The Tempe Chamber of Commerce Foundation and Wells Fargo are collaborating to offer a grant fund of $100,000 to support Phoenix-area Black women entrepreneurs. The grant will open August 22nd and close at 5 p.m. on September 22, 2023. Applicants can apply online here. The grant is poised to assist Black women-owned business owners to develop and grow their businesses.“The gap in assistance for Black women-owned businesses continues to be a concern in Arizona as presented by The State of Black Arizona survey findings which show a higher percentage of Black women are in the process of becoming entrepreneurs compared to White women and White men,” said Colin Diaz, ACE, IOM. “ The ambition and potential is there, but only 3% of Black women-owned businesses survive more than five years. Resources, support and financing are large reasons for the disproportionate rate of business mortality among Black Women. The Wells Fargo Grant ultimately can empower these entrepreneurs by offering various forms of resources so these business owners can contribute to the vibrancy of the business community.”The Black Women in Business Supportive Grant (BWBSG) will be awarded to qualified applicants to advance the growth of businesses in Greater Phoenix while addressing systemic issues affecting access to capital for black women business owners. The grant will be administered by the Tempe Chamber of Commerce Foundation in partnership with Wells Fargo. Awards of $5,000 to $15,000 will be provided to selected applicants from a funding pool of $100,000. “Wells Fargo has a long history of supporting the Black and African American community in many areas including small business. Our goal has been to help as many small businesses as we can, with a strong emphasis on supporting the needs faced by diverse small business owners. We are thrilled to work with the Tempe Chamber Foundation and provide this grant to help uplift black women entrepreneurs as they continue their journey towards recovery and a brighter future for their businesses,” said Shannon Tolbert, head of External Engagement & Program Development for Wells Fargo Wealth and Investment Management.
Support Provided Through the Grant:
- Financial award to contribute to the growth and/or sustainability of the business.
- Membership to the Tempe Chamber of Commerce and related benefits.
- Business consulting and educational training to aid in business success.
- Routine check-ins to facilitate connection between ongoing needs and available resources.
Applicants must meet the following minimum qualifications:
- The business is based in the Greater Phoenix area.
- The company must have been in business at least two years as of September 22, 2023.
- The business is owned by a Black woman.
- Applicant must provide an explanation of how the funds will be used, clearly demonstrating opportunities for sales in an identified target market.
- Funds are only available for business costs associated with sustaining and/or growing the business and cannot be used to pay off previously acquired debt.
- The business must be independent and sustainable – no start-ups.
- The business is registered and in good standing with the Arizona Corporation Commission.
Finalists will be notified on October 10 and will participate in an interview with the review committee. Awardees will be notified on October 24 with funding distribution beginning mid-November.
