American Express (NYSE: AXP) recently announced the participants of its “100 for 100” Black Women Entrepreneur program. According to American Express, the program will provide each participant with $25,000 and 100 days of business resources, including business education, mentorship, marketing, virtual networking, WorkSpaces by Hilton hotel reservation credits, and more.
American Express reported it created this program in partnership with IFundWomen of Color, the leading platform for women of color to raise capital, to support Black women entrepreneurs as they work to jump-start and grow their business ventures. The credit card giant noted that the initiative is part of its recently announced $1 billion action plan to enhance diverse representation and promote equal opportunities for its colleagues, customers, and communities.
“Prior to the pandemic, Black-women-owned businesses were growing at unprecedented rates yet still making less revenue than their counterparts. In fact, according to last year’s State of Women-Owned Business report, commissioned by American Express, Black, women entrepreneurs were founding 763 new businesses every day – making them the fastest growing entrepreneur group in America. Yet, they still do not have equal access to the resources they need to grow and be successful.”
While sharing details about the program, Clayton Ruebensaal, EVP Global B2B Marketing at American Express, stated:
“The Black women entrepreneurs selected for the program have created many types of innovative, early-stage businesses across the country, inspiring and carving new paths for others to follow. Their business plans demonstrate that great ideas often come out in times of hardship, and American Express is committed to continuing to back small businesses and advance equal opportunity for aspiring entrepreneurs, particularly during these challenging times.”
American Express added the 100 days of business education for the entrepreneurs will kick off virtually in January 2021, with a tailored curriculum focused on topics for early-stage companies such as managing cash flow and growth, securing and maintaining customer relationships, and finding balance, all taught by industry experts and seasoned entrepreneurs.