The Red Backpack Fund has launched a campaign to award 1,000 emergency assistance grants of $5,000 each to majority women-owned businesses and nonprofits in the U.S. “to help alleviate the immediate needs and support the long-term recovery” of businesses affected by COVID-19.
The fund, overseen by GlobalGiving, began accepting applications on April 6 and will accept applications each month between May and September. The first round of at least 200 recipients will be announced the week of May 11.
In order to be eligible, businesses must be at least 51% majority-women owned, registered as a legal entity, have fewer than 50 employees and a valid EIN, and annual revenues not exceeding $5 million. Sole proprietors and individuals who exclusively employ contractors are not eligible. Additionally, the business must have withheld payroll taxes for at least one employee in addition to yourself since the COVID crisis began.
The Red Backpack Fund was started by Sara Blakely, the founder of Spanx, through her foundation The Spanx by Sara Blakely Foundation.
For more information, visit their website: https://www.globalgiving.org/redbackpackfund/
For additional funding resources for your small business, visit the LA SBDC’s COVID-19 Funding Page at https://smallbizla.org/covid19/funding/.