Amazon pledges $ 150 million to support black-owned businesses
Amazon is launching the Black Business Accelerator (BBA) with the goal of helping black entrepreneurs grow businesses and act as third-party sellers on the Amazon store.
The online retail giant created the sell.amazon.com/bba initiative, intended to explicitly target the barriers to access, opportunity and advancement created by systemic racism across America, by partnership with its Black Employee Network and a coalition of strategic partners. As part of this effort, Amazon is committing $ 150 million over the next four years to help thousands of black entrepreneurs become successful sellers on its site.
Amazon invites black business owners to explore and participate in the BBA initiative, which provides financial support, business training and mentoring, as well as the marketing and promotion of their brands and products as Amazon third-party sellers. .
Amazon’s BBA will provide access to financial assistance, strategic business advice and mentorship, as well as marketing and promotional support to help current and future black small business owners grow their businesses and maximize their returns. sales opportunities on Amazon.
Specific opportunities include Amazon credits and services valued at $ 3,900 which includes free product imaging services and advertising credits. Additionally, several teams from Amazon and its cloud computing division Amazon Web Services (AWS) are helping fund a first round of $ 10,000 cash grants in partnership with Hello Alice, an organization dedicated to helping entrepreneurs launch and grow their business. Applications for these grants will be open on July 1, 2021 and will be awarded on September 2, 2021.
Participants can also access a minimum of one year of free strategic consulting services, as well as connect to a dedicated network of business mentors, including Amazon experts and small business thought leaders, to continue to accelerate. business growth.
Strategic partners collaborating on the BBA initiative include the Minority Business Development Agency and US Black Chambers Inc. (USBC). These organizations will lead community engagement for BBA and help provide participants with mentorship, business development, training and educational resources. Amazon plans to welcome more partners and advisors in the future.
“BBA and Selling on Amazon unleashes a powerful and proven business engine that enables entrepreneurs to build their brands and sell their products to our more than 300 million global customers,” Amazon said in a statement. corporate blog post. “We know customers appreciate the wide selection and diversity of products these companies offer, and we’re excited to see the offerings these new sellers will bring. “