Banker & Tradesman file photo

Cambridge Savings Bank has approved a $100,000 grant to support Black-owned small businesses.

The amount will go to Cambridge Equity Fund, which seeks to support and uplift local minority-owned businesses. The Sustainable Business Network (SBN) launched the fund as part of its Cambridge-Somerville Black Business Network (CSBBN).

On top of the grant, the bank will also provide mentorship to minority entrepreneurs, as well as small businesses underwriting training fpr the Cambridge Equity Fund task force to ensure fair assessment of risks and informed decision-making.

“This grant will significantly bolster our efforts to address the intersecting racial, economic, and health crises faced by minority-owned businesses in our community after the pandemic,” Nicola Williams, facilitator and founder of the CSBBN.

“Addressing the primary cause of Black businesses’ failure, which is a lack of follow-up capital and technical assistance, CSB’s timely support becomes a crucial step forward in our efforts to transform the narrative and confront historical inequities head-on,” added Williams, who is also a board member of the SBN.

Out of the total, $80,000 will go to extending technical assistance grants ranging from $5,000 to $10,000 to the chosen businesses in greatest need of financing to fuel their growth. SBN will ensure the funds are appropriately allocated and used for growing these businesses.

The $20,000 balance will be used by the Cambridge Equity Fund for program administration, marketing campaigns, necessary office materials, and the general overhead cost of CSBBN’s initiative.

CSBBN’s most recent initiative collaborates with Black-owned businesses in Cambridge and Somerville, supporting their start-up, expansion, or recovery following the impacts of the pandemic.

Launched in August 2020, CSBBN serves as a platform for Black entrepreneurs to come together, identifying targeted programs to support their success after the COVID-19 pandemic.