Grant recipients will receive mentoring resources as well as capital to improve their business through an annual program.
CHICAGO, May 18, 2023 /PRNewswire/ — Today, Famous Amos, in partnership with the National Black Chamber of Commerce (NBCC), began accepting applications for Famous Amos Ingredients for Entrepreneur Success Initiative. The national grant competition, now in its third year, recognizes three Black startup business owners with $50,000 in unrestricted business capital as well as business and mentoring resources provided by NBCC.
“The Ingredients for Entrepreneurial Success Initiative is one way Famous Amos honors the legacy of Wally Amosa passionate entrepreneur whose impact has led to so many moments of joy,” said Rachna Patel, vice president of marketing at Famous Amos. “We are excited to launch the third year of this special grant program for Black business owners because it means we can continue to deliver on our mission to advance racial equity and support economic success black people.
Eligible applicants must be business owners at least 21 years old, at least 90% Black-owned, in business for five years or less, and headquartered in United States. To be considered, applicants must submit a 90-120 second elevator pitch video explaining why they should receive the $50,000 subsidy for their business. The process of creating the pitch video aims to emulate and prepare candidates to pitch their business for further capital investment.
Black businesses continue to face financial challenges in their efforts to sustain profits and success. According to a Meta-survey 2022, the COVID-19 pandemic has had a significant impact on small businesses due to their vulnerability to economic shocks. In turn, 51% of Black-owned small businesses experienced record sales in 2022. A similar report from Black Business found that venture capital funding for Black businesses fell 45% after reaching record levels in 2020.
“We are proud to continue our partnership with Famous Amos to advance our necessary mission of empowering Black businesses and communities,” said Charles H. DeBow, III, CEO of the National Black Chamber of Commerce. “The Ingredients for Successful Entrepreneurs Initiative is a philanthropic effort that addresses a persistent need within the Black founder community: financial support and mentorship to ensure continued business growth. Closing the knowledge gap that many Black homeowners face is critical. to close the significant wealth gap that black communities have experienced for many generations.
A total of $300,000 was given to six Ingredients for Success grant recipients from the previous two cycles. Previous grant recipients and Ingredients for Success alumni include a legal services company, a fresh grocery startup, a luxury eyewear company, among others. The program continues to be very competitive with thousands of applications submitted each year.
Hopeful entrepreneurs have until 11:59 p.m. EST Sundayon June 25, 2023, to submit their applications and presentation videos to the Famous Amos Ingredients for Entrepreneurship Success Cycle 3 online portal.
For more information and to apply, please visit FamousAmosIngredientsforSuccess.info.
About The Famous Amos
Famous Amos has been a beloved brand since 1975, known for its classic chocolate chip cookies. Founded by Wally Amosan African-American entrepreneur, Famous Amos was born from a bakery in Hollywood, California into a company serving millions of customers across United States. In 2020, Famous Amos launched a major philanthropic effort, the Ingredients for Entrepreneurial Success Initiative. The initiative is part of the brand’s efforts to support racial equity, giving to social causes, deepening various vendor partnerships, and focusing on an inclusive and diverse work culture.
About Ferrero
Ferrero started its journey in the small town of Alba in Piedmont, Italy, in 1946. Today, it is one of the largest sweet food companies in the world, with more than 35 iconic brands sold in more than 170 countries. The Ferrero Group brings joy to people around the world with popular treats and snacks, including Nutella.®nicer®Tic Tac®And Ferrero Rocher®. More than 38,000 employees are dedicated to helping people celebrate life’s special moments. The family culture of the Ferrero Group, now in its third generation, is based on dedication to quality and excellence, on heritage and on commitment to the planet and the communities in which we operate.
Ferrero entered the North American market in 1969 and today has more than 5,100 employees across 15 factories and warehouses, as well as eight offices across North America. North America through United States, Canada and the Caribbean. It has expanded its presence and portfolio with the addition of iconic brands such as Butterfinger.®CRISP®Keebler®Famous Amos®Mother’s cookies®, and other distinctive brands of biscuits and chocolate. Follow @FerreroNACorp on Twitter and Instagram. www.ferreronorthamerica.com.
About the National Black Chamber of Commerce (NBCC):
NBCC is a non-profit, non-partisan, non-sectarian organization dedicated to the economic empowerment of African American communities. 140 affiliate chapters are based locally throughout the country as well as international affiliate chapters based in North, Central and South America, the Caribbean, Africa and businesses as well as individuals who may have chosen to become direct members of the national office. The National Black Chamber of Commerce® is dedicated to the economic empowerment and maintenance of African American communities through entrepreneurship and capitalist activity within United States.
SOURCE Amos Famous
