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Black-Owned Cosmetics Brand, Juvia's Place, Launches $300,000 Business Grant For Black Entrepreneurs

Black-Owned Cosmetics Brand, Juvia's Place, Launches $300,000 Business Grant For Black Entrepreneurs

Juvia's Place is giving away a $50,000 grant to 6 Black-Owned Businesses in the U.S.

PR Newswire

SECAUCUS, N.J., Aug. 14, 2020 /PRNewswire/ -- "As a Black-owned business, I understand first-hand the financial obstacles Black entrepreneurs face. I started Juvia's Place with just $2,000 and a dream. I, like so many others, didn't have access to lending, or a trust fund. My business was built with minimal financial resources, but I had a supportive community to lean on. That community support was essential to my business growth. I found mentors and customers that believed in my product, and helped to make my dream a reality. I appreciate the support, and want to make sure I can provide an opportunity to other Black entrepreneurs who are looking to grow their businesses," says Juvia's Place Founder, Chichi Eburu.

According to SCORE, 44% of Black small business owners use cash to fund their business as compared to the average small business owner (37%).  The most popular funding sources for African-American business owners are:

  • Friends and family
  • Lines of credit
  • Rollovers for Business Start-ups (ROBS), financing that allows small businesses owners to tap into eligible retirement accounts to fund their businesses without tax penalties. Guidant says this grew by 21% in popularity among African-American small businesses year over year.
  • Unsecured loans
  • Peer-to peer
  • Equipment leasing
  • SBA Loans

Most of these sources require Black entrepreneurs to amass debt at high interest rates. These debt traps can kill a business before it even gets started. Black female entrepreneurs face even greater challenges. Black women in the U.S. are starting businesses at a faster rate (12% growth rate per year) than other groups (8% growth rate per year). That being said, the average yearly revenue for Black female entrepreneurs is only $24,000 versus $142,900 for non-Black female entrepreneurs. This gap in gross revenue is startling, and speaks to a broad array of systemic issues faced by these businesses.

Juvia's Place is giving away Six (6) $50,000 grants in the hopes of eradicating these challenges faced by Black entrepreneurs.

To apply for the Juvia's Place Black-Owned Business Grant You must answer YES to the following questions:

  1. Is your business Black-owned?
  2. Are you a US resident or US citizen?
  3. Is your business headquartered in the United States?
  4. Is your 2019 business gross income between $1,000 and $250,000?

Apply now

CONTACT: Lisa Jean-Francois, lisa@juviasplace.com

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/black-owned-cosmetics-brand-juvias-place-launches-300-000-business-grant-for-black-entrepreneurs-301112521.html

SOURCE Juvia's Place



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