In partnership with the National Black Chamber of Commerce, Famous Amos, the baked-good brand, has begun its second grant cycle to offer $150,000 and mentorship opportunities to support early-stage Black businesses. The grant, called the Famous Amos Ingredients for Success Entrepreneurs Initiative, will give three business owners $50,000 in unrestricted capital.
Qualifying businesses in operation for 5 years or less will be able to participate in a pitch contest by submitting a videotaped pitch and written statement detailing the nature of the business, why it can be successful, and how the funds will be used.
"We established the Famous Amos Ingredients for Success Entrepreneurs Initiative to support Black businesses and to honor the legacy of the brand's founder, Mr. Wally Amos," said Rachna Patel, senior director of marketing for Famous Amos, in a statement. "In addition to the grants Famous Amos awards, we feel it is equally important to offer resources such as mentorship, coaching, and networking, which are provided by our community partner, the National Black Chamber of Commerce."
Lower personal wealth among Black entrepreneurs inhibits the creation of a business, according to a report from Brookings Institution, and they receive less funding support. The company believes that grant opportunities like their own are key to addressing this disparity.
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