Progressive Insurance Supports Black Entrepreneurs With Small Business Grant Program

Progressive Insurance Supports Black Entrepreneurs With Small Business Grant Program

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.”

Applications are now open for the grant program,m and those eligible will need to sign up for a free Hello Alice account. The application deadline is June 2, 2023, at 6 p.m. ET. A committee will review applications.

The Driving Business Forward grant program was initially launched in 2022 to support diverse small business owners across America. Last year the program awarded $25,000 in grants to 10 Hispanic small business owners. Progressive is also supporting diverse small business owners through the Hello Alice Small Business Growth Fund, which awards grants to small business owners of all backgrounds and ethnicities. Progressive has committed $600,000 toward small businesses in partnership with Hello Alice.

“We are so excited to work with Progressive again this year and host the Driving Small Business Forward Grant Program,” said Hello Alice Co-founder and President Elizabeth Gore. “Recipients will be able to drive their business forward with the capital needed to purchase a commercial vehicle.”

Progressive has also teamed up with Hello Alice, the Global Entrepreneurship Network (GEN), and the Etsy Uplift Fund to provide grants between $5,000 to $25,000 for entrepreneurs to advance their growth and achieve their goals this year.