Progressive throws weight behind Black entrepreneurs

Progressive Insurance has introduced that it’s accepting functions for its Driving Enterprise Ahead grant program, which goals to assist Black entrepreneurs.

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

Whereas 20% of Black Individuals begin companies, solely 4% of those companies survive the start-up stage, primarily as a result of problem Black enterprise house owners have in accessing financing.

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

Progressive is working with Hi there Alice, a monetary expertise group that helps small companies entry capital, to manage the grant program.

This system goals to put money into inclusive entrepreneurship so that each one Individuals with an entrepreneurial spirit can entry the funding, instruments, and sources they should succeed.

“At Progressive, we acknowledge the challenges that small enterprise house owners 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 boundaries,” mentioned Karen Bailo, business traces president at Progressive Insurance coverage.

Functions are actually 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 Hi there Alice account and full their software.

A committee will assessment the functions in line with the factors outlined within the phrases and circumstances, and recipients will probably be notified by way of electronic mail and publicly introduced in August.

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

That is the second 12 months that Progressive has launched the Driving Enterprise Ahead grant program, with the model beforehand awarding 10 Hispanic enterprise house owners 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 Hi there Alice, inclusive of the 2023 program.

“We’re excited to work with Progressive once more this 12 months and host the Driving Small Enterprise Ahead Grant Program. Recipients will have the ability to drive their enterprise ahead with the capital wanted to buy a business automobile,” mentioned Elizabeth Gore, co-founder and president of Hi there Alice.

The Driving Enterprise Ahead grant program is a superb alternative for Black entrepreneurs to obtain assist and sources to develop their companies.

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