Beyoncé's BeyGOOD Foundation to support students, entrepreneurs with $2 million on Renaissance World Tour

Beyoncé will provide support to students and entrepreneurs on her upcoming Renaissance World Tour by giving out a total of $2 million through her BeyGOOD Foundation.

Since the BeyGOOD initiative was founded in 2013, it has undertaken various philanthropic endeavors in the U.S. and worldwide, including providing aid to communities affected by natural disasters, promoting education and supporting programs that address issues such as housing scarcity and mental health. It has also provided grants to small, Black-owned businesses — a focus since the start of the COVID-19 pandemic.

Beyoncé "identified that small businesses are essential," Ivy McGregor, BeyGOOD Foundation's executive director, told "CBS Mornings." "These were businesses that intended to stay open, to keep the grocery stores open, to help those communities, so she gave grants to over 900 small businesses of over $10,000 and then elevated them socially."

Now, as a foundation, BeyGOOD will host luncheons in cities along the Renaissance World Tour, which kicks off in May and is scheduled to run through September. Entrepreneurs will have a chance to win grants that are slated to go to small businesses, totaling $1 million.

"It's more than just a check that people will receive because we have heard from them, we have listened, we have stayed in contact to understand what are your needs. And we know that small businesses support and are a backbone of their economy," McGregor said.

Another $1 million will be dispersed among 10 colleges and universities along the tour route through the Renaissance Scholarship Fund. Each school will receive $100,000 to give to students.

"From scholarships to the water crisis in Burundi, to helping families during Hurricane Harvey in my hometown, Houston, it has been beyond fulfilling to be of service," Beyoncé said in a news release. "Now as a foundation, we will continue the work of engaging partners through innovative programs to impact even more people."

Beyoncé's foundation supports organizations that serve marginalized communities, and focuses on economic equity and education. 

"We believe that everyone has the right to economic equity. And we are keenly aware of the barriers to access, opportunity, and resources that disproportionately impact BIPOC communities," McGregor said in the news release. "Our work is rooted in the belief that education, pathways for employment and support of entrepreneurship are vehicles that help drive sustainable outcomes."