Dr. Tammira Lucas and Jasmine Simms, both mothers-turned-entrepreneurs, are the founders of Baltimore-based incubator Moms As Entrepreneurs. They decided to launch the Moms Give Community Fund to help support mom-owned businesses by providing much-needed funds during the coronavirus pandemic.
Lucas and Simms know firsthand the struggles of maintaining a business as mothers, especially now with the outbreak negatively affecting several industries. After noting that very few woman and minority entrepreneurs were being qualified for PPP loans, the two decided to step up to support and provide funds for up and coming mom and women-owned businesses.
“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 told Black Enterprise.
“Many relief programs do not support businesses that do not have payroll expenses or support businesses that may not have relationships with commercial banks,” Lucas added. “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.”
Small businesses owned by entrepreneurs who are mothers can receive grants ranging from $500 to $1,000. The organization will start accepting applications on May 18.
For more information about Moms as Entrepreneurs, visit www.maeentrepreneur.com