American Express – American Express commits $2.5 million to “100 for 100” program to put money into way forward for Black girls entrepreneurs within the U.S.

American Express introduced 100 Black girls entrepreneurs, together with 9 from Metro Atlanta, chosen to take part in its “100 for 100” initiative. (Picture: American Express)

American Express revealed the 100 Black girls entrepreneurs chosen for its “100 for 100” program, which is able to present every with grants of $25,000 and 100 days of enterprise sources, together with enterprise training, mentorship, advertising, digital networking, WorkSpaces by Hilton lodge reservation credit and extra. 9 of the recipients have been enterprise house owners from Metro Atlanta.

Previous to the pandemic, Black-women-owned companies have been rising at unprecedented charges but nonetheless making much less income than their counterparts. In reality, based on final yr’s State of Girls-Owned Enterprise report, commissioned by American Express, Black, girls entrepreneurs have been founding 763 new companies day-after-day – making them the quickest rising entrepreneur group in America. But, they nonetheless shouldn’t have equal entry to the sources they should develop and achieve success.

“American Express is proud to help the extremely gifted and revolutionary entrepreneurs chosen for our 100 for 100 packages, as they kick begin their ventures and maintain the momentum going so their companies can proceed to evolve,” stated Clayton Ruebensaal, the manager vice chairman for International B2B Advertising and marketing at American Express. “The Black girls entrepreneurs chosen for this system have created many sorts of revolutionary, early-stage companies throughout the nation, inspiring and carving new paths for others to comply with. Their enterprise plans exhibit that nice concepts usually come out in instances of hardship, and American Express is dedicated to persevering with to again small companies and advance equal alternative for aspiring entrepreneurs, significantly throughout these difficult instances.”

Ruebensaal stated that American Express created this program in partnership with IFundWomen of Shade, the main platform for ladies of colour to lift capital, to help Black girls entrepreneurs as they work to jump-start and develop their enterprise ventures. The initiative is a part of American Express’s lately introduced $1 billion motion plan to reinforce various illustration and promote equal alternatives for its colleagues, clients, and communities.

“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,” stated Karen Cahn, the founder and CEO of IFundWomen. “It means a enterprise can do advertising to advertise their services or products to drive extra income they usually can afford extra payroll. We’re thrilled to work with American Express to supply a significant distinction for these inspiring 100 Black women-owned companies, to allow them to develop and succeed.”

The “100 for 100” program is a part of American Express’ broader dedication to supply entry to capital and monetary training to a minimum of 250,000 Black-owned small and medium-sized companies within the U.S. by the tip of 2024, to assist them navigate as we speak’s setting and thrive into the longer term.

American Express labored carefully with IFundWomen of Shade to pick out and shock 100 distinctive and passionate innovators throughout numerous completely different industries together with trend and wonder, meals and beverage, finance, health and wellness, dwelling items and attire, expertise, social good, and extra. Most of the girls are additionally creating content material and fostering communities to empower the subsequent class of Black girls leaders.

The 100 days of enterprise training for the entrepreneurs will kick off nearly in January 2021, with a tailor-made curriculum centered on subjects for early-stage firms corresponding to managing cash circulate and progress, securing and sustaining buyer relationships, and discovering steadiness, all taught by trade consultants and seasoned entrepreneurs. Most of the consultants educating the curriculum will even function mentors to the 100 girls all through this system, sharing insights throughout teaching periods to assist these entrepreneurs navigate enterprise challenges and discover the trail in direction of progress.

Different sources for the ladies embody advertising help from American Express to drive consciousness of the entrepreneurs and their companies throughout a wide range of channels, complimentary entry to a one-year premium subscription with the sleep and mediation app Calm, and a $1,000 credit score to make use of in direction of WorkSpaces by Hilton, a brand new work-from-hotel answer that gives visitors with a non-public, distraction-free workspace to extend effectivity, all backed by the elevated cleanliness requirements of Hilton CleanStay with Lysol Safety.

Hilton, a longstanding American Express accomplice, can also be providing Hilton Honors Diamond standing to the 100 girls, to assist plus-up their work-from-hotel expertise and supply helpful elite advantages. The 100 days of sources will culminate with a web-based occasion hosted on the Amex Digital Campus, bringing the ladies collectively for networking, informative panels, and extra.

Assets additionally embody Enterprise Class from American Express – a contemporary enterprise training platform providing world-class know-how and important insights to assist entrepreneurs navigate the present setting – obtainable to anybody, all for free of charge.

The 100 Black girls entrepreneurs becoming a member of American Express’ “100 for 100” program embody: