Businessman Marcus Lemonis, best known for his CNBC reality show The Profit, has launched a foundation focused on small businesses and underserved communities.
The Lemon-AID Foundation will make loans to and equity investments in women and minority entrepreneurs and will award grants to nonprofits working to support small businesses and address community underinvestment. Lemonis, who has pledged $50 million to the effort, also announced the launch of the Business Learning Center, a website that provides free resources and business tools for individuals and businesses struggling with the impacts of the COVID-19 pandemic. Courses available through the site include "Growing Your Assets," "How to Limit Your Liabilities," "Negotiation Strategies," and "Managing Your Team"; the site will also feature a Business of Life section aimed at helping people make the best use of their money, from applying for student loans to buying a first car or home.
"I have dedicated my life to working with small businesses and understand the urgent need for both financial and educational resources," said Lemonis. "Business leaders have a responsibility to empower other entrepreneurs so that they can flourish and succeed in today's world. Our best and only option is to support each other, and I implore others to join me in the cause."
(Photo credit: Lemon-AID Foundation)