Constellation Brands, the alcoholic beverage giant behind names like Corona and Modelo beer, SVEDKA Vodka, Casa Noble Tequila and more, is extending a helping hand to minority entrepreneurs. The company announced yesterday that it will, through its Constellation Brands Ventures (CBV) investment arm, allocate $100 million to black entrepreneurs who want to operate, or are already working, in the alcoholic beverage space. The fund will be distributed over the next ten years.

The fund will be used to support “African American/Black and minority-owned businesses in the beverage alcohol space and adjacent categories by 2030.” Constellation explains that, according to a recent report, only 1% of venture capital-backed entrepreneurs are black, which demonstrates that there is a strong divide in the social and equity distribution of available capital resources to support minorities. The goal of the fund is to allow for greater entrepreneurial equality between ethnic groups, while supporting the communities in which the minorities operate.

Adds Constellation President and CEO Bill Newlands, “The conditions that have allowed systemic racism to persist in the U.S. have existed far too long. We categorically denounce bigotry, racism, and social injustice. They are clearly inconsistent with our company values and our commitment to embracing diversity and creating an inclusive environment where all employees feel safe, respected, and valued. We stand in solidarity with the Black community and we are committed to achieving meaningful and lasting change.”

The Focus on Minority Founders initiative will help support business growth and development among minorities by investing in areas such as sales and marketing, operations and financial guidance. Newlands adds, “These businesses serve as the fabric of their respective communities and we must make it more equitable for them to access the capital needed to have a fighting chance at success. In a little over a year, CBV’s Focus on Female Founders initiative has shifted our Ventures portfolio mix from 20% female-owned to 50% female-owned. This reinforces there is a real need for these programs, and they can drive measurable improvement in minority representation for our industry.”