The vodka maker will provide 10 grants worth $25,000 apiece to small business owners. The funding is tied to its “Love, Tito’s Small Business Grant Program.” The Austin, Texas-based company is partnering with the Accion Opportunity Fund as the grant fund administrator. The funding initiative is part of a move to celebrate Tito’s 25th anniversary.’
According to its website, Accion Opportunity Fund works to create an inclusive, healthy financial system that supports the nation’s small business owners by connecting entrepreneurs to affordable capital, educational resources, coaching, and networks. “Through innovative partnerships and outreach strategies, we target underserved entrepreneurs—including entrepreneurs of color, low-income entrepreneurs, and women—who often lack access to the financial services they need to build and grow their businesses.”’
Tito’s reports that the program’s goal “is to offer entrepreneurs one less obstacle to overcome and one more opportunity to succeed,” according to its website.
The funding is vital. For instance, 41% of Black small business owners are more inclined than the average 32% of small business owners to seek additional financing to address challenges their business faces. Data also shows minority entrepreneurs often don’t apply for small business loans due to fear of rejection or that they will get lower amounts and higher interest rates if approved, according to a recently shared JPMorgan Chase analysis that included surveying 150 Black small business owners.
Grant winners will be informed in July and should expect to gain funding in August.