Silver & Riley awards grants to female entrepreneurs
Leather goods brand Silver & Riley has awarded three grants totalling $1000 to businesses started less than two years ago by black women founders — a group chosen, the company said, because black women face difficulty in securing funding.
This is the second round of grants awarded through the company’s Buy 1, Give 5 programme, through which Silver & Riley supports female entrepreneurship in the US and in emerging economies.
“Anyone who has ever started a business or attempted to start one, especially one that is capital and cost intensive, understands that not having startup capital can be extremely limiting,” the company’s website said, describing the programme. “For women, and especially those that are a part of underrepresented minority groups, these startup costs can be even steeper. Economic and income inequalities can create a lack of access to funding sources, manufacturing contacts and other barriers to entry that make it difficult or impossible to navigate for most to afford to start or scale a business.”
Founded by Lola Banjo, the luxury brand describes itself as woman-led, diverse, inclusive and socially conscious, while aiming to keep its full grain calf and cowhide leather goods attainably priced.
Silver & Riley said the winning applicants were selected based on their passion, business model, scalability and impact.
Nana Meriwether was awarded $1000 for a wellness company; Ornella Yovo wsa awarded $500 for a suite of business services; and Toyin Olaleye was awarded $500 for Kamoky, “a business directory connecting customers to local Afro businesses fostering growth in the African community”.
"Awarding these grants in the midst of the current economic disruptions is timely and necessary,” said Ms Banjo. “It's important we continue to celebrate and support female entrepreneurs by giving them props and financial support."
