American Express’ Coalition to Back Black Businesses Awards $25,000 Enhancement Grants to 25 Black-Owned Small Businesses

Rhea-AI Summary

American Express (NYSE: AXP) announced additional $25,000 enhancement grants for 25 Black-owned small businesses from its Coalition to Back Black Businesses program. Approximately 60% of recipients are Black women-owned. Established to empower Black businesses, the Coalition has committed $10 million, distributing over 600 grants across 33 states since its inception in 2020. With the latest funding, businesses aim to improve online presence, relocate, and enhance marketing. Applications for the 2021 grants will open this September, expanding support for U.S. Black-owned small businesses.

Positive

• 25 Black-owned small businesses awarded $25,000 enhancement grants.
• Approximately 60% of recipients are Black women-owned.
• Coalition established with an initial $10 million commitment.
• Over 600 grants distributed since 2020, supporting diverse business needs.

Negative

• None.

American Express (NYSE: AXP) today announced that the Coalition to Back Black Businesses will award 25 Black-owned small businesses from the Coalition’s 2020 grant program an additional $25,000 enhancement grant to support their long-term success and resilience. Approximately 60% of the grant recipients were Black women-owned small businesses and 75% were Black-owned businesses with six or fewer employees.

(Photo: Business Wire)

“My business and life have done a full 180 since receiving support from the Coalition to Back Black Businesses program,” said Deandre Wade, owner of Fresh Sportswear, a small business in Antioch, TN that designs and manufactures custom uniforms for sports teams, with a focus on youth. “With the enhancement grant, I will be moving my business out of my living room and purchasing the tools and equipment needed to begin mass-producing our products.”

Established in September 2020, the Coalition to Back Black Businesses is a multi-year grantmaking and training initiative with an initial $10 million commitment to help support and empower Black-owned small businesses. Through 2024, the Coalition will distribute $5,000 grants to qualifying Black-owned small businesses each fall and will provide the opportunity to apply for select $25,000 enhancement grants the following spring. In addition, the Coalition is providing grant recipients with exclusive access to mentorship programs, training and online resources to help them grow and manage their businesses.

American Express established the Coalition to Back Black Businesses, a first-of-its-kind collaboration with the U.S. Chamber of Commerce Foundation and four major Black chambers, including the National Black Chamber of Commerce, National Business League, U.S. Black Chambers, Inc., and Walker’s Legacy. The AIG Foundation℠, Altice USA (Optimum & Suddenlink), Cummins Inc., Dow, and Stanley Black & Decker joined the effort as partners, contributing additional funds and resources to help advance the Coalition’s work.

In its first year, the Coalition partners distributed 600 grants to Black-owned small businesses located in 33 states. The initial funds supported a wide range of critical business needs including paying employees, repaying debts, covering rent and utility bills, developing e-commerce capabilities, funding PPE purchases and expanding or pivoting business models. Grant recipients from 2020 were invited to apply for additional funds through the enhancement grants to help sustain and grow their businesses.

“The Coalition to Back Black Businesses gave us an opportunity to re-invest back into our business through marketing and advertising,” stated Melissa Hyles, owner of Oak Tree Financial and Tax Services, a family-owned financial services firm that has served the Rancho Cucamonga, CA area for over 25 years. “With the first grant of $5,000, we were able to update our website, which allowed us to have a much more visible presence on the internet. We plan on using the $25,000 enhancement grant to continue investing in marketing, opening a second location, and starting a mentorship program for our community so that we can pay it forward and give back.”

25 RECIPIENTS OF THE ENHANCEMENT GRANTS

American Express worked closely with the U.S. Chamber of Commerce Foundation and a selection board comprised of Coalition representatives to select the 25 grantees from across the U.S. The 25 Black-owned small businesses hail from 14 states and across 9 industries, with the largest percentage of grants awarded to small businesses in the trade and services, retail and healthcare industries. The leading reasons for requesting an enhancement grant included developing a stronger online presence, relocating to a larger physical space and increasing marketing efforts.

