Progressive Insurance Giving $25,000 in Small Business Grants to Hispanic Entrepreneurs

Progressive Insurance Giving $25,000 in Small Business Grants to Hispanic Entrepreneurs

Progressive Insurance is supporting Hispanic business owners through a brand-new grant program in collaboration with online organization platform Hello Alice. The Driving Small Business Forward grant program will offer 10 grants of $25,000 to qualified small companies.

Funding can be utilized towards the purchase of an industrial automobile.

Progressive Insurance Supporting Hispanic Entrepreneurs with $25 K Small Business Grants

A 2021 research study by McKinsey & & Company discovered that Hispanic business owners begin more companies per capita than other groups. Particularly, Latino-owned company companies has actually grown by 12.5 percent every year over the previous 5 years. White-owned company companies have actually just grown by 5.3 percent each year because very same period. Hispanic business owners see more barriers when it comes to funding their company. They’re both less most likely to get outdoors financing and less most likely to get the funds they do look for, even when compared to White entrepreneur with comparable credit rankings. This leaves lots of business owners in this group rushing to bootstrap their own endeavors or depending on funds from friends and family. Programs like Driving Small Business Forward objective to close these spaces for business owners that require financing however do not constantly have access to fair resources.

The Importance of Commercial Vehicles

Vehicles have actually ended up being a significantly crucial yet costly product for both people and organizations. A big range of business, from house provider like plumbings to shuttle bus business, depend on quality lorries to serve consumers and support their day-to-day operations. Acquiring brand-new industrial or fleet lorries isn’t as obtainable an objective as it was even simply a couple of years earlier. Elizabeth Gore, Co-Founder and President of Hello Alice stated in a declaration about the brand-new grant program, “When we asked small company owners on our platform to rank their most significant difficulty in 2022, they picked inflation. Now, more than ever, it’s crucial that small company owners get the resources they require to deal with these obstacles. We applaud Progressive for their continuous assistance of the small companies that add to a growing and lively economy.”

Driving Small Business Forward Grant Program

To receive Driving Small Business Forward grants, companies need to be at least 51 percent owned and run by Hispanic-identifying business owners. Other credentials consist of having 10 or less workers, less than $5 million in yearly gross income, and the requirement for a business car. Applications for the Driving Small Business Forward grant program are offered now on Hello Alice’s site. You can likewise discover a complete list of eligibility requirements, limitations, and terms. Qualified companies have till June 17 at 6 p.m. ET to send an application. A committee will examine applications and inform the 10 winners by mid-August. Image: Depositphotos

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