SIA Scotch Whisky, an award-winning spirits brand founded by first-generation Hispanic entrepreneur Carin Luna-Ostaseski, is bringing back The Entrepreneurial Spirit Fund by SIA Scotch for the second consecutive year.

The initiative provides entrepreneurs of color with access to the capital and mentorship that will help them take action, build stronger companies and have a positive impact on their communities.

This year, the grant program will focus on growing businesses specifically within the brand’s own world – the food, beverage, and hospitality sector. This space has been disproportionately impacted by COVID-19, and its small business owners continue to face massive barriers, such as adapting to consumers’ ever-evolving preferences and spending behaviors, adjusting to increased at-home demand, and facing supply chain disruptions.

“As an entrepreneur from a historically underrepresented and underserved community, gaining access to funding and mentorship during my startup journey was always an uphill battle,” said Luna-Ostaseski in a news release. “The food, beverage and hospitality space is very competitive, and I know from firsthand experience how game-changing support can be. SIA Scotch Whisky was born out of my perseverance and passion, and to this day our purpose is to inspire other entrepreneurs of color to achieve the unexpected – just like I did. I am so proud of The Entrepreneurial Spirit Fund and its continued commitment to paying it forward.”

Entrepreneurs of color tend to face more obstacles when it comes to raising capital and are far more likely to get shut out of financing completely. The Entrepreneurial Spirit Fund by SIA Scotch is inspired by Luna-Ostaseski’s entrepreneurial journey and launches in partnership with Hello Alice, a free online platform that connects its community of nearly one million small business owners with the capital, tools and education they need to grow their businesses.

“Entrepreneurs of color are an economic force in the U.S and recognizing their impact in our communities is of great importance,” said Elizabeth Gore, co-founder and President, Hello Alice. “In our most recent survey, 89% of small business owners claim access to capital is limiting their business growth potential. Along with our partner SIA Scotch Whisky, we are excited to continue this groundbreaking grant program to help support this underserved community and provide the resources, tools and additional exposure that these businesses need to succeed.”

The Entrepreneurial Spirit Fund by SIA Scotch will award $10,000 grants to 11 qualifying entrepreneurs who self-identify as people of color, for a total of $110,000. To be eligible, business owners must be 25 years of age or older (as of November 1, 2022) and a legal U.S. resident. Businesses must be owned 51%+ by person(s) of color, a for-profit business producing less than $5M in annual gross revenue, not be an alcohol beverage wholesale or retail license holder or a business which makes/distributes/imports alcohol, and must operate and/or conduct business in at least one of the following states: CA, CO, CT, FL, GA, IL, MA, MN, NJ, NV, NY, RI and/or TX. For complete eligibility criteria and important restrictions, visit the application site and terms & conditions. The final grant recipients will be announced on Nov. 1, 2022, kicking off National Entrepreneur Month.

For more information, visit https://www.siascotchwhisky.com/.