Key Takeaways:
- First-of-its-kind collaboration between four major Black
chambers, the National Black Chamber of Commerce, the National
Business League, the U.S. Black Chambers, Inc., and Walker’s
Legacy
- $10 million will be committed to a grant program to support
U.S. Black-owned small business recovery over the next four
years
- Eligible Black-owned small businesses in the U.S. can now apply
for grants online here.
American Express (NYSE: AXP), in collaboration with the U.S.
Chamber of Commerce Foundation, announced today the formation of
the “Coalition to Back Black Businesses” with a $10 million
commitment to fund a grant program and support Black-owned small
business recovery in the U.S. over the next four years. The
Coalition is a first-of-its-kind collaboration between four major
Black chambers: the National Black Chamber of Commerce, the
National Business League, the U.S. Black Chambers, Inc., and
Walker’s Legacy. Eligible and interested Black small business
owners can apply for the grant online here, starting today.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200915005440/en/
(Photo: Business Wire)
The disproportionate impact of COVID-19 on Black communities has
become apparent as U.S. Black-owned small businesses were twice as
likely to close during the early months of the pandemic compared to
small businesses nationally1. Building on its long-standing
commitment to back small businesses and underrepresented
communities, American Express has expanded its efforts to help
Black-owned small businesses recover from the impacts of the
pandemic with this $10 million commitment.
“Small businesses play a crucial role in our communities, and
when the pandemic hit, Black-owned small businesses were hit the
hardest,” said Anré Williams, Group President, Global Merchant
& Network Services, American Express. “The Coalition is aimed
to provide eligible Black-owned small businesses with much-needed
capital to help recover from the devastating impacts of the
pandemic and help them rebuild their businesses.”
From now through September 21, eligible Black small business
owners can apply for a $5,000 grant to assist them in their
recovery. The grant program is funded by a $10 million commitment
from American Express over the next four years, of which a portion
will also fund leadership development and business mentoring. The
Coalition to Back Black Businesses will also work to provide
further funding, training and resources to empower Black-owned
small businesses in U.S. communities that have long been struggling
with economic growth.
According to research from the U.S. Chamber of Commerce and
MetLife, minority-owned small businesses are more likely to report
trying and failing to secure a loan to help survive the economic
turmoil (13% vs. 8% of non-minority businesses) and, most recently,
66% of minority-owned small businesses reported concerns about
having to permanently close their business2.
GRANT DETAILS AND PROCESS FOR THE 2020 APPLICATION
Eligible and interested Black small business owners can apply
online here to be considered for a $5,000 grant.
Eligibility Requirements:
- Must be a Black small business owner with between 3-20
employees.
- Your business must be in an economically vulnerable community.
This is defined as being located outside of the 20% most prosperous
zip codes in the U.S. as ranked by the Distressed Communities
Index. Check eligibility on our site here.
- Must have been negatively impacted financially by the COVID-19
pandemic.
The application process is as follows:
- Eligible applicants to submit streamlined application for
consideration. The deadline is September 21, 2020.
- The Coalition will randomly select 280 applicants who meet the
requirements. Applicants will be notified via email by September 22
to complete a more in-depth application, due September 28.
Additional applicants may be chosen for a waitlist.
- The 280 applicants, who meet eligibility requirements, will
receive a $5,000 grant.
- Special consideration will be given to women-owned businesses,
which will make up at least 25% of the awarded grants.
The grantees will be notified via email and grants will be
awarded on a rolling basis starting on October 6. After funding is
disbursed, each grantee will be invited to participate in a
mentorship program to help further grow their business. Businesses
that are not selected to receive a grant in 2020 are encouraged to
apply again over the next 3 years. If you receive one of the $5,000
Back Black Businesses grants, you are no longer eligible to apply
in future years.
For more information on eligibility and process please visit
here.
BACK BLACK BUSINESS COALITION PARTNERS
“This is going to create opportunity and in fact level the
playing field for many of our members,” said Harry C. Alford,
President and CEO, National Black Chamber of Commerce. “Access to
capital has always been the missing link in regard to small
business growth – we are now about to address that.”
“Black entrepreneurs have been hit the hardest by the pandemic,
coupled with historic levels of Black business closures and
unemployment,” said Ron Busby, President, U.S. Black Chambers. “We
applaud American Express and the Coalition to Back Black Businesses
for committing to fund a $10 million grant program for Black
businesses affected by the pandemic.”
“The National Business League is excited to partner with
American Express, the U.S. Chamber of Commerce Foundation and
Coalition partners to provide a $10 million dollar grant program
for Black businesses throughout the country, as the NBL continues
its economic recovery efforts in collaboration with the public and
private sector,” said Kenneth L. Harris, Ph.D., National
President/CEO, National Business League, Inc.
“Walker’s Legacy is honored to work with American Express in
their commitment to diversity, through their generous effort to
support and fund Black-owned businesses, and the organizations that
aid, them during this time of uncertainty,” said Natalie Madeira
Cofield, Founder & CEO, Walker’s Legacy.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility
information: charge and credit cards, business credit cards, travel
services, gift cards, prepaid cards, merchant services, Accertify,
InAuth, corporate card, business travel, and corporate
responsibility.
Location: U.S.
1 According to research conducted by the Federal Reserve Bank of
New York 2 According to research conducted by U.S. Chamber and
MetLife
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200915005440/en/
AMERICAN EXPRESS Megan Hunsicker
Megan.C.Hunsicker@aexp.com
DAY ONE AGENCY Laura Barganier Laura@d1a.com
American Express (NYSE:AXP)
Historical Stock Chart
From Mar 2024 to Apr 2024
American Express (NYSE:AXP)
Historical Stock Chart
From Apr 2023 to Apr 2024