Aurora James, founding father of the Fifteen P.c Pledge nonprofit, introduced plans to award the initiative’s first spherical of grants to Black-owned companies.
In keeping with Footwear Information, the spherical will embrace awarding one finalist a $200,000 money award. Two different finalists will obtain $35,000 and $15,000.
James launched the corporate in 2020 as an initiative to create a extra equitable financial future. To pursue her mission, she approached a number of main retailers and firms to dedicate 15% of their shelf area and annual buying energy to Black-owned companies.
“Those of you who know my very own entrepreneurial journey know that I used to be significantly impacted by a grant I received very early on,” James mentioned. “It modified my enterprise and subsequently modified my life. That is why we’re over the moon to be in a spot to award our first [Fifteen Percent Pledge] Achievement Award for Black-owned companies.”
Eligibility necessities for the grants state that candidates should be a member of the Fifteen P.c Pledge’s Enterprise Fairness Neighborhood, promote a product, and have annual income of $250,000 or extra. Moreover, companies should have between three and 15 staff, which incorporates the founder. At the least one one that self-identifies as Black should have 50% or extra fairness within the firm.
Making use of companies “ought to foster inclusivity and showcase neighborhood impression by pushing towards systemic infrastructures that haven’t prioritized distinctive shopper wants,” in keeping with the eligibility standards.
Companies are welcome to apply by means of December 9.
Quick Firm reported that throughout the first 12 months of launching, the Fifteen P.c Pledge nonprofit landed a complete of 26 commitments from nationwide firms who signed the pledge, together with Macy’s, Sephora, and Hole. These commitments allowed 385 Black-owned manufacturers to launch their merchandise on the cabinets of main retailers.
As of this 12 months, 29 firms throughout three international locations have dedicated to the pledge, as beforehand reported in BLACK ENTERPRISE. These commitments have awarded the nonprofit roughly $10 billion value of relationships, fairness, and cash.
