Black Chamber of Arizona and Wells Fargo Announce New $100,000 Grant Opportunity for Socially and Economically Disadvantaged Businesses
PHOENIX, AZ / ACCESSWIRE / October 15, 2024 / Socially and Economically Disadvantaged Individual (SEDI)-owned businesses in Greater Phoenix now have an opportunity to apply for a share of a $100,000 grant designed to foster growth and sustainability. In a significant collaboration, the Black Chamber of Arizona and Wells Fargo have launched the SEDI Business Supportive Grant (SBSG) to help address the challenges SEDI-owned businesses face, particularly in securing access to capital.
The grant fund, which is administered by the Millionaire Mastermind Academy in partnership with Wells Fargo and the Black Chamber of Arizona, aims to support the development of small businesses while tackling systemic barriers to financial resources. Eligible businesses may receive grants ranging from $5,000 to $10,000, drawing from the total funding pool of $100,000.
Grant Benefits for Awardees:
Financial awards to enhance the growth or sustainability of the business.
Membership to the Black Chamber of Arizona, along with access to its resources and benefits.
Tailored business consulting services and educational training designed to boost business success.
Regular check-ins to ensure continued support and alignment of resources with business needs.
Dr. Velma Trayham, President & CEO of the Black Chamber of Arizona, emphasized the importance of this initiative for SEDI-owned businesses: "We are proud to collaborate with Wells Fargo and the Millionaire Mastermind Academy to offer a grant that not only provides capital but also much-needed resources for business growth. This grant is an important step toward closing the gap in access to financial opportunities for disadvantaged businesses, ensuring that entrepreneurs in our community have the tools they need to thrive."
According to recent reports, Black-owned businesses face greater barriers to accessing traditional financing, with only 29% of Black-owned small businesses receiving full funding when they apply for loans, compared to 60% of their white counterparts. This highlights the critical need for programs like the SBSG that address systemic disparities in financial access.
"Wells Fargo has a long-standing history of supporting diverse small business owners, and we've continued to show our commitment by promoting programs and initiatives like this one," said Katie Campana, Philanthropy and Community Impact Lead Specialist for Wells Fargo. "We're proud to join forces with the Black Chamber of Arizona and Millionaire Mastermind Academy to provide this grant to further help SEDI-owned businesses in need of capital and other assistance they may not otherwise qualify for through traditional financing."
Business owners interested in applying for the SBSG can submit their applications online at https://blackchamberaz.org/the-black-chamber-of-arizona-sedi-business-supportive-grant/. The application deadline is 5:00 p.m. on November 6, 2024.
This initiative is part of a broader effort to ensure that SEDI-owned businesses, which often face unique obstacles in accessing funding, have the tools and financial support necessary to succeed and thrive in today's competitive economy.
For more information or media inquiries, please contact:
Black Chamber of Arizona
Email: info@blackchamberaz.org
Website: https://blackchamberaz.org
For Media:
About Black Chamber of Arizona:
For 26 years, the Black Chamber of Arizona has been dedicated to increasing entrepreneurial and corporate diversity by building stronger businesses that serve all communities. The Chamber provides tools and education to create more "bankable" businesses, works to remove barriers that impede access to capital, and partners with leading educational institutions to create competitive business advantages through workforce diversity. Learn more about BCAZ at blackchamberaz.com.
About Millionaire Mastermind Academy:
The Millionaire Mastermind Academy is a national nonprofit with a mission to end poverty through entrepreneurship. The organization has empowered more than 5,000 entrepreneurs to rise above poverty through its economic empowerment programs, mentorship, and support for women in business. www.millionairemastermindacademy.org.
SOURCE: Black Chamber of Arizona
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