Many holidays and traditions have been postponed or cancelled this year due to the novel coronavirus pandemic. As we move into May, another casualty of the viral outbreak is going out to celebrate Mother’s Day, a lucrative day for many businesses.
Moms-turned-entrepreneurs Dr. Tammira Lucas and Jasmine Simms wanted to make sure other moms can keep their businesses afloat amid the pandemic with a new relief fund.
Nonprofit business incubator Moms As Entrepreneurs (MAE) has launched a national COVID-19 relief fund for businesses solely owned by mothers called the “Moms As Entrepreneurs Give Life. Give Community Fund.” It’s designed to help support those shut out of government loans or other funding during the public health crisis.
“Experts estimate that up to 90% of businesses owned by women and people of color have been, or will likely be, shut out of the Federal Paycheck Protection Program. We understand the disparities that moms, especially moms of color, are dealing with as they continue to maintain their businesses during COVID-19
,”Lucas, co-founder of Moms as Entrepreneurs, said “Many relief programs do not support businesses that do not have payroll expenses or support businesses that may not have relationships with commercial banks. We also realize that while these women are trying to find relief for their businesses, they are also trying to be teachers and
mothers. We knew we had to help. If we aren’t able to save mom-owned businesses, women-owned businesses in general will see a decline and push our hard work of elevating women-owned businesses back by decades.”
Grants of $500-$1,000 will be given to small businesses in all industries owned by entrepreneurs who are mothers. The organization will begin accepting applications on May 18.