PHOENIX, Ariz., Apr 10, 2024 (SEND2PRESS NEWSWIRE) — Building on its commitment to supporting small business owners, the Black Chamber of Arizona, in partnership with the Millionaire Mastermind Academy, is proud to announce the induction of 30 entrepreneurs into the 2024 class of its ImpactAZ Supplier Diversity Readiness Business Accelerator Program. This multi-year initiative, a cornerstone of Arizona’s efforts to enhance supplier diversity, continues to offer critical resources to justice-impacted entrepreneurs, veterans, and women-owned businesses aiming for economic success and growth.
The journey for diverse entrepreneurs begins on April 24th with a kickoff event. Participants will meet their mentors, listen to insights from public and private sector leaders, and undergo a comprehensive business and leadership assessment to shape their strategic growth plans.
ImpactAZ combines in-person and online classes, mentorship, access to capital classes, hands-on capabilities statement training, technical assistance, executive leadership training, and more. With $200,000 in scholarships from our sponsors, participants access these resources for free, highlighting our commitment to inclusivity and economic growth.
Governor Katie Hobbs has recognized the significance of this initiative by declaring January 26, 2024, as “ImpactAZ Day” in light of the program’s contributions to expanding Arizona’s economy and supporting its minority-owned businesses. In its first year, ImpactAZ participants were awarded $2 million in contracts, expanded business operations by 40 percent, and received access to $300,000 in capital funding, demonstrating substantial progress toward achieving diverse supplier registration and employment growth.
The ImpactAZ program was designed to increase procurement opportunities with corporations and government entities, preparing business owners to compete for and win contracts effectively. With Fortune 500 companies spending about 2% annually with minority-owned suppliers – significantly below the intended 10-15% – the Chamber sees a substantial opportunity for growth and improvement in supplier diversity practices.
Dr. Velma Trayham, the newly appointed CEO of the Black Chamber of Arizona, emphasizes the program’s strategic approach: “With ImpactAZ, we’re focusing on increasing contracting opportunities and access to capital. By responding to the data from the State of Black Business report, we aim to elevate these businesses from poverty to significant contributors to our economy.”
“Through the expertise and training it offers, ImpactAZ has demonstrated that it can help Black businesses and entrepreneurs secure new opportunities,” said Deanna Murphy, Southwest Corporate Responsibility Manager for JPMorgan Chase. “Businesses are winning contracts, scaling and creating jobs while lifting the economy and closing the racial wealth gap. We’re excited to continue our partnership with the program.”
The 2024 cohort includes businesses from healthcare, transportation, manufacturing, real estate, services, and technology, demonstrating the program’s broad appeal. This program is supported by JPMorgan Chase, Arizona Public Service (APS), the Arizona Hispanic Chamber of Commerce, Greater Phoenix Economic Council (GPEC), Bank of America, ViaWest Group, and the City of Scottsdale, all dedicated to fostering inclusive economic development.
“ImpactAZ is a game changer, providing essential resources for entrepreneurs and connecting them with capital resources,” said Monica Villalobos, CEO of the Hispanic Chamber of Commerce. “Scaling businesses is a major challenge for Arizona’s economy, and ImpactAZ is part of the solution.” The Arizona Hispanic Chamber of Commerce is a proud recipient of the federal Capital Readiness Program grant to provide technical assistance to small businesses for traditional lending. Teaming up with ImpactAZ will significantly boost resources for small businesses. Our partnership with the Black Chamber demonstrates our commitment to allyship. Together, we are stronger,” she concluded.
As the ImpactAZ Supplier Diversity Business Accelerator Program enters its next phase, we invite community leaders, potential partners, and the media to support and celebrate this vital work. Together, we can advance Arizona’s more inclusive and thriving economic future. Please contact the Black Chamber of Arizona to get involved.
About ImpactAZ
ImpactAZ is a statewide multi-year supplier-diversity accelerator that provides minority entrepreneurs with technical assistance, mentoring, public and private business exchange opportunities, and access to capital to increase readiness for contracting opportunities. The fundamental objective of IMPACTAZ is to close the racial wealth gap using entrepreneurship as an engine. IMPACTAZ is an official program of the Black Chamber of Arizona in partnership with the Millionaire Mastermind Academy Inc. For more information, visit https://impactaz2025.com/
About the Black Chamber of Arizona
The Black Chamber of Arizona is dedicated to improving the economic development of its business members and the community. Through programs, workshops, and advocacy, the Chamber commits itself to fostering a conducive economic environment for thriving businesses. https://www.blackchamberaz.com/
News Source: Black Chamber of Arizona
Related link: https://www.blackchamberaz.com/
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