Amex has teamed up with IFundWomen of Color to launch the “100 for 100” program, which will surprise 100 Black, female entrepreneurs and innovators with $25,000 in funding each and 100 days of resources. The resources will include business education, mentoring, marketing and virtual networking. The lucky 100 will be announced later this fall.
According to the 2019 American Express State of Women-Owned Businesses Report, Black-women-owned businesses were growing at unprecedented rates prior to the pandemic yet still making less than their counterparts. Firms started by Black women received only .0006% of VC funding by startups between 2009 and 2017.
Today is also the “Business Class LIVE: Summit for Success” event, which is designed to support the small business community at large, and also the specific needs of minority-owned business owners. The Summit is typically held in-person, but this year American Express has built a fully immersive, proprietary Amex Virtual Campus to host the day-long experience for thousands of small businesses. The Summit aims to address small business owners with networking, resources, and tools to get them through challenging times. The summit is no cost to attendees.