The fund has been started in collaboration with the National Association For The Advancement Of Colored People (NAACP).
The Black-Owned Small Business Impact Fund will provide grants of $10,000 (£7,923) for business owners “in select cities to help sustain business during this time”.
“Over the last couple of months, the pandemic and outpours for justice throughout the Black community and across the country has been felt in every imaginable area of our lives, including in how our local businesses continue to operate,” a statement on the NAACP site read.
“The challenges of Black business owners navigating in the climate cannot be understated, as the effects of uprisings across the nation have led to many businesses being placed in dire straits due to damages and other small business needs.”
To qualify for the grants, you must be a Black small business owner living in Houston, Atlanta, New York, Los Angeles or Minneapolis, and be able to provide a property damage or replacement estimate. Submissions will be accepted until July 18 and will be reviewed between July 20-29.
Those who have been selected to receive a grant will be notified on July 31 via Beyonce.com.
Beyoncé launched the BeyGOOD foundation in 2013 “to inspire people to be kind, to be charitable and to #BeyGood to themselves, to others, to the community, and to our world”.
In April, the star donated $6million (£4.8m) to coronavirus relief efforts through the foundation and a partnership with Twitter CEO Jack Dorsey’s #startsmall initiative. The money was used to help communities of colour and organisations within them as the coronavirus pandemic spread across the US.