Comcast RISE Reaches New Program Milestone of Supporting 14,000 Small Businesses Nationwide

Rhea-AI Summary

Comcast has announced 500 new recipients for its Comcast RISE program, bringing the total number of supported small businesses to 14,000 nationwide. The program, now in its fourth year, has provided over $140 million in monetary, marketing, and technology grants to empower small businesses. In 2024, 500 small businesses in Atlanta, Houston, Jacksonville, Richmond, VA, and southern Colorado will receive comprehensive grant packages.

Each package includes business consultation services, educational resources, a $5,000 monetary grant, creative production, media schedule, and a technology makeover. Comcast RISE, created in November 2020 to help businesses affected by COVID-19, has evolved to focus on economic growth and community investment. The program is part of Comcast's Project UP, a $1 billion commitment to advance digital equity.

Positive

• Comcast RISE has supported 14,000 small businesses nationwide
• The program has provided over $140 million in grants and services
• 500 new small businesses will receive comprehensive grant packages
• Each package includes a $5,000 monetary grant and various business services
• The program is part of Comcast's $1 billion Project UP initiative

Negative

• None.

Insights

Market Research Analyst

Comcast's RISE program, while commendable for its support of small businesses, has direct impact on Comcast's stock performance. The $140 million invested over four years is relatively small for a company with annual revenues exceeding $120 billion. However, this initiative could indirectly benefit Comcast by:

• Enhancing brand reputation, potentially attracting more customers and partners
• Fostering goodwill in communities where Comcast operates, possibly easing regulatory pressures
• Creating a pipeline of future business clients as these small businesses grow

While the program's expansion is positive for corporate social responsibility, investors should focus more on Comcast's core business performance and market strategies for significant stock impacts.

Financial Analyst

From a financial perspective, Comcast's RISE program represents a strategic long-term investment rather than a short-term profit driver. The $5,000 grants and service packages to 500 businesses amount to a $2.5 million commitment in this round. While this won't materially affect Comcast's financials, it could yield future benefits:

• Potential increase in B2B service subscriptions as supported businesses grow
• Tax benefits from charitable contributions
• Possible reduction in customer acquisition costs through improved community relations

Investors should view this as part of Comcast's broader strategy to diversify revenue streams and strengthen its market position in small business services, rather than a significant financial event.

Now in its fourth year, Comcast RISE celebrates having provided more than $140 million in total monetary, marketing, and technology grants to strengthen and empower small businesses

In 2024, 500 small Businesses in Atlanta, Houston, Jacksonville, Richmond, VA and southern Colorado were awarded comprehensive grant packages

NEW YORK--(BUSINESS WIRE)-- Today, Comcast announced 500 additional small business recipients that will receive comprehensive grant packages that include business consultation services, educational resources, a $5,000 monetary grant, creative production, media schedule, and a technology makeover. The distribution of these grants in five new cities is part of Comcast’s ongoing commitment to supporting the growth of all small businesses, while advancing the objectives of diversity, equity, and inclusion, and community investment. Comcast RISE was created to help businesses and their communities thrive, with a focus on economic growth.

Comcast announced 500 additional small business recipients that will receive comprehensive grant packages. (Photo: Business Wire)

The regions in this round included Atlanta, Houston, Jacksonville, Richmond, VA and southern Colorado. A total of 100 grants per city, or 500 grants overall, were announced today and will be awarded in September 2024, bringing the total number of recipients to date to 14,000.

“Supporting small businesses means investing in the heart of our communities,” said Loren Hudson, SVP and Chief Diversity Officer, Connectivity and Platforms, Comcast. “By empowering entrepreneurs and small business owners with the skills and resources they need to grow and succeed, we help ensure our local neighborhoods can flourish and thrive too.”

Comcast RISE was created in November 2020 to help small businesses hardest hit by COVID-19, from bakeries and barber shops to childcare centers and cleaning services, by providing the grants needed to survive and recover.

The program has evolved from helping businesses survive the pandemic, to helping businesses and their communities thrive with a focus on economic growth.

Grant packages include:

COACHING SESSIONS - Business assessment and coaching that provide business owners with recommendations on how to help grow their businesses.

EDUCATION RESOURCES - 12-month access to online entrepreneurship courses, learning modules and resources for small business owners.

MONETARY GRANT - $5,000 monetary grant.

CREATIVE PRODUCTION & MEDIA - Professionally produced 30-second TV commercial, plus a media strategy consultation and a 180-day linear media schedule. (Taxes and other fees may apply for production and media services.)

TECHNOLOGY MAKEOVER - Computer equipment and Internet, Voice and Cybersecurity services for 12 months. (Taxes and other fees may apply for tech makeover services.)

In addition, any small business owner can visit the Comcast RISE destination on X1 featuring aggregated small business news, tips, insights, and more. X1 customers can say “Comcast RISE” into the voice remote.

Comcast RISE is part of Project UP, the company’s $1 billion commitment to advance digital equity through programs and community partnerships that connect people to the Internet, advance economic mobility and open doors for the next generation of innovators, entrepreneurs, storytellers and creators.

More information is available at www.ComcastRISE.com.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240808844102/en/

Media:

William Bell

347-730-7758

William_Bell2@comcast.com

Source: Comcast Corporation

FAQ

How many small businesses has Comcast RISE supported as of 2024?

Comcast RISE has supported 14,000 small businesses nationwide as of 2024.

What is included in the Comcast RISE grant package for small businesses?

The Comcast RISE grant package includes business consultation services, educational resources, a $5,000 monetary grant, creative production, media schedule, and a technology makeover.

Which cities will receive Comcast RISE grants in 2024?

In 2024, Comcast RISE grants will be awarded to small businesses in Atlanta, Houston, Jacksonville, Richmond, VA, and southern Colorado.

When was the Comcast RISE program created and why?

Comcast RISE was created in November 2020 to help small businesses hardest hit by the COVID-19 pandemic.

How much has Comcast RISE provided in total grants and services?

Comcast RISE has provided over $140 million in total monetary, marketing, and technology grants to small businesses.