Genesis Block uses grant to help black-owned businesses
WILMINGTON, NC (WWAY) — A local community collaborative is using a grant to train and invest in black-owned businesses.
Genesis Block, a group dedicated to building up the entrepreneurial class, was one of only eight recipients to get a 50 thousand dollar grant to help black owned businesses.
With it, Girard and Tracey Newkirk will provide will provide 16 week intensive classes, a work space, a network of contacts, and capital to help each business get off the ground and to the next level.
This is all part of their three plan to bring up to 15 million dollars into New Hanover County, start 120 new businesses, and create hundreds of new jobs.
“We’re really trying to figure out what is the niche solution for black businesses here in the Cape Fear Region,” says Girard Newkirk. “And like Tracey was saying earlier, it may not be a VC or an angel investor. It may be smaller pools of capital that are more flexible that are less risk mitigated, and do more to promote social improvement, social conditions.”
According to Newkirk, minority businesses are often over-mentored and under-funded. By offering this service, Genesis Block is putting its money where its mouth is.
If you’re interest in learning more about their minority accelerator program, click this link.