To look at Juvia’s Place now — with its 2.4 million Instagram followers and coveted shelf space at Ulta — it may seem hard to believe that founder Chichi Eburu started the makeup brand
with, as she puts it, “just $2,000 and a dream.” But it’s the initial obstacles that makes Eburu and Juvia’s Place so well-suited to not only understand the unique challenges that startup Black-owned small businesses face but to also help them achieve their goals.
Juvia’s Place has announced that it will be giving away six $50,000 grants to Black entrepreneurs to give them a greater opportunity to overcome both the difficulties that many new and small businesses face and the disparities specifically Black-owned — and even more so, Black-woman-owned — businesses deal with.
“According to SCORE, 44 percent of Black small business owners use cash to fund their business as compared to the average small business owner (37 percent),” Juvia’s Place said in a statement, explaining that the most popular funding sources — including various forms of loans — lead to amassing debt at high interest rates. “Black women in the U.S. are starting businesses at a faster rate (12 percent growth rate per year) than other groups (8 percent 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.”
Here’s how the program works: If you’re a Black business owner, both you and your business are based in the U.S., and your 2019 business gross income is $250,000 or less, you could qualify for one of the $50,000 grants. The application on the Juvia’s Place website will ask you for a variety of founder and business info, as well as brief essay questions that will let you share the challenges you’ve faced, what inspires you, and how the money would help your business flourish.
“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,” Eburu said in a statement. “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.”
If you or someone you know sounds like a fit for one of the grants, don’t hesitate — the application deadline is August 31. Visit juviasplace.com/pages/business-grant now for the digital form and answers to FAQs.
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Originally Appeared on Allure