One hundred Black women entrepreneurs have a brighter future due to their recently announced selection into American Express’ “100 for 100” program. Those accepted will receive a grant of $25,000 and 100 days of business resources ranging from mentorship, marketing, WorkSpaces by Hilton hotel reservation credits and more.
Partnering with IFundWomen of Color, the leading platform for women of color to raise capital, American Express’ goal is to assist in the jumpstart of each woman’s business and hasten its growth.
This undertaking is just one vehicle of American Express’ announced $1 billion commitment to increase diversity and champion equal opportunities for its colleagues, customers and communities. The global payables giant has publicly committed to providing access to capital and financial education to at least 250,000 Black-owned small and medium-sized U.S.-based businesses by the end of 2024.
“The Black women entrepreneurs selected for the program have created many types of innovative, early-stage businesses across the country, inspiring and carving new paths for others to follow”, said Clayton Ruebensaal, EVP Global B2B Marketing, American Express. “Their business plans demonstrate that great ideas often come out in times of hardship, and American Express is committed to continuing to back small businesses and advance equal opportunity for aspiring entrepreneurs, particularly during these challenging times.”
Last year’s State of Women-Owned Business report commissioned by American Express revealed that Black-women-owned businesses were increasing in number at unprecedented rates—though revenue continued to trail their counterparts. Prior to the pandemic Black, women entrepreneurs were founding 763 new businesses every day – achieving the accolade of the “fastest growing entrepreneur group in America”. Despite this, they still continue to struggle with gaining access to resources that will assist their venture.
“Through our years of experience with businesses in need of funding, we have found $25,000 can truly change the trajectory of an emerging business. It could be the difference between one month of rent or five months, between being able to develop a decent prototype or a prototype that’s really not-so-great, and between doing real consumer testing or no testing at all,” said Karen Cahn, Founder and CEO, IFundWomen of Color.
The 100 days of business education will begin virtually in January 2021. The specially created curriculum for early-stage companies will cover areas such as managing cash flow, securing and maintaining customer relationships, among others that will be taught by industry experts and seasoned entrepreneurs. Participants will also have access to mentors that includes coaching sessions.
Read about a $100K Pitch Competition for Black Women Entrepreneurs
