Winston-Salem business The JUGO Bar is one of six Black-owned businesses set to receive grant money from Carmelo Anthony, Chris Paul, and Dwyane Wade’s Social Change Fund United. Owner William Fulton plans to use the grant money to expand his business’ sales market into other parts of North Carolina.
Winston-Salem business The JUGO Bar is one of six Black-owned businesses set to receive grant money from Carmelo Anthony, Chris Paul, and Dwyane Wade’s Social Change Fund United (SCFU), which recently partnered with the Local Initiatives Support Corporation (LISC).
The two organizations teamed up in order to “empower small, Black-owned businesses” in these cities to “help spark economic growth and celebrate diversity in ownership this holiday season,” according to a statement from the organizations. In total, $55,000 in grants will be distributed.
This funding also aims to respond to “longstanding inequities in capital access for Black entrepreneurs,” the statement goes on.
For example, Black small businesses are half as likely to be approved for financing as white-owned firms, even with good credit. It’s also true that Black businesses fail at twice the rate of white-owned firms, as well.
The JUGO Bar is a juice company that sells products at local farmers’ markets, grocers, hotels, and restaurants. According to its website, “these juices are infused with exotic flavors and taste profiles that owner William Fulton developed while traveling the world.” Fulton plans to use the grant money to expand its sales market into other parts of North Carolina.
The other Black-owned businesses receiving grant money include Know Dat Grow Dat based in New Orleans, a community garden started in the aftermath of Hurricane Katrina in order to help rebuild the community; Straightlaw’s Cooking & Catering in Chicago, a soul food establishment; Milwaukee-based One 5 Olive, which rehabs foreclosed homes to help revitalize underinvested communities; LA-based consulting company Good Works Consulting, and Juiceade, a juice bar and health food restaurant in the South Bronx.
These six featured cities are all part of SCFU’s “key impact areas” where the organization has led targeted programs since its inception in 2020.
“We’re beyond excited to launch this initiative with LISC,” SCFU co-founder and 12-time NBA All-Star Chris Paul said in a statement. “Our partnership allows us to intentionally invest in Black-owned small businesses and further economic growth in their communities. These grants are just a small step in addressing the inequity and lack of resources that Black entrepreneurs face too often.”
This announcement also comes on the heels of Paul’s recent graduation from Winston-Salem State University, the HBCU in his native city.