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Comcast RISE Announces Major Expansion to All Women-Owned Small Businesses Nationwide Starting In 2022
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Comcast Corporation has expanded its Comcast RISE initiative to support all women-owned small businesses throughout the U.S. This follows its successful first year, where it provided over $60 million in grants and services to 6,700 small businesses owned by people of color. The program aims to enhance digital equity and empower entrepreneurs. By the end of 2022, Comcast RISE is expected to assist 13,000 businesses. Notably, women-owned businesses are starting at a rapid pace yet face challenges in growth due to limited access to capital.
Positive
Comcast RISE has provided over $60 million in grants and services in its first year.
The initiative has supported 6,700 small businesses, with 70% being women-owned.
The expansion aims to assist 13,000 small businesses by the end of 2022.
Comcast has committed $1 billion over 10 years to support digital equity initiatives.
Negative
Women-owned businesses are growing at half the rate of those run by men due to limited access to capital.
In its first year alone, Comcast RISE has provided over $60 million in grants, marketing, and technology services to support more than 6,700 small businesses owned by people of color
With the expansion to all women-owned small businesses, the program is on track to support 13,000 businesses by the end of 2022
PHILADELPHIA--(BUSINESS WIRE)--
Comcast Corporation announces today a major expansion of Comcast RISE to all women-owned businesses nationwide, furthering its efforts to advance digital equity and help provide underrepresented small business owners with access to the digital tools and funding they need to thrive.
In its first year alone, Comcast RISE has provided more than $60 million in grants, marketing, and technology services to more than 6,700 small businesses owned by people of color - including Black, Indigenous, Hispanic, and Asian Americans. Of the 6,700 Comcast RISE recipients to date, nearly 70% have been businesses owned by women of color, spurring Comcast to take a deeper look into the unique challenges faced by women entrepreneurs.
According to a study by the National Association of Women Business Owners, 42% of businesses in the U.S. are owned by women, with more than 1,800 new businesses being started every day. That’s nearly five times the national average. However, according to the same study, women-owned businesses are growing at only half the rate of those run by men, namely because women struggle to access capital and other resources to help them succeed.
Karen Cahn, Founder & CEO of IFundWomen echoes this important point, “The data about how women, a rapidly increasing number of whom are small business owners, have fared during the pandemic is stark. Women business owners tend to have limited access to capital and debt-free funding options, yet they represent a tremendous opportunity. Women-owned businesses deliver two times higher revenue per dollar invested than those founded by men, making them great investments.”
“As we continue to rebuild and emerge from the effects of the pandemic, small businesses will continue to be the backbone of our economy – and we must take every opportunity to help them thrive,” said Teresa Ward-Maupin, Senior Vice President, Digital and Customer Experience, Comcast Business. “Looking forward, this expansion will enable Comcast RISE to further empower and strengthen even more small businesses that are the heart of our local communities across the country.”
Comcast RISE, which stands for Representation, Investment, Strength, and Empowerment, is part of Project UP, Comcast’s comprehensive initiative to advance digital equity and help provide underrepresented small business owners with access to the digital tools and funding they need to thrive. Over the next 10 years, Comcast has committed$1 billion to programs, like Comcast RISE, and partnerships that will reach an estimated 50 million people with the skills, opportunities, and resources they need to succeed in an increasingly digital world
Comcast recently announced its fifth round of Comcast RISE recipients, which includes 1,400 small businesses owned by people of color, that will receive a TV campaign, production of a TV commercial or consulting services from Effectv or computer equipment, internet, voice or cybersecurity from Comcast Business. In addition, as part of round two of the Comcast RISE Investment Fund, 600 additional small businesses in Houston, Miami, Oakland, Seattle, the Twin Cities, and Washington, D.C. will each receive $10,000 grants, bringing the total Comcast RISE Investment Fund recipients to 1,100.
Comcast RISE, which just celebrated it’s one year anniversary, will continue to be open to racially and ethnically diverse small business owners and the expanded Comcast RISE eligibility to all women-owned businesses will be effective on January 16, 2022. More information and the applications to apply for either the grant program or marketing and technology services are available at www.ComcastRISE.com.
About Comcast Corporation Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on broadband, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information.
About Comcast Business
Comcast Business offers a suite of Connectivity, Communications, Networking, Cybersecurity, Wireless, and Managed Solutions to help organizations of different sizes prepare for what’s next. Powered by the nation’s largest Gig-speed broadband network, and backed by 24/7 customer support, Comcast Business is the nation’s largest cable provider to small and mid-size businesses and one of the leading service providers to the Enterprise market. Comcast Business has been consistently recognized by industry analysts and associations as a leader and innovator, and one of the fastest growing providers of Ethernet services. For more information, call 866-429-3085. Follow on Twitter @ComcastBusiness and on other social media networks at http://business.comcast.com/social.
About Effectv
Effectv, the advertising sales division of Comcast Cable, helps local, regional, and national advertisers use the best of digital with the power of TV to grow their business. It provides multi-screen marketing solutions to make advertising campaigns more effective and easier to execute. Headquartered in New York with offices throughout the country, Effectv has a presence in 66 markets with nearly 35 million owned and represented subscribers. For more information, visit www.effectv.com.
Comcast RISE is a program designed to support small businesses owned by people of color and, now, women-owned businesses through grants and services, aiming to promote digital equity.
How much funding has Comcast RISE provided to date?
Comcast RISE has provided over $60 million in grants, marketing, and technology services in its first year.
How many businesses does Comcast RISE aim to support by the end of 2022?
Comcast RISE is on track to support 13,000 businesses by the end of 2022.
What challenges do women-owned businesses face according to the Comcast RISE announcement?
Women-owned businesses are growing at only half the rate compared to those run by men, largely due to struggles with accessing capital and resources.
When will the Comcast RISE expansion to women-owned businesses take effect?
The expansion will be effective starting January 16, 2022.
