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FedEx Announces Recipients of the FedEx Entrepreneur Fund - Awarding $300,000 to Small Businesses
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FedEx has announced the inaugural recipients of the FedEx Entrepreneur Fund, awarding a total of $300,000 in grants to 30 small businesses owned by military veterans and individuals with disabilities. Each recipient will receive $10,000 to support their business growth. The initiative, in collaboration with Hello Alice and Global Entrepreneurship Network, aims to alleviate funding challenges faced by diverse entrepreneurs. The selection process drew over 12,500 applications, highlighting a significant number of military-connected (57%) and woman-owned (62%) businesses.
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FedEx awarded $300,000 to 30 small businesses, providing $10,000 grants each.
The initiative addresses funding challenges for veterans and entrepreneurs with disabilities.
57% of applicants were military-connected, showcasing commitment to veteran support.
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Program awards grants to small business entrepreneurs owned by military-connected and/or people with disabilities in the U.S. in collaboration with Hello Alice and Global Entrepreneurship Network
MEMPHIS, Tenn.--(BUSINESS WIRE)--
FedEx today announced 30 grant recipients of the FedEx® Entrepreneur Fund, a new initiative designed to uplift veterans and small business owners with disabilities by providing access to funding, resources and networks to help them succeed. The fund will provide grants of $10,000 each to the 30 small businesses selected, for a total of $300,000, in collaboration with Hello Alice and Global Entrepreneurship Network (GEN).
Fredrick W. Smith, Founder and Executive Chairman, FedEx Corporation, served in Vietnam. When he launched FedEx in 1973, he hired many Vietnam veterans to work for the new company. Today, nearly 50 years later, FedEx employee resource groups support veterans across the enterprise.
“We are excited and honored to offer this opportunity to veteran entrepreneurs and small business owners with disabilities,” said Jenny Robertson, Senior Vice President of Integrated Marketing and Communications, FedEx Services. “As an enthusiastic advocate for small businesses, FedEx is always looking for new ways to support entrepreneurs in different industries with a range of missions and backgrounds. Collaborations with Hello Alice and GEN allow us to continue to help these small businesses grow and succeed.”
The Fund received a staggering number of applications, with more than 12,500 applicants, 57% of which were military-connected businesses, while entrepreneurs with disabilities made up 40% of the applicants. The majority of small businesses that applied were woman-owned (62%). Furthermore, 65% of applicants were Black-owned small businesses, followed by multi-racial-owned at 10.6% and Hispanic/Latinx-owned at 5.5%
In addition to identifying as a military-connected owner or an entrepreneur with disabilities, all 30 recipients have fewer than 25 employees, made no more than $7 million in annual gross revenue in 2021, and clearly demonstrated how $10,000 will help them support their business and customers.
“We are proud to work with FedEx and GEN to support these small businesses,” said Carolyn Rodz, CEO, Hello Alice. “As there is continued strain on small businesses from diverse backgrounds to access capital and resources, we are pleased to play a role in bringing them one step closer to their goals and to overcome these barriers.”
Grant recipients will be celebrated November 14 – 20 as part of Global Entrepreneurship Week, a movement led by GEN with support from FedEx, to make it easier for anyone, anywhere to start and scale a business.
All grant applicants receive free access to Hello Alice’s platform full of tools and resources, small business owner events, workshops, ask me anything sessions and fireside chats. To view the full list of recipients and their businesses, please visit: helloalice.com/grants/fedex. For more information about other charitable investments for entrepreneurs, please visit FedEx Cares.
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $95 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively and innovating digitally under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its nearly 550,000 employees to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit fedex.com/about.
About Hello Alice
Founded by Carolyn Rodz and Elizabeth Gore, Hello Alice is a free platform serving more than one million small business owners across the United States. Committed to equitable access to capital for women, people of color, members of the LGBTQ+ community, veterans, and entrepreneurs with disabilities, Hello Alice offers funding, education, tools, and curated opportunities. Working with enterprise business services, ecosystem partners, affiliates, and government agencies, Hello Alice provides its growing community with everything they need to grow their businesses. To learn more, visit helloalice.com, as well as Twitter, LinkedIn, Instagram, and Facebook.
About Global Entrepreneurship Network
The Global Entrepreneurship Network operates a platform of projects and programs in 180+ countries aimed at making it easier for anyone, anywhere to start and scale a business. By fostering deeper cross-border collaboration and initiatives between entrepreneurs, investors, researchers, policymakers and entrepreneurial support organizations, GEN works to fuel healthier start and scale ecosystems that create more jobs, educate individuals, accelerate innovation and strengthen economic growth. Learn more about GEN at genglobal.org and by following us on Twitter, Facebook, Instagram and LinkedIn.
The FedEx Entrepreneur Fund is an initiative that provides financial support to small business entrepreneurs, specifically targeting military-connected individuals and those with disabilities.
How much funding is provided through the FedEx Entrepreneur Fund?
The FedEx Entrepreneur Fund provides a total of $300,000, awarding $10,000 grants to each of the 30 recipients.
How many applications did the FedEx Entrepreneur Fund receive?
The fund received over 12,500 applications from small businesses.
What percentage of applicants were military-connected businesses?
57% of the applicants were military-connected businesses.
When will the grant recipients be celebrated?
Grant recipients will be celebrated from November 14 to 20 during Global Entrepreneurship Week.
Which organizations collaborated with FedEx for the Entrepreneur Fund?
FedEx collaborated with Hello Alice and Global Entrepreneurship Network for the Entrepreneur Fund.
