The Book Industry Charitable (Binc) Foundation has announced the launch of BincTank, a new business incubator offering mentorship and support for BIPOC booksellers.

The program will run for an initial period of three years and offer "access to capital; create and strengthen peer-to-peer networks; provide industry-focused education; match mentors and subject matter experts to participants; and make available other business guidance, research and a resource library," according to a statement. Former Binc board member member Ken White, former owner of Query Books in San Francisco, who identifies as a queer/trans person of color, will serve as project manager.

“Reading is the foundation for life’s opportunities,” Pam French, Binc executive director, said in a statement. “Bookstores, like libraries, are vital educational and cultural hubs that house the knowledge communities need to thrive. That is why Binc believes every community deserves their bookstore, and has established BincTank to increase equity in store ownership.”

The charity needs to raise $1.1 million to run the project over the full three years. Initial funding has been provided by Abrams, the American Booksellers Association, HarperCollins, Litographs, and Macmillan. The application process will open in early 2024.

This article has been corrected to update information about Ken White and the program