In line with its ongoing efforts to provide additional support for SMBs impacted by the pandemic, TikTok has today announced a new, $150,000 grant fund aimed at assisting LatinX SMBs, specifically, across the US.
As explained by TikTok:
“#CreciendoconTikTok builds on our partnership with Hispanic Heritage Foundation (HHF) to support the long-term success of the Hispanic community. The fund will grant individual cash awards of $5,000 to select Latinx small business owners who have championed perseverance, hard work and entrepreneurship through TikTok during the COVID crisis.”
As TikTok notes, the platform first partnered with HHF last year, putting $750,000 in funding towards a range of HHF-led initiatives, including the Hispanic Heritage Awards and various workforce programs. This new funding will facilitate more opportunity for Latinx businesses, who have been significantly impacted by the COVID lockdowns and other mitigation efforts.
TikTok has announced a range of funding initiatives for SMBs, including its #SupportSmallBusinesses initiative, which highlighted a range of small brands in the app, and its upcoming Small Biz Block Party event, aimed at promoting small businesses on the platform.
TikTok has also provided a range of support measures for LatinX businesses and creators specifically, providing ad credits and other promotional and funding assistance options to help them get back on their feet
All businesses have been impacted by the COVID-19 pandemic in different ways, but LatinX SMBs have seen higher closure rates and forced lay-offs, disproportionately impacting these communities. As such, it’s good to see TikTok giving specific focus to these businesses, and looking to provide additional assistance where possible.
Those efforts could also help TikTok better ingratiate itself with these communities, and become a bigger presence for these creators in future, helping to boost its business growth push.
LatinX SMBs can apply to be part of the #CreciendoconTikTok initiative here.