A Coalition Backing Black Businesses Awards Almost 500 Small Startups $5,000 In Funding

Coalition to Back Black Businesses, co-founded by the US Chamber of Commerce Foundation, American Express, and four leading national Black business organizations – announced the 491 Black-owned small businesses that have been awarded funding.

The organizations, which are based across 39 states, were each awarded a $5,000 grant as part of a multi-year grantmaking and mentorship initiative.

The recipients will be eligible to apply for enhancement grants of $25,000, which will be provided to a select number of 2021 grantee recipients in July 2022.

The group itself was formed back in September 2020 to address the needs of businesses impacted by the pandemic and support their long-term growth. Since its launch, CBBB has awarded grants to more than 1,000 Black-owned small businesses.

Funding from ADP, the AIG Foundation, Altice USA, parent company of Optimum and Suddenlink, Dow, the S&P Global Foundation, Shopify, and Stanley Black & Decker brought the Coalition’s total impact to $14 million, which will be provided as immediate financial aid and longer-term resources, such as mentorships and trainings, to support Black small business owners across the country through 2024.

“We are proud to be a partner of CBBB and the truly impactful work it is doing to provide funding and educational resources to small business owners,” said Madge Thomas, head of corporate social responsibility at American Express. “As part of our “Backing Small” efforts to invest in the small business economy, this program enables American Express and our partners to meet the urgent needs of Black business owners and provide meaningful support where they need it most to ensure long-term success.”