Winrock International has received $900,000 in funding from Walmart through the Walmart.org Center for Racial Equity to provide business development support to Black-owned e-commerce and wholesale retail enterprises in Arkansas, Louisiana and Mississippi.
The grant will support the Readying Small Business for Access to Capital program to help businesses seek, prepare for and tap into new sources of capital to sustain and expand their businesses.
“The Walmart.org Center for Racial Equity’s philanthropy in finance seeks to reduce the racial wealth gap by focusing on supporting the success of Black-owned businesses in the retail industry,” said Monique Carswell, Director, Walmart.org Center for Racial Equity. “As one of our first finance investments, our support of Winrock will help Black entrepreneurs advance in the retail sector and strengthen the communities in Arkansas, Louisiana and Mississippi where they are based.”
“Many businesses have experienced hardship during the pandemic, but Black-owned small businesses in the South’s retail sector have been hit especially hard,” said Linsley Kinkade, Winrock’s senior director of U.S. Programs. “With funding from Walmart, Winrock’s Readying Small Businesses for Access to Capital program directly responds to some of the most urgent needs of Black-owned businesses reeling from COVID.”
The Readying Small Business for Access to Capital program supports Winrock’s range of tailored assistance including analyses of needs and gaps; assessment of capital loan preparedness and applications; credit counseling; business plan development; accounting, marketing and corporate governance; and other support.