The grant and mentorship program aims to
support early-stage Black businesses
CHICAGO, May 19, 2022
/PRNewswire/ -- Today, Famous Amos, in partnership with the
National Black Chamber of Commerce (NBCC), announces the second
cycle of the Famous Amos Ingredients for Success Entrepreneurs
Initiative, a grant and mentorship program that aims to provide the
necessary tools and resources to help Black business owners
thrive.
Three business owners will receive
$50,000 each in unrestricted capital
from Famous Amos, and coaching from the NBCC.
The program features a pitch contest, in which prospective
recipients submit an application that includes a videotaped
elevator pitch and a written statement sharing the nature of their
business, why it has the makings of a successful enterprise, and
how they plan on using the funds to build a lasting operation. In
sum, three business owners will receive $50,000 in unrestricted capital from Famous Amos,
totaling $150,000 in cash awards. In
addition, a full suite of mentoring and coaching resources will be
provided by the National Black Chamber of Commerce.
"We established the Famous Amos Ingredients for Success
Entrepreneurs Initiative to support Black businesses and to honor
the legacy of the brand's founder, Mr. Wally Amos," said Rachna
Patel, Senior Director of Marketing for Famous Amos. "In
addition to the grants Famous Amos awards, we feel it is equally
important to offer resources such as mentorship, coaching, and
networking, which are provided by our community partner, the
National Black Chamber of Commerce."
The challenges Black businesses face on the road to
sustainability are steep and plenty. According to a report from the
Brookings Institution, Black people comprise approximately 14% of
the U.S. population, but only 2.3% of owners of employer firms.
Findings from the Federal Reserve System's 2021 Small Business
Credit Survey showed that most small business owners reported
experiencing financial hardship during the early stages of the
pandemic, but the highest rate was reported by Black business
owners: 92%. The same survey also pointed to challenges for Black
businesses getting capital they needed to survive the pandemic,
with only 43% of Black firms receiving the Paycheck Protection
Program (PPP) loans they applied for, compared to a 79% of
White-owned firms.
Lower personal wealth among Black entrepreneurs also inhibits
business creation, the report noted, underscoring the need for
programs like the Famous Amos Ingredients for Success Entrepreneurs
Initiative to provide business capital that Black businesses need
to invigorate their operations.
In addition, according to a recent story by CNBC, nearly 8 out
of 10 Black-owned companies usually do not survive the first 18
months. Famous Amos strongly believes that pairing these
entrepreneurs early on with financial resources and mentorship is a
key ingredient to contribute to a more positive direction.
"We are energized by our mission to economically empower Black
businesses and communities," said Charles
H. DeBow, III, CEO, National Black Chamber of Commerce. "We
look forward to the continued partnership with Famous Amos, and to
providing coaching and mentorship that will help propel grant
recipients to further success in their endeavors."
Ten national finalists will be selected, judged, and narrowed
down to three recipients by some of the nation's foremost Black
business leaders including Mandy
Bowman, Founder of Official Black Wall Street; Steve
Canal, CEO of Flourysh; Roby
Mercharles, VP of Partnerships at The American Dream
Fund & Marketplace; and Nancey
Harris and Tracy Green,
Co-Founders of Vontelle, LLC, one of three businesses selected from
the first cycle of the Famous Amos Ingredients for Success
Entrepreneurs Initiative.
To qualify, businesses must be Black-owned and have been in
operation for five years or less. For official rules and
eligibility requirements, and to apply now, please visit
https://famousamosingredientsforsuccess.info. All entries
must be submitted by June 26, 2022 at
11:59 p.m. Eastern Daylight Time.
About Famous Amos
The Famous Amos story began in 1975 at a bakery on Sunset
Boulevard in Hollywood,
California. Inspired by a family recipe, the founder
Wally Amos perfected the ultimate
chocolate chip cookie. He used only the best ingredients to make
his bite-size cookies. This delicious homemade signature helped
them gain fame just by word of mouth. From there, the Famous Amos
story becomes a Hollywood success
story. Iconic musicians and other Hollywood celebrities began singing the
praises of delicious tiny cookies from the small bakery on
Sunset.
This was just the beginning of the Famous Amos story. It was
always a core belief of Wally Amos
that you make a tastier cookie if you use high-quality ingredients.
While this has never changed, what customers looked for in a cookie
did. They want simpler ingredients and internationally inspired
recipes. So, we set out to find the ingredients from the most
renowned places in the world and bring the bite-size cookies back
to once again being Famous. That brings us to today, and we hope
you enjoy our new Famous Amos Wonders From The World™.
About the National Black Chamber of Commerce (NBCC):
The NBCC is a nonprofit, nonpartisan, nonsectarian organization
dedicated to the economic empowerment of African American
communities. 140 affiliated chapters are locally based throughout
the nation as well as international affiliate chapters based in
North, Central, and South America, the Caribbean, Africa and businesses as well as individuals
who may have chosen to be direct members with the national office.
In essence, the NBCC is on the leading edge of educating and
training Black communities on the need to participate vigorously in
this great capitalistic society known as America.
The NBCC reaches well over 100,000 Black-owned businesses. As of
the latest census data release, there were 3.12 million
Black-owned businesses in the United
States, generating $206 billion in annual revenue and
supporting 3.56 million U.S. jobs.The National Black Chamber of
Commerce® is dedicated to economically empowering and sustaining
African American communities through entrepreneurship and
capitalistic activity within the United
States.
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SOURCE Famous Amos