Despite the ongoing pandemic, labor shortage, and rising costs, the Coalition to Back Black Businesses offers funding and mentorship opportunities to aid Black small business owners in flourishing through entrepreneurship.
According to The U.S. Chamber of Commerce Foundation, CBBB recently awarded 20 Black-owned small businesses with a $25,000 grant to help support their funds and resources. 45% of the recipients launched their business during the pandemic, 80% are women-owned and 85% have six or fewer employees.
“Employing nearly half of the U.S. workforce, the strength of small businesses is critical to the prosperity of our communities and our economic recovery,” said Carolyn Cawley, president of the U.S. Chamber of Commerce Foundation. “We’re committed to supporting the needs of Black small business owners in America through our Coalition to Back Black Businesses and equipping them with tools to thrive.”
Bronwyn Morgan, the owner of Xeo Air in East St. Louis, Illinois, is one of the small business owners benefitting from the grant. Xeo Air is an outsourced AI-based drone service for enterprise inspection and mapping.
“The enhancement grant will support us with crucial costs to propel our growth forward for 2022, including hiring more pilots, investing in SEO marketing, web platform improvements, rent, and more,” Morgan said.
Created in September 2020 by the U.S. Chamber Foundation, founding partner American Express, and four leading national Black business organizations – the National Black Chamber of Commerce, National Business League, U.S. Black Chambers, Inc., and Walker’s Legacy–the CBBB initiative is designed to render rapid financial assistance and mentorship opportunities to elevate the Black business community. CBBB has awarded grants to 1,091 Black-owned small businesses in 40 states since its inception.
“We proudly back small businesses because they are the backbone of communities across the country,” said Madge Thomas, head of corporate sustainability and president of the American Express Foundation. “In the second year of this program, we welcome the chance to continue to help Black-owned businesses recover from the pandemic, innovate, and grow.”
Find a full list of the winners here, webackblackbusinesses.com/recipients-2022.
Applications for the fall 2022 cohort will open in August. For more information on eligibility and the application process, visitwebackblackbusinesses.com.
