A new program has been established that will provide over $1 million in grants to minority-owned businesses in Forsyth County. The goal is to help meet challenges posed by the COVID-19 pandemic.

The Minority Business Enterprise grant program will be managed by a local panel of Black and Latino business leaders.

Mark Owens is the president of Greater Winston-Salem Inc., which coordinated the initiative. He tells the Winston-Salem Journal that the original hope was to raise $1 million dollars for the fund, but the program has already surpassed that goal.

Forsyth County business owners have until October 31st to apply for grants of up to $25,000.

Organizers point to research that shows 40 percent of Black-owned businesses have closed nationwide since the pandemic began. A majority of Hispanic business owners say they expect to go out of business if conditions don’t improve.

Officials with the Forsyth County grant program say they expect to continue raising funds to cover operations over the next five years.

For the most up-to-date information on coronavirus in North Carolina, visit our Live Updates blog here. WFDD wants to hear your stories — connect with us and let us know what you’re experiencing.