Many small businesses are now facing financial challenges. To alleviate some of the pressure, Sara Blakely, the founder and CEO of Spanx, has pledged support by donating $5 million to help female entrepreneurs through The Red Backpack Fund.
In partnership with GlobalGiving, The Red Backpack Fund will give 1,000 female business owners $5,000 each in funding to help their businesses, families and employees. Blakely’s inspiration comes from starting Spanx with only $5,000 in savings and her red college backpack.
Applications will be accepted through multiple rounds on May 4, June 1, July 6 and Aug. 3 via the GlobalGiving website.