Feed The Soul Foundation Awards $850,000 To Marginalized Culinary Businesses Through Restaurant Business Development Grant Program

(MENAFN- PR Newswire) Nonprofit organization provides funding in its fourth year with financial backing from the Grubhub Community Fund to support nationwide minority culinary enterprises with $10,000 stipends and six-month business consultation alongside key industry experts

HOUSTON, Texas, Sept. 10, 2024 /PRNewswire/ -- According to the National Restaurant Association's 2024 State of the Industry report, 98 percent of culinary business owners say higher labor and operations costs are an issue for their restaurant, 97 percent cite food inflation as a challenge, and 38 percent expressed their restaurants were not profitable in 2023.

Additionally, the report states competition is strong with 45 percent of operators expecting competition to be more intense than last year.

Since 2021, Feed the Soul Foundation has supported 100 marginalized culinary businesses nationwide.

Nearly half of consumers are increasingly cautious with their spending habits. This trend is particularly evident in the restaurant industry, where patrons are less likely to spend money unless they are enticed by compelling promotions or valuable dining experiences.

In its fourth year of service, Feed the Soul Foundation , the nonprofit arm of Black Restaurant Week and Latin Restaurant Weeks , continues to address these challenges and reintroduces their cohort program to support marginalized restaurant entrepreneurs financially and professionally through the Restaurant Business Development Grant Program – awarding more than $850,000 in 2024 with additional contributions from Stella Artois.

Founded by entrepreneurs Falayn Ferrell, Warren Luckett, Derek Robinson, and Karinn Chavarria, Feed the Soul Foundation has increased its funding and expanded its reach to support marginalized culinary businesses across the nation. By securing additional resources, the organization has been able to offer more substantial grants, provide educational workshops, and create networking opportunities. These efforts help to level the playing field and promote diversity within the culinary business sector.

Through the support of presenting program partner, the Grubhub Community Fund and partner Stella Artois, Feed the Soul Foundation's grant program will award 30 small businesses with $10,000.00 financial stipends and six months of business development services,
totaling a $25,000 investment per business. This initiative aims to progressively impact a broader range of communities, fostering growth and sustainability within the culinary industry.

"I am proud to announce that this year's Restaurant Business Development Program cohort marks a significant milestone, having supported over 100 marginalized culinary businesses nationwide since 2021. As small culinary businesses confront shrinking profits and labor shortages, we must continue to provide a robust support system to ensure their sustainability." stated Juana Collins, Executive Director of Feed the Soul Foundation.

We are excited to continue this work with Feed the Soul Foundation," said Brianna Morris Grubhub's senior manager of community impact. "Since 2021, Grubhub has partnered with Feed the Foundation to increase access to financial resources and business development opportunities, work made possible by the Grubhub Community Fund. We are committed to being a community partner to the diverse group of restaurants and business owners that makeup the industry and organizations like Feed The Soul that support their ability to sustain and scale their knowledge and operations."

Cohorts will work alongside subject matter experts and consultants during the six-month program that will further their growth and knowledge of the restaurant industry:

• Financial literacy training and financial coaching
• Business operations
• Human resources
  
• Advertising and marketing
  
• Group consultation from industry experts

The awarded cohort includes the following businesses: