LITTLE ROCK, Ark.--(BUSINESS WIRE)--Kinetic Business today announced another expansion of the Black Business Support Fund. Now Black-owned businesses anywhere in the Kinetic footprint can take advantage of this grant.
The fund seeks to increase the number and stability of Black-owned businesses located within Kinetic’s service footprint. Kinetic Business will now accept applications for the awarding of grants to eligible businesses in the 18 states where its fiber-backed network provides premium broadband and managed solutions that make companies more efficient and profitable such as OfficeSuite UC® and SD-WAN.
Since the fund’s launch in late 2020, businesses selected for the grants have received a grand total of $300,000 in cash awards.
“When we started the fund, the pandemic was having a disproportionate effect on Black-owned businesses across the country, so the grants were just keeping the doors open for our neighbors’ businesses,” said Lorenzo Clark, vice president of digital sales for Kinetic and president of the Windstream Black Professional Network Committee. “Now that things have stabilized a bit, these grants are helping businesses that often don’t have good access to capital to grow.”
According to a 2010 Department of Commerce report, “[Minority owned businesses] experience higher loan denial probabilities and pay higher interest rates than white-owned businesses even after controlling for differences in credit-worthiness, and other factors.”
Additionally, a 2020 McKinsey & Company report found improving the viability of Black-owned businesses improves the overall economy: “Healthy Black-owned businesses could be a critical component for closing the United States’ Black–white wealth gap, which we project will cost the economy $1 trillion to $1.5 trillion (in 2018 dollars) per year by 2028.”
Clark added, “It’s extremely gratifying to not only support other businesses in our service area, but also be the kind of partner that lifts up the entire community so everyone can thrive and pursue their dreams.”
Each small-business grant recipient will receive $2,500 in cash and a year of free internet for their business. The selected businesses will also get a free consultation from Kinetic Business on processes and products that could improve efficiencies and make their business more profitable.
To be eligible for a Black Business Support Fund grant, a business must:
- Be a new or current small business in a market that Kinetic serves, receiving broadband Internet from Kinetic;
- Be Black-owned and have 25 or fewer employees;
- Not be currently engaged in bankruptcy proceedings;
- Not be a nonprofit organization, liquor store, check-cashing agency, gun shop, pawn shop or adult entertainment business, and
- Not apply for multiple businesses.
Funds will be awarded on a first come, first served basis. Applicants should check Black Business Support Fund website for full terms and conditions and application process.
Kinetic Business’s mission is to bring network solutions that work as fast as business does through high-speed connection, collaboration, continuity and cybersecurity solutions.
About Kinetic Business
Kinetic by Windstream is a business unit of Windstream, a privately held communications and software company. Kinetic provides premium broadband, entertainment and security services through an enhanced fiber network to consumers and businesses primarily in rural areas in 18 states. The company also offers managed communications services, including SD-WAN and UCaaS, and high-capacity bandwidth and transport services to businesses across the U.S. Additional information is available at KineticBusiness.com. Follow us on Twitter at @GoKineticBiz.
Category: Kinetic
