The grant program is now accepting applications
Progressive Insurance has announced that it is accepting applications for its Driving Business Forward grant program, which is intended to support black entrepreneurs.
The program will award $25,000 grants to each of the 10 small business owners who are selected to help them purchase commercial vehicles for their businesses.
While 20% of African Americans start businesses, only 4% of these businesses survive the start-up stage, primarily due to the difficulty Black business owners have in accessing financing.
The grant program is designed to help bridge this gap for black entrepreneurs and support their businesses.
Progressive is working with Hello Alice, a fintech organization that helps small businesses access capital, to administer the grant program.
The program aims to invest in inclusive entrepreneurship so that all entrepreneurial Americans can access the funding, tools and resources they need to succeed.
“At Progressive, we recognize the challenges small business owners face every day. Our hope is that this program provides assistance to African-American entrepreneurs as they navigate their small business journey and helps them overcome any barriers,” said Karen Bailo , president of commercial lines. in Progressive Insurance.
Applications are now open for the program, with the deadline for submissions being June 2, 2023 at 6 pm ET. Eligible individuals will need to sign up for a free Hello Alice account and complete their application.
A committee will review applications based on criteria outlined in the terms and conditions, and recipients will be notified by email and publicly announced in August.
Full eligibility requirements, including restricted businesses, can be found in the program terms and conditions.
This marks the second year that Progressive has launched the Driving Business Forward grant program, with the brand previously awarding 10 Hispanic business owners each with a $25,000 grant to help jumpstart their small businesses.
Progressive has committed a total of $600,000 to small businesses in partnership with Hello Alice, including the 2023 program.
“We are excited to work with Progressive again this year and host the Powering Small Businesses Forward grant program. Recipients will be able to jumpstart their business with the capital needed to purchase a commercial vehicle,” said Elizabeth Gore, Co-Founder and President. from Hello Alice.
The Driving Business Forward grant program is an excellent opportunity for black entrepreneurs to receive support and resources to grow their businesses.
Progressive and Hello Alice’s commitment to investing in inclusive entrepreneurship ensures that small business owners of all backgrounds and ethnicities can access the financing they need to succeed.
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