The Coramino Fund
A small business grant program
Creating a small business from scratch is hard work. That’s why LISC is proud to be partnering with comedian and entrepreneur Kevin Hart and tequila maker Juan Domingo Beckmann for year two of The Coramino Fund, a grant program to support Black and Latinx entrepreneurs.
Building on the success of last year’s launch – when LISC received applications from every state and awarded $10,000 grants to 50 small businesses across 10 different industries – The Coramino Fund will continue empowering under-resourced business owners.
Like most small business owners, Black and Latinx entrepreneurs have big ideas and big dreams, but many face systemic barriers on their journey. They often are less likely to have cash reserves and access to credit and capital, which limits their ability to grow. To help close the wealth and opportunity gaps faced by entrepreneurs of color across the U.S., LISC is once again joining forces with Gran Coramino® Tequila to award another round of grants through The Coramino Fund.
The application for The Coramino Fund’s second year is now open! Applications must be submitted by Tuesday, December 5, 2023, at 11:59 p.m. Pacific Time.
What The Coramino Fund can do
The program provides $10,000 grants to Black and Latinx entrepreneurs. The grants are designed to foster business growth, with flexible uses including but not limited to:
- Hiring new staff or promoting existing staff to bring a new product or service to market;
- Purchasing equipment to add a new product or service to the business offerings;
- Upgrading physical space to better serve customers; and
- Launching a marketing and promotional campaign to attract more customers.
Lifting up the stories of small businesses impacted by The Coramino Fund is a priority for LISC and Gran Coramino® Tequila. Entrepreneurs who receive grants may be invited to share their stories— what inspired them to open their businesses and how the grant funding has helped them grow. This is an exciting opportunity for entrepreneurs to showcase their businesses on a national platform.
The Coramino Fund is open to Black and Latinx-owned small businesses nationwide. Small businesses are eligible to apply for a grant if they meet the following criteria:
- Based in the United States
- Owned by an individual 21 years of age or older (who must be the applicant)
- In operation for 5 years or less
- Have a business bank account
- Have no more than 3 locations and 30 employees
- Business owner(s) must not be an equity holder, owner, partner, member, director, manager, officer, employee, consultant, or agent of any beverage alcohol retail licensee, or has any other interest, direct or indirect, in any Retail Licensee. As a manufacturer of a distilled spirit, Gran Coramino® Tequila is legally prohibited from providing monetary funds to licensed accounts.
Note: This year, The Coramino Fund aims to allocate 30% of its grants to small businesses located in these 10 states: California, Florida, Georgia, Illinois, Maryland, New Jersey, New York, North Carolina, South Carolina, and Texas.
For more information and to apply, visit https://www.lisc.org/our-initiatives/small-business/our-work/grants-small-businesses/coramino-fund/.