The full list of grantees includes:

Business Name (Industry)		Location		Owner
424 Fashionz LLC (Sales)		Duluth, Georgia		Delores Salley
Alexandria Primary Care Clinic (Healthcare & Medical)		Alexandria, Louisiana		Melanie LaCour
Be-Moor Radio, L3C (Advertising, Arts & Media)		Detroit, Michigan		Dennis Talbert
Daemarii's Unique Boutique, LLC (Sales)		Macon, Georgia		Virginia Sharp
Dancing with the Nordés, LLC (Education & Training)		Lansing, Michigan		Tiffany Nordé
Elk City Auto Spa (Trades & Services)		Charleston, West Virginia		C. Anthony Parker
Everybody's Juice (Food and Beverage)		Washington DC		Najee Ellerbe
Excel Cleaning Services (Trades & Services)		Nashville, Tennessee		Caryn Clopton
Fresh Sportswear (Sport & Recreation)		Antioch, Tennessee		Deandre Wade
Genesis Printing Co, Inc. (Trades & Services)		Jacksonville, Arkansas		Goldman Jackson Jr.
Hands N Harmony (Trades & Services)		Universal City, Texas		Nancy Brewington
Harness Innovation (Education & Training)		Detroit, Michigan		Sean Harness
Heartsleeve (Sales)		New Orleans, Louisiana		Bernie January Jr.
Hope Pharmacy Inc (Healthcare & Medical)		Richmond, Virginia		Shantelle Brown
Impact 4 Change, PLLC (Healthcare & Medical)		Houston, Texas		Catherine Mukes
Julia Lynn Productions Inc (Education & Training)		Bronx, New York		LaVerne Bowen
Keeping It Clean Commercial Cleaning (Trades & Services)		Saginaw, Michigan		Cecilia Webb
L & R Human Resource Consulting, LLC (Human Resources­)		Bossier City, Louisiana		Mary Webber
Lamik, Inc (Sales)		Houston, Texas		Kim Roxie
Let's Go Outdoors (Education & Training)		Cheltenham, Pennsylvania		Tarsha Scovens
Oak Tree Financial and Tax Services (Banking & Financial Services)		Rancho Cucamonga, California		Melissa Hyles
Paradigm Dental Center LLC (Healthcare & Medical)		Memphis, Tennessee		Christina Rosenthal
TBM Logistics (Sales)		Raeford, North Carolina		Thomas McMillan
The Suite Service (Trades & Services)		New York City, New York		Jessica Ogonor
Tonnie's Minis (Food and Beverage)		Newark, New Jersey		Tonnie Rozier

Learn more about the winners and positive impact this funding will have on their businesses at www.webackblackbusinesses.com/recipients.

This September, more eligible U.S. Black-owned small businesses will have the opportunity to receive support, when applications open for the Coalition to Back Black Businesses’ 2021 grants. Please visit www.webackblackbusinesses.com for more details.

About American Express’ Continued Support for Black-Owned Businesses

In the fall of 2020 American Express announced a $1 billion action plan to enhance diverse representation and promote equal opportunities for colleagues, customers and communities. As part of this commitment, by the end of 2024 the company plans to provide financial support and education to at least 250,000 Black-owned small and mid-sized businesses. Among the company’s previously announced initiatives aimed to support Black-owned businesses are the “100 for 100” program for Black women entrepreneurs, the Coalition to Back Black Businesses grant program, a $1+ million grant program for “Backing Historic Small Restaurants” with a focus on those owned by underrepresented groups, a $40 million investment to the non-profit lender Accion Opportunity Fund to provide loans and resources to underfunded small business owners and an expanded ByBlack national certification and directory platform developed by the U.S. Black Chambers, Inc. exclusively for Black-owned businesses.

Business owners can learn more about these American Express initiatives, resources and more here.

ABOUT AMERICAN EXPRESS

American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, travel services, gift cards, prepaid cards, merchant services, Accertify, InAuth, corporate card, business travel, and corporate responsibility.

ABOUT THE COALITION TO BACK BLACK BUSINESSES

American Express established the Coalition to Back Black Businesses in September 2020 with a $10 million commitment to fund a grant program, over four years, to help Black-owned small businesses recover from the disproportionate impact of COVID-19.The grant program is administered by the U.S. Chamber of Commerce Foundation, in partnership with the National Black Chamber of Commerce, National Business League, U.S. Black Chambers, Inc., and Walker’s Legacy. The U.S. Chamber of Commerce Foundation is a private sector 501(c)(3) charity affiliated with the U.S. Chamber of Commerce and is not a government agency.

Source: American Express Company

Location: U.S.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210721005694/en/

FAQ

What is the Coalition to Back Black Businesses announced by American Express on AXP?

The Coalition to Back Black Businesses is a multi-year initiative by American Express to support and empower Black-owned small businesses through grants and training.

When will the 2021 grants for Black-owned small businesses open for applications?

Applications for the 2021 grants will open this September.

How much funding is available for the recipients in the Coalition to Back Black Businesses?

Each selected recipient can receive enhancement grants of $25,000 in addition to previous $5,000 grants.

What percentage of the grant recipients are Black women-owned businesses?

Approximately 60% of the grant recipients are Black women-owned businesses.

How many grants have been distributed by the Coalition since its establishment?

The Coalition has distributed over 600 grants to Black-owned small businesses located in 33 states since its inception in 2020.