$7 billion grant program would be paid for by taxes on the wealthy.
To qualify, minority entrepreneurs need to have less than $100,000 in household wealth. : Presidential hopeful Elizabeth Warren has proposed a $7 billion grant program to fund minority entrepreneurs that would be paid for by her proposed Ultra-Millionaire Tax.
Warren says the program would be subject to strict conflict of interest rules and would have to collect data on outcomes. “Many women and people of color have difficulty raising a friends and family round or getting that initial funding, so a grant sounds like the path to go down if it’s distributed properly,” Candice Mathews Brackeen, the executive director of the Hillman Accelerator, a Cincinnati-based program for underrepresented startup founders, toldShe added that while Warren’s plan is a great idea, government bureaucracies may move too slow for some entrepreneurs.
Sylvia Flores, the CEO and co-founder of the San Francisco-based Manos Accelerator, which focuses on Latino founders, said that government grants have been instrumental in increasing the number of companies that can participate in her accelerator free of charge. In 2014, Manos Accelerator was the recipient of a $50,000 SBA grant for funding minority entrepreneurs.
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