Citizens Bank Announces $1.5 Million Grant Program for Minority-Owned Small Businesses
Citizens Bank to award 100 minority-owned businesses with grants of $15,000 each
Citizens Bank has announced that it will award grants to minority-owned small businesses in recognition of the value that they bring as a vital part of our communities. With this program, Citizens will award 100 grants of $15,000 each ($1.5 million total) to 100 minority-owned businesses (customers and non-customers) across the Citizens 11 state footprint (Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont), extending its ongoing small business grant program.
“These grants, part of our ongoing $10 million commitment to promote social equity and advance economic opportunity, extend our promise to building stronger communities in which we operate and are aimed specifically at minority owned businesses to help them realize the positive impact small businesses have in those areas,” said Jack Murphy, President, Business Banking, Citizens Bank.
This program will also include a partnership opportunity (optional to the grant recipient) with Service Corps of Retired Executives (SCORE), the nation’s largest network of volunteer, expert business mentors. If the recipient opts in, SCORE will match the business with a mentor to help build and sustain success.
Small Business Grant Program Details:
What: The Citizens Bank Minority-Owned Small Business Grant Program provides assistance to minority-owned businesses within Citizens Bank’s 11 state footprint. Grant Amounts: 100 grants total, each for $15,000, for total of $1.5 million.
Who: Open to both Citizens business banking customers and other businesses who are not Citizens customers in our branch footprint. This grant will be open to businesses that are at least 51% minority-owned, operated and controlled by an individual who is Asian American, Black American, Hispanic American or Native American, in business a minimum of 1 year, with annual revenue up to $1 million.
When: Applications for grants will open Monday, August 3, 2020, 10:00 AM ET – Friday, August 7, 2020, 5 PM ET. Grant award recipients and disbursement of funds will occur in mid-September.
Where: To enter, please visit www.Citizensbank.com/minoritybusinessgrant
How: Applicants can submit a 150-word essay answering the following question:
How would you use this grant to strengthen your business and community?
Entrants will be judged by the following criteria:
- Perceived effectiveness of entrant’s plan to use the grant to strengthen and sustain their business (40%)
- Perceived effectiveness of entrant’s plan to use the grant to help their community (40%)
- Appropriateness to grant program theme and Citizens Bank brand image (20%)
Source: Citizens Bank