PROVIDENCE – Citizens Bank will award a combined $1.5 million in grants to 100 minority-owned small businesses in Rhode Island and 10 other states.
Applications are now being accepted and the deadline is Aug. 7 at 5 p.m. Disbursement of funds will occur in mid-September, the bank said in its Monday announcement.
Applicants are asked to submit a 150-word essay on how they would use the funds to strengthen their business and their community. Submissions will be judged on perceived effectiveness of a plan to strengthen their business, effectiveness of the plan to strengthen the community and appropriateness of the submission to the grant program’s theme, as well as to the bank’s brand image.
Eligible businesses must be at least 51% minority owned, operated and controlled by an individual who is Asian American, Black American, Hispanic American or Native American and have been in business at least one year with annual revenue of up to $1 million.
Each grant will total $15,000.
“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.
