Sara Blakely, the CEO and founder of the shapewear brand Spanx, announced today that she is giving $5 million to support female-run small businesses during the coronavirus pandemic
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“My hope is that this gift will help alleviate some of the pressures caused by this horrible pandemic. I know first hand what it’s like to be a small business owner. As a woman it can be lonely and scary, especially during a time like this. Small business is the backbone of our culture and I want to help,” sheGlobalGiving will be overseeing the Red Backpack Fund, making 1,000 grants of $5,000 each to female entrepreneurs in the U.S.
In addition to the financial gift, each woman will receive her own “lucky” red backpack and the online education platform MasterClass is giving all of the women a free annual All-Access Pass to their classes, including Blakely’s entrepreneurship class. “My hope is that with this funding and mentorship, you’ll find support and comfort during this time. It’s been my greater mission in life to empower and elevate women, and when you help a woman fulfill her potential…magic happens,” Blakely wrote.
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