The grant program was formed in partnership with Local Initiatives Support Corporation (LISC) and was equally dispersed among 50 winners.

Black Friday is symbolic of the beginning of holiday shopping season. As many as 130.7 million people planned to shop on Black Friday this year, according to data from the National Retail Federation.

President Joe Biden is taking credit for what the Biden-Harris administration says has been a boom for Black-owned small businesses, which have seen the fastest-growing pace in over 30 years.