $1 million in grants to assist underrepresented founders with capital for their businesses, Black Enterprise reports.
The grant program is part of Antares Capital's REACH initiative which was launched to help members of diverse and historically underrepresented groups, including women, people of color, military-affiliated, persons with disabilities and members of the LGBTQ+ community.
To make the grants accessible, Antares is partnering with technology firm Hello Alice.
Timothy Lyne, chief executive officer for Antares Capital noted the importance of empowering emerging business leaders of the future.
“When we support entrepreneurs from historically underrepresented groups in their nascent stages, we’re helping to drive a more diverse pipeline of companies that will ultimately benefit from the support and capital that private equity provides,” said Lyne.
Carolyn Rodz, co-founder and chief executive officer of Hello Alice also spoke about the challenges that underrepresented founders have when it comes to raising funds so their business can thrive.“Underrepresented founders continue to face hurdles when attempting to raise capital for their company, a discrepancy that only hinders their ability to grow and scale their businesses," explained Rodz.
The window for applications closes on July 15.
To apply for funding, visit helloalice.com.