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Fearless Fund ’s Strivers Grant Program was already in danger before Edward Blum ’s American Alliance for Equal Rights sued it in August , according to documents review by TechCrunch .
It also take down that there were many section changes within Mastercard , though it is not immediately clean-cut how this affected funding for the grant . The news show comes as the grant faces ahistoric lawsuitby the AAER , which alleges that the Strivers Grant discriminates against non - sinister founder by only offering Cary Grant money to Black woman . A judge has come forth a temporary enjoining against the grant , intend Fearless Fundis barredindefinitely from award it .
In a reaction to TechCrunch , Arian Simone , the co - founder and CEO of Fearless Fund , did not directly address whether the fund was still working with Mastercard . “ We have give cleaning lady of color the access code to capital that ’s historically been unavailable to them , ” she allege . “ Our partnerships with companies , include Mastercard , have given these women a hazard to substantiate their entrepreneurial dreams . ”
Mastercard also did not directly address whether it was still working with Fearless Fund , but said that there ’s been “ no modification in the commitments we have made , include our long - standing support of small business proprietor , entrepreneurs and underserved community . Our work , product , and military service help to drive their growth , protect them from fraud , and create more opportunities for us all . ”
Mastercard and Fearless Fundpartnered in 2021to launching the Strivers Grant Program , with the goal of providing Black women - owned small business grants and access to mentorship . This was part of Mastercard ’s “ Strivers Initiative , ” which was launched to help foreground Black woman business owners . In 2020 , Mastercard announced a$500 million commitmentto investing in the fatal community to help exit the racial wealth crack . The organization followed many others at the time who were under a sight of pressure to start supporting the Black communityin the wakeof George Floyd ’s slaying .
As of this year , Mastercard ’s grant with Fearless Fundsought to award four Black women$20,000 throughout the yr ; the last entry full point was put to close just day before the AAER file its suit of clothes , we previously reported .
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The briefing document showed that back in June , Fearless Fund planned to revamp the grant and that there was an “ MC strategic planning ” around the calendar month of October , where they hoped to help Mastercard “ finger particular ” and to “ fuel egotism . ” Fearless Fund want two more years of the partnership , per the brief . That same month , TechCrunch wrotethat the speculation armof Fearless Fund announced a multimillion - dollar follow - on round for its 2nd fund , with Bank of America , Costco and Mastercard as investors . It is unclear whether AAER ’s case against the grant has affected its relationship with Mastercard or the other investor and pardner with whom Fearless Fund process .
