Billionaire Sarah Blakely donates $5 million to female business owners amid COVID-19 outbreak.

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Rebecca Stone
Editor in Chief of Female Investor Magazine Female Investor Magazine is dedicated to female investors success | #1 Source For Female Investors

Sarah Blakely, the founder, and CEO of Spanx Inc and Atlanta Hawks co-owner is making her own contribution to supporting female business owners who have been impacted by the Corona Virus outbreak.

A report from Atlanta Business Chronicles says the billionaire announced on Instagram, a donation of $5 million to the female entrepreneurs that need assistance amid the coronavirus outbreak.

The donation will provide 1000 female business owners with $5000 each.

In a post on Instagram, Blakely wrote; “My hope is that this gift will help alleviate some of the pressures caused by this horrible pandemic,”.“I know first hand what it’s like to be a small business owner. As a woman, it can be lonely and scary, especially during a time like this. Small business is the backbone of our culture and I want to help.”

Deciding to name the gift the ‘Red Backpack Fund’ after her “lucky” red backpack that she used when she started Spanx, a billion-dollar shapewear company based in Atlanta.

Each person that benefits from the gift will also get their own red backpack as well as an all-access annual pass to MasterClass, an online education platform based in San Francisco.

The pass gives the women an opportunity to not waste the time at home and develop their business through online classes, including Blakely’s course on entrepreneurship.

The ‘Red Backpack Fund’ will run through the non-profit organization GlobalGiving. Applications for the donation opened last Monday and will be available for the next 5 months. Those interested can apply here

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