Progressive Insurance is supporting Hispanic entrepreneurs through a new grant program in partnership with online business platform Hello Alice. The Driving Small Business Forward grant program will provide ten grants of $25,000 to eligible small businesses.
Funding can be used toward the purchase of a commercial vehicle.
Progressive Insurance Supporting Hispanic Entrepreneurs with $25K Small Business Grants
A 2021 study by McKinsey & Company found that Hispanic entrepreneurs start more businesses per capita than other groups. Specifically, Latino-owned employer firms has grown by 12.5 percent annually over the past five years. White-owned employer firms have only grown by 5.3 percent per year in that same time period. However, Hispanic entrepreneurs see more barriers when it comes to financing their business. They’re both less likely to apply for outside funding and less likely to receive the funds they do apply for, even when compared to White business owners with similar credit ratings. This leaves many entrepreneurs in this group scrambling to bootstrap their own ventures or relying on funds from family and friends. Programs like Driving Small Business Forward aim to close these gaps for entrepreneurs that need funding but don’t always have access to equitable resources.
The Importance of Commercial Vehicles
Vehicles have become an increasingly important yet expensive commodity for both individuals and businesses. A huge array of companies, from home service providers like plumbers to shuttle companies, rely on quality vehicles to serve customers and support their daily operations. However, purchasing new commercial or fleet vehicles isn’t as attainable a goal as it was even just a few years ago. Elizabeth Gore, Co-Founder and President of Hello Alice said in a statement about the new grant program, “When we asked small business owners on our platform to rank their biggest challenge in 2022, they selected inflation. Now, more than ever, it’s important that small business owners get the resources they need to address these challenges. We commend Progressive for their ongoing support of the small businesses that contribute to a thriving and vibrant economy.”
Driving Small Business Forward Grant Program
To qualify for Driving Small Business Forward grants, businesses must be at least 51 percent owned and operated by Hispanic-identifying entrepreneurs. Other qualifications include having ten or fewer employees, less than $5 million in annual gross revenue, and the need for a commercial vehicle. Applications for the Driving Small Business Forward grant program are available now on Hello Alice’s website. You can also find a full list of eligibility criteria, restrictions, and terms. Eligible businesses have until June 17 at 6 p.m. ET to submit an application. Then, a committee will review applications and notify the ten winners by mid-August. Image: Depositphotos
This article, “Progressive Insurance Giving $25,000 in Small Business Grants to Hispanic Entrepreneurs” was first published on Small Business Trends