The U.S. Court of Appeals for the 11th Circuit has blocked the Fearless Fund, a Black-owned venture capitalist firm, from issuing grants exclusively to Black women entrepreneurs. The court ruled that the fund’s grant contest likely violates Title 42 of the U.S. Code, which prohibits racial discrimination in contracts.
The decision halts the fund’s grant application process and marks a win for anti-affirmative action legal strategist Edward Blum.
Arian Simone, CEO of the Fearless Fund, expressed devastation at the ruling, stating that it sends a message that diversity in corporate America and education should not exist.
She vowed to continue the fight for economic opportunity for women of color, who received less than two percent of venture capitalist money.
Rev. Al Sharpton, President of National Action Network, blasted the decision, calling it another blow to diversity, equity, and inclusion efforts, and emphasized the importance of standing with the Fearless Fund and all women of color entrepreneurs in the face of right-wing legal challenges.
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.
The post Fearless Fund Blocked: Legal Setback for Black Women Entrepreneurs appeared first on American Urban Radio Networks.
