Cookie maker Famous Amos has announced the availability of the second round of small business grants for black entrepreneurs. The grants are partnered with the National Chamber of Black Commerce (NBCC) and are part of the Famous Amos Ingredients for Success Entrepreneurs Initiative.
Famous Amos Small Business Scholarship for Black Entrepreneurs
The Famous Amos Ingredients for Success Entrepreneurs Initiative is a grant and mentoring program that aims to provide the tools and resources to support small black businesses. Through it, participants will participate in a presentation contest that will help provide an overview of their business, why it will become a successful business, and how the funds awarded will be used for long-term stability. time limit.
As part of the initiative, three entrepreneurs will receive $ 50,000 in unrestricted capital from Famous Amos, for a total of $ 150,000 in cash prizes. Support also comes through a comprehensive set of guidance, training, and networking resources provided by the National Black Chamber of Commerce.
“We established the Famous Amos Ingredients for Success Entrepreneurs Initiative to support black businesses and honor the legacy of the brand’s founder, Mr. Wally Amos,” said Rachna Patel, senior marketing director of Famous Amos.
To qualify, companies must be owned by blacks and have been in operation for five years or less with the deadline for submission of proposals set for June 26, 2022. Ten national finalists will be selected, judged and reduced to three by some of the recipients. most important black business leaders in the nation.
These include Mandy Bowman, founder of Official Black Wall Street; Steve Canal, CEO of Flourysh; Roby Mercharles, vice president of partnerships at The American Dream Fund & Marketplace; and Nancey Harris and Tracy Green, co-founders of Vontelle, LLC, one of three selected companies in the first cycle of the Famous Amos Ingredients for Success Entrepreneurs Initiative.
The winners of the grant and tutoring resources will be announced on August 29, 2022. The first round of the grant program had 2,750 applications with three companies: MeLisa Chanele, Black Girl MATHgic and the winning grants of Vontélle.
The state of small black-owned businesses
According to the Small Business Administration (SBA), black-owned businesses account for about 3.07 million of the country’s 32.3 million small businesses. Black-owned businesses account for about 10% of small businesses nationwide, with only 124,551 (0.38%) employing.
In addition, according to the Federal Reserve System’s 2021 Small Business Credit Survey, most small business owners reported experiencing financial hardship during the early stages of the pandemic, of which the highest rate high was reported by black business owners at 92 percent. The survey also noted the challenges of receiving pandemic-related support, as only 43 percent of black businesses receive loans from the Check Payment Protection Program (PPP) they applied for, compared to 79 percent of white-owned companies.
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