CHARLOTTESVILLE, Va. (CBS19 NEWS) -- Minority-owned businesses in the greater Charlottesville area can now apply for grant funding.

The United Way of Greater Charlottesville and the Minority Business Alliance of the Charlottesville Regional Chamber of Commerce have teamed up for the third time since 2020 for the Minority Enterprise Grant program.

Companies can apply through July 1 and $50,000 in funding will be awarded in 10 grants.

“This set of grants is the amazing fruition of a continued and beautiful partnership between United Way and the Chamber Minority Business Alliance that continues to provide new access to capital for minority entrepreneurs,” said MBA Treasurer Alex Urpí, founder of Emergent Financial Services. “With these funds, they will be able to continue growing their small businesses, providing local employment, creating generational wealth, and sustaining the diverse economy and community of the Greater Charlottesville area.”

According to a release, businesses will be able to use the funds to buy equipment or inventory and to cover operating expenses including business promotion.

In order to be eligible, a business needs to be at least 51 percent owned by one or more minority individuals.

It also needs to be either in Charlottesville or the counties of Albemarle, Greene, Orange, Louisa or Fluvanna and have been in operation for at least 12 months.

Businesses need to have an annual net income under $100,000 and employ no more than 50 people.

“We know that gaps in access to capital still exist and hinder minority businesses from scaling,” said Ravi Respeto, President & CEO of the United Way of Greater Charlottesville. “We’re proud to continue to partner with the MBA to invest in minority entrepreneurship in the region and adequately allocate sufficient resources to help them grow and thrive. A more diverse business community benefits everyone, and we’re proud to be working with committed and diligent partners in continuing to reduce barriers to success.”

In order to receive funding, a business either needs to be a member of the MBA or join the alliance.

For more information, click here.