Progressive Insurance® is now taking applications for its “Driving Small Business Forward Fund” in support of Black entrepreneurs. Each of the 10 small business owners selected will be awarded a $25,000 grant to use toward the purchase of a commercial vehicle for their business. To administer the grant program, Progressive is working with Hello Alice, the financial technology organization helping over one million small businesses access capital.
Those eligible will need to sign up for a free Hello Alice account and complete their application. The deadline for applications is June 2, 2023, at 6 p.m. ET. Applications are reviewed by a committee according to the criteria outlined in the terms and conditions. Recipients will be notified via email and publicly announced in August. For full eligibility requirements, including restricted businesses, see the Terms & Conditions.
Progressive originally launched the “Driving Small Business Forward Fund” in 2022, aiming to support diverse small business owners across the country. At that time, Progressive awarded 10 Hispanic business owners each with a $25,000 grant to help propel their small business. Progressive is continuing to expand opportunities for small businesses through the support of the Hello Alice Small Business Growth Fund. The fund awards grants to small business owners of all backgrounds and ethnicities. Inclusive of the 2023 program, Progressive has committed a total of $600,000 towards small businesses in partnership with Hello Alice.
While 20% of Black Americans start businesses, only 4% of these businesses survive the startup stage. This is due in large part to the difficulty Black business owners have in accessing financing, according to McKinsey & Company. With this grant program, Progressive is extending support to help close these gaps for Black entrepreneurs and elevate their businesses.
To apply and learn more about the program, click here.
For a recent Turf Magazine article entitled, “Receiving Accurate Landscape Business Insurance Quotes,” click here.