Progressive Insurance® Awards $250,000 to Hispanic Entrepreneurs Through Driving Small Business Forward Grant Program

Rhea-AI Summary

Progressive Insurance has awarded $250,000 in grants through its Driving Small Business Forward program to support Hispanic entrepreneurs, with each of the 10 recipients receiving $25,000. This initiative, created in partnership with Hello Alice, aims to help bridge funding gaps faced by Hispanic business owners, who are known to launch businesses at a higher rate but often struggle with traditional financing. The grants are intended to assist these entrepreneurs in purchasing commercial vehicles essential for their business operations.

Positive

• Awarding $250,000 in grants specifically targeted towards supporting Hispanic entrepreneurs.
• The initiative enhances Progressive's community involvement and commitment to diversity.
• Provides funding to address the financing challenges faced by Hispanic business owners.

Negative

• None.

10 recipients will receive funds for use toward the purchase of a commercial vehicle for their business

MAYFIELD VILLAGE, Ohio, Aug. 16, 2022 /PRNewswire/ -- Progressive Insurance®, the leading commercial auto insurer in the United States, has announced the 10 recipients of its Driving Small Business Forward grant with Hello Alice in support of Hispanic entrepreneurs. Each small business owner has been awarded a $25,000 grant for use toward the purchase of a commercial vehicle for their business.

Hispanic entrepreneurs launch more businesses per capita than any other group in the U.S., but struggle to get traditional loans and navigate other obstacles according to a recent report from McKinsey & Company. With the Driving Small Business Forward grant program, Progressive is extending support to help close these gaps for Hispanic entrepreneurs that need funding but do not always have access to equitable resources.

"At Progressive, we recognize the concerns and challenges that come with being a small business owner," said Karen Bailo, Commercial Lines President at Progressive Insurance. "The Driving Small Business Forward grant program is one way we are aiming to support entrepreneurs on their small business journey and look forward to seeing what's next for these deserving recipients."

The full list of recipients for the 2022 Driving Small Business Forward grant program include:

• Felicity Day, owner of Alberton Learning Center in Alberton, Montana
• Andrew Fuentes, owner of Diesel Zone Instant Oil Change in Rowland Heights, California
• Sarah Heredia, owner of Sovereign Floors Co in Fort Wayne, Indiana
• Victor Garcia, owner of Helados La Azteca DBA Sol Dias in Dallas-Fort Worth, Texas
• Rene Melendez, owner of Izlands LLC in Philadelphia, Pennsylvania
• Christine Najera, owner of Animal Kingdom of Santa Monica in Santa Monica, California
• Mario Rodarte, owner of My Appliance Guy LLC in Surprise, Arizona
• Chaim Romano, owner of Flippers Finds in Delray Beach, Florida
• Vivian Sojo, owner of Keystone Kitchen & Bath in Fresno, California
• Jorge Valcarcel, owner of J.V.S Remodeling Pro Services LLC in Kissimmee, Florida

Progressive partnered with business accelerator Hello Alice to administrate the grant program.

"The Progressive Driving Small Business Forward grant program demonstrates the positive impact that larger organizations can have when supporting the small businesses that contribute to a thriving and vibrant economy. We are delighted to support Progressive in awarding these grants to inspiring Hispanic entrepreneurs to purchase commercial vehicles and to provide them with the education, community, and resources they need to grow their businesses." said Elizabeth Gore, Co-Founder and President of Hello Alice.

To learn more about each recipient, visit https://helloalice.com/grants/progressive/

About Progressive
Progressive Insurance^® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us whenever, wherever and however it's most convenient—online at progressive.com, by phone at 1-800-PROGRESSIVE, on a mobile device or in-person with a local agent.

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the third largest auto insurer in the country, a leading seller of motorcycle and commercial auto insurance, and one of the top 15 homeowners insurance carriers.

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.

About Hello Alice
Hello Alice is a free, multichannel platform that helps businesses launch and grow. With a community of over 600,000 business owners in all 50 states and across the globe, Hello Alice is building the largest network of owners in the country while tracking data and trends to increase the success rate for entrepreneurs. Our partners include enterprise business services, government agencies, and institutions looking to serve small- and medium-business owners to ensure increased revenues and promote scale. A Latina owned company, founded by Carolyn Rodz and Elizabeth Gore, we believe in business for all by providing access to all owners including women, people of color, veterans, and everyone with an entrepreneurial spirit. To learn more, visit www.helloalice.com, as well as Twitter, LinkedIn, Instagram, and Facebook.

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SOURCE Progressive Insurance

FAQ

What is the Driving Small Business Forward grant program by Progressive Insurance?

It is a grant initiative supporting Hispanic entrepreneurs by providing funding for purchasing commercial vehicles.

How much funding did Progressive Insurance allocate to Hispanic entrepreneurs?

Progressive Insurance allocated $250,000, with each grant recipient receiving $25,000.

Who are the grant recipients of the Driving Small Business Forward program?

Ten Hispanic entrepreneurs received the grants, including business owners from various states.

What is the main goal of the Driving Small Business Forward grant program?

The program aims to assist Hispanic entrepreneurs in overcoming financial barriers to business growth.

When was the Driving Small Business Forward grant program announced?

The program was announced on August 16, 2022.

Which organization partnered with Progressive Insurance for the grant program?

Hello Alice partnered with Progressive Insurance to administer the Driving Small Business Forward grant program.

Why is the grant program focused on Hispanic entrepreneurs?

Hispanic entrepreneurs launch businesses at the highest rate per capita but frequently face challenges accessing traditional loans.