The Feed the Soul Foundation, the nonprofit arm of Black Restaurant Week and Latin Restaurant Weeks, has announced the recipients of its 2024 Restaurant Business Development Grant Program. This year, the foundation is awarding over $850,000 to support marginalized culinary businesses across the United States, thanks to financial backing from the Grubhub Community Fund and additional contributions from Stella Artois.
The Restaurant Business Development Grant Program, now in its fourth year, aims to address the significant challenges faced by minority-owned culinary businesses. According to the National Restaurant Association’s 2024 State of the Industry report, 98% of culinary business owners cite higher labor and operations costs as major issues, while 97% struggle with food inflation. Additionally, 38% of restaurants reported not being profitable in 2023, and 45% of operators expect competition to be more intense this year.
Founded by entrepreneurs Falayn Ferrell, Warren Luckett, Derek Robinson, and Karinn Chavarria, the Feed the Soul Foundation has expanded its reach and increased funding to support these businesses. The foundation’s efforts include providing substantial grants, educational workshops, and networking opportunities to promote diversity and sustainability within the culinary sector.
This year, the grant program will award 30 small businesses with $10,000 financial stipends and six months of business development services, totaling a $25,000 investment per business. “I am proud to announce that this year’s Restaurant Business Development Program cohort marks a significant milestone, having supported over 100 marginalized culinary businesses nationwide since 2021,” said Juana Collins, Executive Director of Feed the Soul Foundation. “As small culinary businesses confront shrinking profits and labor shortages, we must continue to provide a robust support system to ensure their sustainability.”
The foundation’s commitment to supporting marginalized culinary businesses is evident in its ongoing efforts to secure additional resources and create opportunities for growth. By leveling the playing field, the Feed the Soul Foundation aims to foster a more inclusive and diverse culinary industry.
For more information about the Feed the Soul Foundation and its initiatives, visit Feed the Soul Foundation.