Sara Blakely, CEO and founder of Spanx, donates 5 million to help female entrepreneurs

New York - In an article posted shared through LinkedIn, Sara Blakely, CEO and founder of Spanx, explained her decision to donate 5 million dollars “directly to female entrepreneurs to help their businesses, families and employees.”

In the context of a pandemic that is rapidly taking a fatal toll on lives and businesses worldwide, Blakely points out that her donation “will immediately provide 1,000 female business owners here in the United States with 5,000 dollars in funding each.”

Spanx CEO donates the same amount she started her business with to 1,000 entrepreneurs

“My hope is that this gift will help alleviate some of the pressures caused by this horrible pandemic,” she adds, recalling that it was precisely that amount – 5,000 dollars – which she used to start Spanx in 2000.

In order to provide relief to some entrepreneurs during this tough time, Blakely has teamed up with GlobalGiving to manage the fund and application process. The applications to receive these donations will open April, 6 and will be available for the next five months under The Red Backpack Fund.

“My hope is that this donation will allow many small businesses to continue to operate and thrive. It has been my greater mission throughout my life to elevate women. I truly believe when you elevate women you are elevating the greater whole. I also know when you help a woman fulfill her potential, magic happens,” further explains Spanx’ founder.

Image:The Red Backpack Fund, Sara Blakely’s LinkedIn