Flagstar Bank today announced it will be awarding grants of $5,000 to over 180 small businesses owned by people of color in Flagstar’s banking markets. The grants are designed to assist businesses whose operating expenses have been impacted by COVID-19.
“Based on the overwhelming response we’ve received, I think we’ve struck at the heart of a huge need in our communities,” said Alessandro DiNello, president and CEO of Flagstar Bank. “The economic impact of the pandemic has hit small businesses hard, and small businesses owned by people of color even harder. We are pleased and proud to provide critical funding at such a critical time in the life cycle of these businesses.”
Small businesses with diverse ownership, revenues of no more than $1 million that operate in Flagstar’s footprint of Michigan; Fort Wayne and South Bend, Ind.; and the High Desert of San Bernardino County, Calif., were eligible.
More than 1,200 businesses applied for the grants made available through 10 Flagstar nonprofit partners with a mission to serve people of color in Michigan, Indiana and California.
Hire Right of Fort Wayne, Ind., is one of the businesses to receive a grant. “I would like to thank Flagstar Bank and the Black Expo Chapter of Fort Wayne for their assistance and generosity during this time of crisis and economic struggle,” said Dawn Thompson, owner of the business. “This funding will assist in the many day-to-day business requirements, along with all of the additional needs that have become a necessity for business due to the COVID pandemic.”
Nonprofit partner Indiana Black Expo of Fort Wayne provided $5,000 small business grants to nearly half of the 28 businesses that applied. For a complete list of recipients, go to flagstar.com/grants.