New program supports Black business owners

A new report shows the importance of investing in the Black/African American community in the Greater Phoenix area, and supporting Black-owned businesses.

The Black/African American community is the state’s fastest-growing demographic, with 33% growth from 2010-2020, according to a new report.

Now, thee Millionaire Mastermind Academy and The Arizona Black Chamber have partnered up to create Impact AZ 2025. This initiative will address the economic challenges faced by Black business owners in the Valley.

Arizona’s black entrepreneurship ecosystem remains undersized, with Black-owned businesses representing just 1% of employer firms in Arizona. Impact AZ 2025 is a nine-month program that will be the first direct response to the State of Black Arizona report and will focus on tackling supply diversity, one of the only ways to close the racial wealth gap of business owners.

Millionaire Mastermind Academy addresses the barriers to economic mobility for women who have been historically underserved and excluded. The non-profit has helped more than 8,000 women across.

On Arizona Horizon, we spoke to Velma Trayham, the Founder of the Millionaire Mastermind Academy.

How does the program work?

“The first thing they would do is go Impact AZ 2025 to see if they qualify,” said Trayham.

The requirements include being African American, having a business license in Arizona, they also needed to have their business for at least a year.

“The goal is to help really businesses that are in the start-up phase 1, a minimum of at least a year, to help them take their business to the next level,” said Trayham.

What are the challenges for those in these businesses?

“One of the challenges is the lack of access to capital. Most African American business owners don’t have the resources; they don’t have the capital readiness to go inside of a bank or financial institution, or even an investor. They don’t know how to create an investment deck, so this is what Impact 2025 will do,” said Trayham.

Its purpose is to prepare these entrepreneurs to form and maintain their business. “It will help them to be ready to go inside of a bank to take out loans, it will help them to be ready to do business in the public and private space, it will help them get contracting opportunities,” explained Trayham.

Transcript:

A new report shows the importance of investing in the Black/African American community in the Greater Phoenix area, and supporting Black-owned business owners.