Darn Good Yarn, a small business based in Sebec, Maine, has been named the grand prize winner of the first-ever, nationwide FedEx Small Business Grant Competition and will receive a $25,000 grant to invest in and further grow its business.
FedEx launched the small business grant competition in September 2012 to award a total of $50,000 to six U.S. small businesses. In addition to the $25,000 grant being awarded to Darn Good Yarn, five runner-up prize winners will receive grants of $5,000 each.
Darn Good Yarn was founded by Nicole Snow in 2008. All yarn sold by Darn Good Yarn is made from recycled, Earth-friendly materials and much of it is created from remnants of the production of silk saris. These materials are handspun and dyed by women’s groups in Northern India and Nepal, who are provided with a marketplace for their products, as well as much needed wages for their families. All yarns are fairly traded and produced with child-free labor.
“This grant from FedEx will allow me to hire more women in Nepal and India, giving them independence and a means to support their families while also providing Darn Good Yarn with more product to sell,” said Nicole Snow, owner and founder of Darn Good Yarn. “FedEx has provided a way for me to further follow my dream of running a successful small business while doing good in the global community.”
FedEx also awarded grants of $5,000 each to the following small businesses:
Small businesses, those with fewer than 100 employees, competed for the grants by completing a profile that was voted on by Facebook users. FedEx reviewed the entries and selected the finalists based on their contest profile and the number of votes they received from Facebook users.
For more information on how FedEx helps small businesses, visit the FedEx Small Business Center.