Citi Foundation awards Pathstone Enterprise $500K unrestricted grant
In an effort to support minority-owned businesses as they navigate the continued economic impacts of COVID-19, the Citi Foundation awarded 50 nonprofits a total of $25 million in funding.
Puerto Rico’s Pathstone Enterprise Center Inc. received a $500,000 unrestricted grant as part of that funding cycle, Citi Foundation confirmed.
The nonprofit that provides disaster relief and recovery services to small and medium-sized Puerto Rico-based businesses including technical assistance in accessing federal, state and nonprofit relief and aid programs, also offers its own grants to help entrepreneurs rehabilitate their places of business, buy new inventory and equipment, and access working capital.
“The recipients are local, community-based change agents that have the expertise, experience and relationships to provide tailored, on-the-ground support that meet the specific needs and goals of these affected businesses and the communities they serve,” said Brandee McHale, president of the Citi Foundation.
In March, the Citi Foundation announced a $25 million Request for Proposals for US nonprofits that are actively providing technical assistance to small businesses owned by people of color.
“While their innovative approaches are unique to the communities they serve, all 50 of these organizations are trusted pillars acutely aware of the challenges their clients face,” McHale said.
“They are also purveyors of hope and support for many. By providing these change agents the flexible support they need to further their work, the Citi Foundation is helping to empower the recovery and rebuilding of stronger and more equitable communities across the US,” she said.