The Truist Foundation and MIT Solve are excited to announce the second year of the Truist Foundation Inspire Awards.
Donor Name: Truist Foundation
State: All States
County: All Counties
Type of Grant: Award
Deadline: 08/04/2023
Details:
Last year, the inaugural Inspire Awards were launched in response to the unprecedented challenges imposed by COVID-19 on small businesses in the United States, especially for entrepreneurs from undercapitalized communities.
This challenge is seeking nonprofit organizations with innovative, tech-enabled solutions that address challenges faced by small business owners, including:
- Financial readiness
- Developing new or improved methods, or tools, that assist in financial preparation for loan acquisition, including understanding and assessing credit and assets, loan to debt ratio, cost of growth and information on alternative/non-traditional funding sources.
- Business development & procurement
- Connecting small business owners to vendors, suppliers, and networks that will transform their ability to do business.
- Support scaling
- Supporting long term business plan and succession through mergers and acquisitions, generational/equitable wealth, hiring pipeline, legal advising, and back-office support.
- Internal financial health
- Introducing innovative solutions that decrease the burden on small businesses owners to keep healthy and accurate financial records.
- Employee advancement
- Supporting employee career pathways through upskilling and reskilling employees, managing employee human resources, and mid-management or mid-career advancement.
- Data and impact
- Capturing, synthesizing, optimizing, and/or displaying data for business intelligence, impact evaluation, and/or improved decision making for resource allocation.
Eligibility Criteria
The Inspire Awards are open to nonprofit organizations that meet the following requirements:
- Hold a registered 501(c)(3) status with the IRS.
- Headquartered and currently deployed in at least one U.S. state.
- The organization is operating at least at a Growth Stage of Development: A registered 501(c)(3) organization with an established product, service, or business model rolled out in one or, ideally, several communities, which is poised for further growth in multiple communities. Organizations at the Growth Stage should have a proven track record with an annual operating budget – see Organization vs. Tech Solution for more information.
- The organization’s technology-based solution is at least at the Prototype Stage of Development: A solution that is building and testing its product, service, or business model – see Organization vs. Tech Solution for more information.
- Team Lead must be 18 years or older to apply: The Team Lead should be the CEO, Executive Director, Primary Investigator, or other key leader for your solution. If your solution is selected as a semi–finalist, this person will be expected to present the solution to Advisory Council Members during an interview session, and if selected as a finalist for the Inspire Awards, they will be the lead participant in the support program.
For more information, visit Truist Foundation Inspired Awards.
