Famous Amos, in partnership with the National Black Chamber of Commerce (NBCC), has announced the launch of its Ingredients for Success Initiative, a grant and mentorship program that aims to provide the necessary tools and resources to help Black business owners succeed.
According to a recent story by CNBC, there are about 2.6 million Black-owned businesses in the United States, equating to approximately 9.5 percent of all businesses. Yet nearly 8 out of 10 Black-owned companies usually do not survive the first 18 months. Famous Amos strongly believes that pairing these entrepreneurs early on with financial resources and mentorship is a key ingredient to contribute to a more positive direction.
"In honor of Wally Amos, the founder of Famous Amos, we are extremely grateful to partner with the NBCC to help create pathways for Black business owners to thrive," said Rachna Patel, senior director, Distinctive Brands at Ferrara. "Famous Amos remains committed to fostering racial equity through the work that we do as a company and our connection to the communities we serve."
In its inaugural year, a total of $150,000 has been committed to award three Black-owned businesses, each receiving a $50,000 business grant. Along with the monetary award, grant winners will receive a complete suite of mentoring and coaching resources and tools provided by the NBCC to help drive sustainable growth and success.
"Our mission is the economic empowerment of Black businesses and communities," said Charles H. DeBow, III, executive director, National Black Chamber of Commerce. "We are pleased to partner with Famous Amos to provide mentorship, as well as the necessary tools and resources to the grant recipients to assist them to not only participate but to succeed in America's economy."
Grant applications will be judged by some of the nation's foremost Black business leaders including Jeffery Beckham Jr., Chief Executive Officer at Chicago Scholars; Roby Mercharles, vice president of partnerships at The American Dream Fund & Marketplace; Steve Canal, co-founder of Flourysh, ONE Venture Group, Saint Miles and The Baptist Collection; and Mandy Bowman, and founder and CEO of Official Black Wall Street.
Businesses must be at minimum 90 percent Black-owned and have been in operation for five years or less. For official rules and eligibility requirements, and to apply now, click here. All entries must be submitted by Monday, November 29, 2021, by 11:59 p.m. EST.