In the wake of COVID-19, many businesses have been compromised due to having to close their doors. Businesses are losing money and experiencing much financial instability. The Red Backpack Fund, presented by Global Giving and the Sara Blakely Foundation, is working to combat this financial instability. Spanx by The Sara Blakely Foundation has donated $5 million to support female business-owners during this time.
Global Giving will manage the fund and make 1,000 grants of $5,000 each to female business-owners in the United States in order to alleviate the hardship that has come with COVID-19, and also support long-term recovery processes.
In addition to the Red Backpack Fund grant, each woman will receive a “lucky” red backpack, representative of the red backpack Sara had when she started Spanx in college. It is a reminder to dream big while starting small.
This Red Backpack Fund was created because both Global Giving and the Sara Blakely Foundation understand the power women can have through businesses and through supporting other women. Support is especially important during these trying times.
Eligible businesses include majority women-owned business or nonprofits. The business must have an annual revenue that is less than $5 million. There must be at least one additional paid employee and less that 50 people on staff.
Businesses with sole proprietors are not eligible to apply.
Businesses must be incorporated as a legal entity, be in good standing, and be able to prove that COVID-19 has caused them, or is causing them, hardship.
Each month, 200 grants will be awarded. There are applications opening on May 4, June 1, July 6 and August 3.
Business owners can sign up on this website to receive the application once it becomes available.
For more information, visit the Red Backpack Fund website.