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Progressive Insurance coverage is supporting Hispanic entrepreneurs by means of a brand new grant program in partnership with on-line enterprise platform Hey Alice. The Driving Small Enterprise Ahead grant program will present ten grants of $25,000 to eligible small companies.
Funding can be utilized towards the acquisition of a industrial automobile.
Progressive Insurance coverage Supporting Hispanic Entrepreneurs with $25K Small Enterprise Grants
A 2021 research by McKinsey & Firm discovered that Hispanic entrepreneurs begin extra companies per capita than different teams. Particularly, Latino-owned employer companies has grown by 12.5 % yearly over the previous 5 years. White-owned employer companies have solely grown by 5.3 % per yr in that very same time interval. Nevertheless, Hispanic entrepreneurs see extra limitations in relation to financing their enterprise. They’re each much less more likely to apply for outdoor funding and fewer more likely to obtain the funds they do apply for, even when in comparison with White enterprise homeowners with comparable credit score rankings. This leaves many entrepreneurs on this group scrambling to bootstrap their very own ventures or counting on funds from household and pals. Applications like Driving Small Enterprise Ahead purpose to shut these gaps for entrepreneurs that want funding however don’t all the time have entry to equitable assets.
The Significance of Business Autos
Autos have grow to be an more and more vital but costly commodity for each people and companies. An enormous array of firms, from house service suppliers like plumbers to shuttle firms, depend on high quality automobiles to serve prospects and assist their each day operations. Nevertheless, buying new industrial or fleet automobiles isn’t as attainable a objective because it was even just some years in the past. Elizabeth Gore, Co-Founder and President of Hey Alice stated in a press release concerning the new grant program, “Once we requested small enterprise homeowners on our platform to rank their largest problem in 2022, they chose inflation. Now, greater than ever, it’s vital that small enterprise homeowners get the assets they should deal with these challenges. We commend Progressive for his or her ongoing assist of the small companies that contribute to a thriving and vibrant economic system.”
Driving Small Enterprise Ahead Grant Program
To qualify for Driving Small Enterprise Ahead grants, companies should be no less than 51 % owned and operated by Hispanic-identifying entrepreneurs. Different {qualifications} embrace having ten or fewer staff, lower than $5 million in annual gross income, and the necessity for a industrial automobile. Functions for the Driving Small Enterprise Ahead grant program can be found now on Hey Alice’s web site. You may also discover a full listing of eligibility standards, restrictions, and phrases. Eligible companies have till June 17 at 6 p.m. ET to submit an software. Then, a committee will evaluate purposes and notify the ten winners by mid-August. Picture: Depositphotos
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