Photo: Getty Images
Black residents of Minnesota, North Dakota, and South Dakota who are descendants of slaves have a chance to receive grants of $50,000 each this fall.
According to Daily Mail, the Open Road Fund is awarding 100 eligible recipients with $50,000 each in an attempt to address racial wealth disparities. The initiative was made possible through a $50 million donation from the Bush Foundation, which was founded by late executive Archibald Bush.
Residents of Minnesota and the Dakotas who are at least 14 years old and descendants of enslaved people can apply to receive a $50,000 grant until July 28. In order to qualify, applicants must identify a wealth-building project for the funds, which could include paying down debt, buying a house, building a business, and more.
Nexus Community Partners will administer the grants at random after vetting all applications.
"If someone wants to start a barber shop or someone wants to build an addition on to their home to make more room for an aging family member, those are both really valuable wealth-building strategies," Danielle Mkali, senior director of Nexus Community Partners, said. "And so we're not going to vet them against one another."
Mkali said the name Open Road Fund stems from the idea that "when you're about to do something significant, our ancestors will clear the road and make an open road for you."
The fund is set to select another batch of 100 recipients every year for the next eight years.
The Black Information Network is your source for Black News! Get the latest news 24/7 on The Black Information Network. Listen now on the iHeartRadio app or click HERE to tune in live.