Circuit Court of Appeals on a 2-1 vote granted a request by Edward Blum's American Alliance for Equal Rights to temporarily block Fearless Fund from considering applications for grants only from businesses led by Black women.
Blum's group asked the court to do so while it appealed a judge's Tuesday ruling denying it a preliminary injunction blocking Fearless Fund from moving forward with its "racially exclusive program."
Fearless Fund did not immediately respond to requests for comment.
According to the Fearless Fund, businesses owned by Black women in 2022 received less than 1% of the $288 billion that venture capital firms deployed.
It also provides grants, and Blum's lawsuit took aim at its Fearless Strivers Grant Contest, which awards Black women who own small businesses $20,000 in grants and other resources to grow their businesses.
Persons:
Ben Crump, Arian Simone, Ayana Parsons, Mylan Denerstein, Alphonso David, Eduardo Munoz, Edward Blum's, Blum's, Grant, Robert Luck, Andrew Brasher, Thomas, Donald Trump, Blum, JPMorgan Chase, Strivers, Nate Raymond, Alexia Garamfalvi, Andrea Ricci
Organizations:
Fund, REUTERS, Supreme, Circuit, Edward Blum's American Alliance for Equal Rights, U.S, District, American Alliance for Equal Rights, Harvard University, University of North, JPMorgan, Bank of America, MasterCard, Thomson
Locations:
New York, U.S, Atlanta, Texas, University of North Carolina, Black, Boston