Progressive Insurance coverage, the main industrial auto insurer in america, has introduced that they’re now accepting functions for his or her Driving Enterprise Ahead grant program. This system, designed to assist Black entrepreneurs, will award 10 small enterprise house owners with a $25,000 grant every, which can be utilized towards buying a industrial automobile for his or her companies.

Based on McKinsey & Firm, though 20% of Black People begin companies, solely 4% survive the startup stage, primarily as a result of difficulties in accessing financing. The Driving Enterprise Ahead grant program goals to assist shut these gaps and elevate the companies of Black entrepreneurs.

Progressive is working with Hi there Alice, a monetary know-how group aiding over a million small companies in accessing capital, to manage the grant program. Karen Bailo, Business Traces President at Progressive Insurance coverage, mentioned, “Our hope is that this program will present some help to Black entrepreneurs as they navigate their small business trip and assist them fight any boundaries.”

Hi there Alice Co-founder and President, Elizabeth Gore, expressed her pleasure about working with Progressive once more this yr, noting that grant recipients will be capable of drive their companies ahead with the capital wanted to buy a industrial automobile.

To be eligible for one of many ten $25,000 grants, candidates should join a free Hi there Alice account and full their software by June 2, 2023, at 6 p.m. ET. Functions can be reviewed by a committee based on the standards outlined within the phrases and circumstances. Grant recipients can be notified through e-mail and publicly introduced in August.

The Driving Enterprise Ahead grant program was initially launched in 2022 to assist numerous small enterprise house owners throughout the nation. In its first yr, Progressive awarded ten Hispanic enterprise house owners with $25,000 grants every. The model is constant to increase alternatives for small companies by the Hi there Alice Small Enterprise Progress Fund, which awards grants to small enterprise house owners of assorted backgrounds and ethnicities. Progressive has dedicated a complete of $600,000 in the direction of small companies in partnership with Hi there Alice.

This initiative gives a wonderful alternative for Black small enterprise house owners to safe funding and assist for his or her companies, serving to to bridge the hole and enhance the variety of profitable Black-owned companies in america.

To use and be taught extra in regards to the Driving Enterprise Ahead grant program, go to https://helloalice.com/grants/progressive.

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