Progressive throws weight behind Black entrepreneurs

Progressive Insurance has introduced that it’s accepting functions for its Driving Business Forward grant program, which goals to help Black entrepreneurs.

The program will award $25,000 grants to every of the ten small enterprise homeowners who’re chosen to assist them buy business autos for his or her companies.

While 20% of Black Americans begin companies, solely 4% of those companies survive the start-up stage, primarily because of the issue Black enterprise homeowners have in accessing financing.

The grant program is designed to assist shut this hole for Black entrepreneurs and help their companies.

Progressive is working with Hello Alice, a monetary know-how group that helps small companies entry capital, to manage the grant program.

The program goals to spend money on inclusive entrepreneurship so that every one Americans with an entrepreneurial spirit can entry the funding, instruments, and assets they should succeed.

“At Progressive, we acknowledge the challenges that small enterprise homeowners face every day. Our hope is that this program will present help to Black entrepreneurs as they navigate their small business trip and assist them overcome any obstacles,” stated Karen Bailo, business strains president at Progressive Insurance.

Applications at the moment are open for this system, and the deadline for submissions is June 2, 2023, at 6 p.m. ET. Eligible people will want to enroll in a free Hello Alice account and full their utility.

A committee will assessment the functions in keeping with the standards outlined within the phrases and situations, and recipients will probably be notified through e-mail and publicly introduced in August.

Full eligibility necessities, together with restricted companies, will be present in this system’s phrases and situations.

This is the second yr that Progressive has launched the Driving Business Forward grant program, with the model beforehand awarding 10 Hispanic enterprise homeowners every with a $25,000 grant to assist propel their small companies.

Progressive has dedicated a complete of $600,000 to small companies in partnership with Hello Alice, inclusive of the 2023 program.

“We are excited to work with Progressive once more this yr and host the Driving Small Business Forward Grant Program. Recipients will have the ability to drive their enterprise ahead with the capital wanted to buy a business automobile,” stated Elizabeth Gore, co-founder and president of Hello Alice.

The Driving Business Forward grant program is a superb alternative for Black entrepreneurs to obtain help and assets to develop their companies.

Progressive and Hello Alice’s dedication to investing in inclusive entrepreneurship ensures that small enterprise homeowners of all backgrounds and ethnicities can entry the funding they should succeed.