Cookie maker, Famous Amos, has announced the availability of the second round of small business grants for black entrepreneurs. The grants come in partnership with the National Black Chamber of Commerce (NBCC) and are part of the Famous Amos Ingredients for Success Entrepreneurs Initiative.
Famous Amos Small Business Grant for Black Entrepreneurs
The Famous Amos Ingredients for Success Entrepreneurs Initiative is a grant and mentorship program that aims to provide the tools and resources to support black small businesses. Through this, participants will participate in a pitch competition that will help provide an overview of their business, why it will become a successful venture and how allocated funds will be used for long-term stability.
As part of the initiative, three business owners will receive $50,000 in unlimited capital from Famous Amos, totaling $150,000 in cash prizes. Support also comes through a full range of mentoring, coaching and networking resources that would be provided by the National Black Chamber of Commerce.
“We created the Famous Amos Ingredients for Success Entrepreneurs Initiative to support black businesses and to honor the legacy of brand founder Mr. Wally Amos,” said Rachna Patel, Senior Director of Marketing for Famous Amos.
To be eligible, companies must be Black-owned and have been in business for five years or less with the submission deadline of June 26, 2022. Ten national finalists will be selected, judged, and narrowed down to three recipients by some of the top black business leaders of the country.
These include Mandy Bowman, founder of Official Black Wall Street; Steve Canal, CEO of Florysh; Roby Mercharles, VP Partnerships at The American Dream Fund & Marketplace; and Nancey Harris and Tracy Green, co-founders of Vontelle, LLC, one of three companies selected from the first cycle of the Famous Amos Ingredients for Success Entrepreneurs Initiative.
The winners of the grant and mentorship funds will be announced on August 29, 2022. The first cycle of the grant scheme saw 2,750 applications from three companies: MeLisa Chanele, Black Girl MATHgic and Vontélle that won grants.
The state of small black businesses
According to the Small Businesses Administration (SBA), black businesses make up about 3.07 million of the 32.3 million small businesses in the country. Black businesses account for nearly 10% of small businesses nationwide with only 124,551 (0.38%) employees.
Additionally, according to the Federal Reserve System’s 2021 Small Business Credit Survey, most small business owners reported experiencing financial difficulties during the early stages of the pandemic, with the highest rate reported by black business owners at 92 percent. The survey also pointed to challenges in receiving pandemic support, with only 43 percent of black companies receiving the Paycheck Protection Program (PPP) loans they requested, compared to 79 percent of white companies.
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This post Famous Amos Offers New Round of $150,000 Small Business Grants to Black Entrepreneurs was original published at “https://smallbiztrends.com/2022/05/famous-amos-small-business-grants-black-business-owners.html”