4 minute read
BUSINESS FUNDING & RESOURCES
COMMUNE ANGELS
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Commune Angels launched in 2020 to expand access to angel investing and capital. We invest in scalable consumer, enterprise and life science companies that transform lives. Diversity is essential to transformative innovation, and our members are committed to contributing their unique experiences, relationships, and resources to drive better outcomes for investors, portfolio companies and their customers. Commune Angels is a community of accredited and rising investors who recognize the power of diversity and national deal flow. https://www.communeangels.com/ getfunded
RENDE CAPITAL
RPC is proud to announce that we are receiving applications from Excluded Entrepreneurs of color to the RACE4Progress Fund. The fund provides very low interest, deferred payments, extended terms and other features for Excluded Entrepreneurs in the Grand Rapids Area/Kent County whose businesses have suffered financially due to COVID-19.
Apply now to the left or learn more in the Frequently Asked Questions section at https://www.rendeprogresscapital.com/ clients or contact Kevin Davis, Opportunity and Lending Officer at kdavis@rendeprogresscapital.com.
The National Association of Investment Companies (NAIC) is a Washington DC-based trade association and the largest network of diverse-owned private equity firms and hedge funds. Through education, advocacy and other innovative programs, the NAIC is focused on increasing the flow of capital to highperforming diverse investment managers often underutilized by institutional investors. https://naicpe.com/
BLACK AMBITION
The truth is Black Ambition is limit less but Access is not. Black Ambition is a non-profit initiative working to close the opportunity and wealth gap through entrepreneurship. We invest capital and resources in high-growth startups founded by Black and Latinx entrepreneurs. We believe entrepreneurs historically left out of traditional investment funnels are building the companies of tomorrow and we all have a united stake in opening opportunity.
Eligible teams must have at least one member of the founding team who identifies as Black/African/African American and/or Hispanic/Latino/a/Latinx.
Prizes will be awarded as cash and, in some instances, investments. Any earnings from investments will be used to support Black Ambition’s ability to offer Prizes to future entrepreneurs. Black Ambition | Home (blackambitionprize.com)
CHASE – ADVANCING BLACK PATHWAYS RECRUITMENT
• Original Start date: February 2020,
Executed: May 2020 • Original agreement focused on learning modules only • Certification component discussed in July 2020 • US Black Chamber of Commerce • Black Enterprise • National Urban League • Received referrals in August 2020 • Goal: Certify 200 Black Businesses
Requirements • 2+ Years in business • Revenue of $100K+ • Reimbursement upon successful certification • 2-year program • $50K a year • 1 successful completion
Advancing Black Pathways (jpmorganchase.com)
LOWE’S - RECRUITMENT | RETENTION
• Agreement executed last week of January 2021 • Grant will pay for 2 years of certification|recertification at market rate • 1st Priority given to Lowe’s current, previous & prospective suppliers • Grant is approximately $320K • Encourage Black retail-based MBEs to obtain certification • No Council stipulations
AMAZON – CONSIDERATION
Request: certify the Black businesses on their platform Programming included with other other NGOs
• US Black Chamber of Commerce • Minority Business Development Agency
Launch during Black History Month Potentially 20K businesses Certification at market price Next Steps: NMSDC to provide Amazon with a proposal
COMCAST RISE
In June 2020, Comcast NBCUniversal announced the development of a comprehensive, multi-year plan to allocate $75 million in cash and $25 million in media over the next three years to fight injustice and inequality against any race, ethnicity, gender identity, sexual orientation or ability.
Starting March 1, 2021, qualifying businesses may apply for the Comcast RISE Investment Fund.
CONGRATULATIONS TO DETROIT VOLTAGE; WINNER OF THE $20,000 SIEMENS GRANT.
In a partnership between Siemens and the Minority Business Development Agency, the Detroit MBDA Center was asked to identify MBEs in the Detroit area specializing in manufacturing, logistics, electrical, and infrastructure to compete for a $20,000 grant. The grant applicants were required to apply and submit a written essay about their business and why they should receive the grant. This competition was open to 7 major metropolitan cities including Detroit, Atlanta, Baltimore, Chicago, New York, Orlando and Pasadena.
Detroit Voltage, owned by Deena Neely was one of 7 recipients chosen by Siemens to receive the grant to help support the growth and sustainability of the company. Detroit Voltage was one of 29 applicants competing for the grant.
When Ms. Neely was asked what the being a grant recipient meant to her business, she responded, “It means everything to me, I will now be able to hire some administrative support/project manager which will ultimately help to grow and scale my business.” She also acknowledged this will open many doors for her as not only will she receive the grant, but she will also get the opportunity to work on Siemens projects. MMSDC, Detroit MBDA Center and Advanced Manufacturing Center thank the Siemens team for this tremendous opportunity and not only supporting through funding, but potentially opening the door for strong MBEs to compete for your business.
