The Black Women in Business Supportive Grant (BWBSG) is 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.
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.
“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 Tempe Chamber President & CEO 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.”
TIMELINE
August 22, 2023 – Grant application available online at https://tempechamber.org/grants
September 22 – Application submissions closes at 5 p.m. No late submissions will be accepted.
September 23 – Mid October – Application review by selection committee.
October 10 – Finalists notified and scheduled to interview with review committee.
October 24 – Tempe Chamber of Commerce Foundation notifies applicants of award status.
Mid-November – Awards sent to selected applicants based on distribution schedule.
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.
• Businesses must be independent and sustainable – no start-ups.
• The business is registered and in good standing with the Arizona Corporation Commission.
REQUIREMENTS FOR AWARD RECIPIENTS
• Finalists being considered for funding will be required to participate in an interview with the review committee.
• Awardees will sign an acknowledgement that they will use the money for the purposes described and provide receipts of grant expenditures.
• Recipients agree to provide the Tempe Chamber of Commerce Foundation with data requested to track program impact in a timely fashion.
