The program, called Open for Business, is aimed at increasing equity in business. A total of $8 million in grants ranging from $5,000-$100,000 will be awarded in the second round to businesses owned by people of color.
The first round of grants in this $20 million program was awarded in December and saw 211 grant recipients from throughout Houston receive a total of $5 million in grants.
“The Open For Business grants are such an incredible tool not only to help facilitate foundational change in the Houston community, but also to empower and support diverse small-business owners in their continual efforts to progress and evolve,” Houston Mayor Sylvester Turner said at the May 1 announcement.
The $20 million comes from Wells Fargo’s Open for Business Fund, a roughly $420 million nationwide small-business recovery program. Per a May 1 news release, the Open for Business grant funding is estimated to benefit over 500 small businesses and nonprofits in Houston over its three-year duration.
“We are committed to bridging the economic gap in our city by supporting Houston’s underrepresented and underfunded minority-owned small businesses and nonprofit organizations," said Thomas Jones, board president of the Houston Fund for Social Justice and Economic Equity. “It is our continued vision and mission to facilitate transformative change in our local communities.”
According to the May 1 release, applications for this round of grants will open May 15. Interested small businesses and nonprofits can apply on the fund's website.
