Black-Only Grant Program Ended as Venture Capital Nonprofit Settles Suit

An Atlanta-based nonprofit organization has agreed to end its entrepreneurial grant program open only to Black female business owners as part of a settlement with an activist group, closing an over yearlong litigation accusing the nonprofit of discrimination on the basis of race.

Fearless Fund, a venture capital fund that invests in women of color-led businesses, reached a settlement with the American Alliance for Equal Rights (AAER) on Sep. 11 to end its Fearless Strivers Grant Contest, which allowed only businesses owned by Black women to compete for $20,000 apiece along with other funding to support their growth.