SIA Scotch Whisky, an award-winning spirits brand founded by first-generation Hispanic entrepreneur Carin Luna-Ostaseski, is bringing back The Entrepreneurial Spirit Fund by SIA Scotch for the second consecutive year.
The initiative provides entrepreneurs of color with access to capital and mentorship that will help them take action, build stronger companies and have a positive impact on their communities.
This year, the grant program will focus on growing businesses specifically within the brand's own world – the food, beverage and hospitality sector.
This space has been disproportionately impacted by COVID-19, according to SIA Scotch Whisky, and its small business owners continue to face massive barriers, such as adapting to consumers' ever-evolving preferences and spending behaviors, adjusting to increased at-home demand, and facing supply chain disruptions.
As a brand built from the ground up, SIA Scotch Whisky noted that it understands the importance of supporting these often-overlooked small business owners along their entrepreneurial journeys.
“As an entrepreneur from a historically underrepresented and underserved community, gaining access to funding and mentorship during my startup journey was always an uphill battle,” said Luna-Ostaseski. “The food, beverage and hospitality space is very competitive, and I know from firsthand experience how game-changing support can be. SIA Scotch Whisky was born out of my perseverance and passion, and to this day our purpose is to inspire other entrepreneurs of color to achieve the unexpected – just like I did. I am so proud of The Entrepreneurial Spirit Fund and its continued commitment to paying it forward.”
Entrepreneurs of color tend to face more obstacles when it comes to raising capital and are far more likely to get shut out of financing completely, said the company. In fact, despite approximately 18.7 percent of all U.S. businesses being minority-owned (source: U.S Census Bureau; Annual Business Survey 2020), representing over 50 percent of new businesses started and creating 4.7 million new jobs, this group is still largely excluded in funding – receiving only a two-percent share of venture capital annually over the last decade (Source: Hello Alice).
The Entrepreneurial Spirit Fund by SIA Scotch – inspired by Luna-Ostaseski's entrepreneurial journey – was launched in partnership with Hello Alice, a free online platform that connects its community of nearly one million small business owners with the capital, tools and education they need to grow their businesses.
“Entrepreneurs of color are an economic force in the U.S and recognizing their impact in our communities is of great importance,” said Elizabeth Gore, co-founder and president of Hello Alice. “In our most recent survey, 89 percent of small business owners claim access to capital is limiting their business growth potential. Along with our partner SIA Scotch Whisky, we are excited to continue this groundbreaking grant program to help support this underserved community and provide the resources, tools and additional exposure that these businesses need to succeed."
The Entrepreneurial Spirit Fund by SIA Scotch will award $10,000 grants to 11 qualifying entrepreneurs who self-identify as people of color, for a total of $110,000. To apply, visit https://hialice.co/siascotchfund now through Sept. 26, 2022.
To be eligible for a grant, business owners must be 25 years of age or older (as of Nov. 1, 2022) and a legal U.S. resident. Businesses must be owned 51 percent or more by a person(s) of color, a for-profit business producing less than $5 million in annual gross revenue, not be an alcohol beverage wholesale or retail license holder or a business which makes/distributes/imports alcohol, and must operate and/or conduct business in at least one of the following states: California, Colorado Connecticut, Florida, Georgia, Illinois, Massachusetts, Maine, New Jersey, Nevada, New York, Rhode Island or Texas.
For complete eligibility criteria and important restrictions, visit the application site for terms and conditions. The final grant recipients will be announced on Nov. 1, 2022, kicking off National Entrepreneur Month.
The Entrepreneurial Spirit Fund is a continuation of SIA Scotch Whisky's nearly decade-long commitment to donating a portion of sales to organizations that help support underrepresented entrepreneurs.
To learn more about SIA Scotch Whisky, visit SIAScotchWhisky.com.
Plan to Attend or Participate in
Bar & Restaurant Expo, March 27-29, 2023
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