Progressive Insurance announced the opening of the application period for its Driving Business Forward grant program in support of Black entrepreneurs.
According to a Progressive release, the company is teaming with Hello Alice, a fintech company, to provide 10 small business owners with a $25,000 grant to purchase commercial vehicles for their business.
Black entrepreneurship skyrocketed during the COVID-19 pandemic. According to McKinsey & Company, 20% of Black Americans start businesses. However, only 4% survive the startup phase due to financial issues, including access to capital.
“At Progressive, we recognize the challenges that small business owners are faced with each and every day,” Progressive Insurance Commercial Lines President Karen Bailo said in a statement. “Our hope is this program will provide some assistance to Black entrepreneurs as they navigate their small business journey and help them combat any barriers.”
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