One hundred percent of funding will be distributed to Black and Latino-led startups through Arch Grants existing programs
Bank of America on Monday announced that it will invest in Black and Hispanic entrepreneurs with a $1 million grant to Arch Grants to help infuse capital into early-stage startups growing and scaling in St. Louis.
This initiative, which will span four years, builds on Bank of America’s ongoing work in St. Louis to address the underlying social issues individuals face to gain access to capital and reach economic success, particularly in communities of color, who have been disproportionately impacted by the current health crisis. This grant is also part of the bank’s newly expanded $1.25 billion, five-year commitment to advance racial equality and economic opportunity. Previously, Arch Grants was selected as a Bank of America Neighborhood Builders recipient.
“Bank of America is committed to supporting innovative ways to advance economic opportunity in St. Louis and Arch Grants has a proven record of collaboration and serving as a major catalyst for positive change within the region,” said Marilyn Bush, President, Bank of America St. Louis. “This grant will help create equitable and lasting success by providing the tools, resources and support needed by Black and Hispanic-Latino entrepreneurs.”
This funding will be distributed to entrepreneurs through the Arch Grants Startup Competition, which awards innovative, scalable and job-creating startups with $50,000 non-dilutive grants and access to a robust ecosystem of resources and support in exchange for headquartering their business in St. Louis for at least one year.
“Arch Grants’ model is built on trusting the power of extraordinary entrepreneurs to build our future economy and change our region for the better,” said Emily Lohse-Bush, Executive Director at Arch Grants.
“Through this partnership with Bank of America, we will leverage our infrastructure and work with community partners over the next several years to infuse an additional $1 million directly into startups led by Black and Latino Founders in St. Louis, and I have no doubt that the impact – on this community, our region and the world – will be Exponential.”
“Arch Grants has been an absolute game-changer for my company, and since I was introduced to the leaders at Bank of America, they have gone above and beyond to support my company’s growth,” said Akeem Shannon, CEO and Founder of Flipstik. “The partnership between these two tremendously impactful organizations will drive even more value to diverse startup founders in St. Louis.”