The Coramino Fund, an investment arm from the tequila brand co-founded by comedian Kevin Hart, is now accepting applications for its latest round of $10,000 grants. Grantees will also receive AI training to help address the divide that exists between larger businesses and smaller operations run by people from marginalized communities.
The three-year-old Coramino Fund, an investment arm from Kevin Hart and Juan Domingo Beckmann’s Gran Coramino Tequila, announced Thursday that applications are now open for its latest round of grants aimed at entrepreneurs and small businesses from under-resourced communities.
As part of the deal, grantees will receive $10,000 to help entrepreneurs secure necessary capital to grow, but they will also receive “cutting-edge AI technological training and hands-on learning to responsibly and effectively incorporate into their operations.”
In an interview with Fortune, Hart explained why AI training will be a key benefit for grant recipients.
“The train is coming and coming fast,” Hart told Fortune. “Either you’re on it, or if not, get out of the way.”
The latest round of grants from the Coramino Fund is aiming to address the AI divide: There is a notable disparity in AI adoption among businesses, particularly those led by marginalized populations. According to a study led by Michigan State University’s Julian Samora Research Institute, citing U.S. Census data, Black-owned companies had the lowest AI usage across all levels in 2023, with less than 2% of firms reporting “high use.” Meanwhile, nearly 78% of white-owned companies said they had a “high use” of AI adoption. (Hispanic-owned companies reported nearly 9%, and Asian-owned firms reported roughly 11% in the same category.)
AI magnifies the divides that already exist since many businesses operated by marginalized groups don’t have the same access to resources, training, and funding to be able to use AI effectively.
Hart said he believes the grants and AI education offered through the Coramino Fund is one of the better ways others can leverage “me, my company, my resources, and my partners.”
“It’s very exciting to find ways to be a part of the conversation and best position yourself to use it in a manner of good,” he said.
On the AI education front, the Coramino Fund will lean on 1st Street Partnerships, a two-year-old company that specializes in hands-on training to help businesses of all sizes become more efficient and make data-driven decisions.
Small-business owners and entrepreneurs can apply for grants from now until April 23. In last year’s funding round, The Coramino Fund selected 50 businesses to receive grants.
This story was originally featured on Fortune.com
