Amazon Grants for Black Business is Amazon’s new Black Business Accelerator designed to assist Black entrepreneurs in succeeding as Amazon sellers. The principal goal is to assist black businesses in the United States in growing and to aid in the struggle against racism and disparities.
Chosen fellows will be able to expand their businesses with additional funding, critical strategic assistance, coaching, promotion, and advertising assistance. The initiative was designed in collaboration with Amazon Black Employee Network and a consortium of key stakeholders, and it specifically targets hindrances to access incentives caused by structural racism all over America.
The BBA’s mission is to promote financial fairness for Black entrepreneurs by offering them the assets they need to succeed as business owners and corporate leaders. This system offers economic help, online courses, and mentoring, as well as marketing and branding of their services and companies as Amazon third-party sellers.
Black business owners have much less access to funding, leadership training, and market opportunities. In addition, they are significantly underrepresented in retail. According to the Census Bureau, only 6% of retail companies in the United States have a Black owner, despite the fact that Black Americans make up 14% of the total population.
The COVID-19 pandemic has also had a substantial effect on Black-owned businesses, hence Amazon is devoting $150 million within the next four years to support thousands of Black business owners to draw in hundreds of thousands of consumers and then become prosperous Amazon sellers.
Benefits of the Amazon Black Business Accelerator
There are certain benefits that come with this Amazon grant program. They include;
- Unrestricted strategic consulting services for up to a year.
- A $500 credit for new Amazon Professional Sellers.
- All Black Business Accelerator entrants will be provided a grant in the shape of a year of strategic advisory services. Account managers will offer training and guidance to help the company grow.
- Marketing credits of up to $400 are available. Within one year of enrolling in the Black Business Accelerator, if you initiate and maintain an organized effort (Endorsed Products, Supported Display, or Funded Brands) via your seller account, Amazon Advertising will automatically assign $100 promotional clicks to your account within two weeks.
- If you have an ongoing campaign, you will receive another $100 in promotional clicks every three months, up to $400, or one year in the Black Business Accelerator, which one comes first.
- Free imaging services for up to 50 products that can help uplift your goods and guarantee quality client presentation.
- Cash grant prospects for chosen sellers are provided in partnership with Hello Alice, an organization devoted to supporting business owners who start up and expand their businesses.
Eligibility Requirements for Amazon Black Business Accelerator
To be considered for this grant, you must meet the following requirements:
- You should be located in the United States.
- The company can only be owned by people of color. In a broad sense, this indicates that the organization has to be 51% Black-owned, managed, and controlled.
- You ought to have a Professional Sellers account on Amazon.
- You ought to have a physical product(s) available to sell and promote.
- You should submit a valid minority-owned business registration or certification to their account in Seller Central accessible at the National Minority Supplier Development Council, U.S. System for Award Management, U.S. Small Business Administration, or Supplier GATEWAY, proving that the company is Black-owned depending on the requirements of the certifying body.
How to Apply for Amazon Black Business Accelerator
To discover more about the program and to apply, go to the Amazon Black Business Accelerator website. Amazon’s only requirement is that you fulfill these eligibility requirements. After they have been met, an account manager will notify you to enlist. If you fulfill the requirement but have not yet been invited to participate, kindly go to the Black Business Accelerator page and click “Get Started” to fill out the interest form. You can obtain the applicable grant perks after enrolling in the Black Business Accelerator. You have the option to discontinue obtaining grant perks at any time.
Amazon’s Black Business Accelerator is committed to fostering long-term diversity and expanding opportunities for Black-owned business owners. After enrolling in the Black Business Accelerator, you may be able to obtain the applicable grant benefits. If Amazon determines that you have infringed your vendor agreement, acted illegally, or no longer have a valid registration or credentials, the grant perks may be revoked.