Progressive Insurance coverage has introduced that it’s accepting purposes for its Driving Enterprise Ahead grant program, which goals to help Black entrepreneurs.

This system will award $25,000 grants to every of the ten small enterprise house owners who’re chosen to assist them buy industrial autos for his or her companies.

Whereas 20% of Black Individuals begin companies, solely 4% of those companies survive the start-up stage, primarily because of the problem Black enterprise house owners have in accessing financing.

The grant program is designed to assist shut this hole for Black entrepreneurs and help their companies.

Progressive is working with Good day Alice, a monetary expertise group that helps small companies entry capital, to manage the grant program.

This system goals to put money into inclusive entrepreneurship so that every one Individuals with an entrepreneurial spirit can entry the funding, instruments, and sources they should succeed.

“At Progressive, we acknowledge the challenges that small enterprise house owners face every day. Our hope is that this program will present help to Black entrepreneurs as they navigate their small work trip and assist them overcome any boundaries,” mentioned Karen Bailo, industrial traces president at Progressive Insurance coverage.

Functions at the moment are open for this system, and the deadline for submissions is June 2, 2023, at 6 p.m. ET. Eligible people will want to join a free Good day Alice account and full their utility.

A committee will assessment the purposes in keeping with the factors outlined within the phrases and circumstances, and recipients shall be notified through e-mail and publicly introduced in August.

Full eligibility necessities, together with restricted companies, could be present in this system’s phrases and circumstances.

That is the second yr that Progressive has launched the Driving Enterprise Ahead grant program, with the model beforehand awarding 10 Hispanic enterprise house owners every with a $25,000 grant to assist propel their small companies.

Progressive has dedicated a complete of $600,000 to small companies in partnership with Good day Alice, inclusive of the 2023 program.

“We’re excited to work with Progressive once more this yr and host the Driving Small Enterprise Ahead Grant Program. Recipients will be capable of drive their enterprise ahead with the capital wanted to buy a industrial automobile,” mentioned Elizabeth Gore, co-founder and president of Good day Alice.

The Driving Enterprise Ahead grant program is a superb alternative for Black entrepreneurs to obtain help and sources to develop their companies.

Progressive and Good day Alice’s dedication to investing in inclusive entrepreneurship ensures that small enterprise house owners of all backgrounds and ethnicities can entry the funding they should succeed.