In 2022, Kevin Hart added a new title to his impressive resume: a tequila entrepreneur. He co-founded the Gran Coramino Tequila brand with Juan Domingo Beckmann. In that same year, the brand launched a fund to support minority-owned businesses.
The Coramino Fund, a partnership between Gran Coramino Tequila and national nonprofit Local Initiatives Support Corporation (LISC), was established with the goal of uplifting long-marginalized black and Latinx businesses. In its early phase, the fund disbursed a total of $500,000 to 50 winners.
On Tuesday, Gran Coramino announced that since its inception, it has provided more than $1 million in grant funding to over 100 black and Latinx small-business owners and entrepreneurs through its Coramino Fund. In a statement, the company said it donates $1 from every bottle sold to support underrepresented entrepreneurs across the U.S. and Mexico.
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Research shows that less than one percent of black businesses get venture funding. Hart explained why supporting black businesses is crucial.
“As an entrepreneur myself, I’ve seen how early financial support can impact the long-term success of the business,” Hart said in the statement. “We created the Coramino Fund to support some of the hardest-working people out there—eentrepreneurs and small business owners.”
“Small businesses are the economic backbone of communities, but many owners lack fair access to the capital and services they need to grow,” Michael T. Pugh, LISC president and CEO, said. “We are grateful to Gran Coramino for recognizing the systemic barriers that impact the success of underrepresented entrepreneurs and developing a give-back strategy to help address them. When we invest in these businesses, we are also investing in the well-being of the communities where they operate.”
The fund, which has received over 35,000 submissions, has impacted businesses across various industries like retail, food services, transportation, and educational services, among others.
In the latest funding round, 50 businesses were selected to receive grants. The company said 52% of these businesses are Black-owned, 36% are Latinx-owned, and 12% are Black and Latinx-owned, with 66% of the grantee businesses being women-owned.
Last September, Hart and Beckmann announced a multi-year partnership, which made their brand the Official Luxury Tequila of the Philadelphia Eagles.
Hart started his career in comedy after performing at an amateur night at a Philadelphia-area club, and he has since cemented his name as one of the greatest actors and comedians in Hollywood.
According to reports, his films have generated more than $1.3 billion at the global box office. He is also one of the highest-paid entertainers in the world. Hart has worked with Chase, DraftKings, Fabletics, Old Spice, and other companies in addition to owning a tequila company. In 2022, the Hollywood star opened Hart House, a modern quick-service restaurant that specializes in vegan and plant-based cuisine.
Hart is also the CEO of HartBeat, a media and production company he founded to provide a safe platform for creatives to display their abilities on television and in film.
