Black, Hispanic and other minority business owners have been historically underfunded with fewer access to business resources. And while this still remains an issue, more celebrity-funded endeavors are stepping in to ease the burden.
For the second year in a row, actor and comedian Kevin Hart is using funds made through his small business to support diverse business owners. As part of his annual giveback program, the Coramino Fund, Hart and his business partner, Juan Domingo Beckmann, gifted numerous $10,000 grants to Hispanic- and Black-owned business owners. The recipients were part of a large pool of applicants who applied to receive the funds. They are also eligible for job training and entrepreneurship learning opportunities provided by Hart’s team.
“The Coramino Fund is not just about grants—it’s about building a legacy of economic empowerment and generational success,” Hart stated in a press release. “The impact our first year of collaboration with LISC had on Black and Latinx small business owners was inspiring to see. With this new round of support, we’re continuing to help break the barriers that have held talented entrepreneurs back from achieving their dreams.”
Gran Coramino was established in 2022 by Hart and Beckmann, who founded the tequila brand wanting to create a drink that blended Hart’s ideas and passions with Beckman’s expertise for drink concocting. Wanting to do something even more for their community, the pair founded the Coramino Fund the same year and donates $1 for every bottle sold to support Black and Hispanic entrepreneurs and their small businesses across the United States and Mexico.
While the 2023 winners have not been chosen at the time of writing, 2022 set the tone for future funds, with $10,000 grants to each of the 50 recipients chosen from an application pool of 20,000. The applications were chosen and distributed with the help of U.S impact partner, Local Initiatives Support Corporation (LISC).
“The Coramino Fund is not merely a financial boost for small businesses; it’s a transformative force for aspiring entrepreneurs,” said Michael T. Pugh, LISC CEO. “We’re eager to continue leveling the playing field for under-resourced Black and Latinx small business owners. Together with Gran Coramino tequila, we are supporting sustainable businesses, quality jobs and economic growth that will enrich lives and uplift communities across the nation.”
The company will hold another round of entrepreneurship programming in the early months of 2024 to fund businesses in Jalisco, Mexico and plans to hold its third year of grant giving at the end of this year.
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