Gran Coramino, a premium tequila brand launched by actor-comedian Kevin Hart and Jersey City-based Proximo Spirits founder Juan Domingo Beckmann, is again awarding $500,000 in grants to help Black and Latinx small business owners.

Founded in partnership with national nonprofit Local Initiatives Support Corp. (LISC), The Coramino Fund aims to address wealth and opportunity gaps that have long affected diverse entrepreneurs across the U.S. and Mexico.

Now in its second year, this cycle will support 50 small business owners with $10,000 grants, as well as provide learning opportunities.

Of the 50 businesses selected during this cycle, 52% are Black-owned, 36% are Latinx-owned and 12% are Black-and-Latinx-owned. Additionally, 66% are women-owned ventures, according to Gran Coramino.

The winners include two New Jersey businesses: ATM Beauty in Neptune and Lili Cleaning Services in Newark. To learn more about the 2024 grantees click here.

Making investments

Since its launch, the program has disbursed over $1 million in grants to more than 100 small business owners and entrepreneurs. Altogether, it has received over 35,000 applications for grants from various industries, including retail, transportation, food services and educational services.

Hart said in a statement, “As an entrepreneur myself, I’ve seen how early financial support can impact the long-term success of the business. The Coramino Fund was created to provide support to some of the hardest working people out there — entrepreneurs and small business owners.”

LISC  Chief Executive Officer Michael Pugh, commented, “Small businesses are the economic backbone of communities, but many owners lack fair access to the capital and services they need to grow. We are grateful to Gran Coramino for recognizing the systemic barriers that impact the success of underrepresented entrepreneurs and developing a give-back strategy to help address them.”

“When we invest in these businesses, we are also investing in the well-being of the communities where they operate,” he added.

Alongside its efforts in the U.S., Gran Coramino continues to support entrepreneurs in Tequila, Mexico, where the label’s Cristalino Reposado and Añejo are crafted. Later this year, the brand expects to expand its Coramino Fund program in the country in collaboration with a new impact partner and renowned university, Tec de Monterrey.