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Apply Now: elevate your Black business with the Fifteen Percent Pledge award

todayNovember 10, 2023

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Apply Now: Elevate Your Black Business with the Fifteen Percent Pledge Award

The Fifteen Percent Pledge Achievement Award is a significant initiative to support Black entrepreneurs who face systemic barriers in accessing funding to grow their businesses. Here is a detailed overview of the award and its impact:

The Fifteen Percent Pledge and Its Mission

The Fifteen Percent Pledge is a racial equity and economic justice non-profit organization. It addresses the inequities in the American consumer economy and works towards closing the racial wealth gap. Recognizing that Black people in the U.S. comprise nearly 15% of the population, the organization calls on major retailers and corporations to commit a minimum of 15% of their shelf space, sales revenue, and annual spend to support Black-owned businesses. This initiative has seen significant progress, with 29 corporations making long-term contractual commitments, potentially shifting over $14 billion to Black businesses.

The Achievement Award

Supporting Black Entrepreneurs

Black startup founders received less than 1% of the total capital allocated at the end of last year, highlighting the significant barriers they face. The award addresses these challenges by creating new economic opportunities and greater equity for Black businesses.

Application Process and Timeline

  • Application Opening: The application opens on October 30.
  • Closing Date: Applications close on November 30.
  • Selection Process: A review committee selects semi-finalists; the winner is chosen through public voting.
  • Gala Event: The top ten semi-finalists are invited to the 15PP Gala in January, where the winner is announced.

Eligibility Criteria

Applicants must be:

  • Members of the Business Equity Community.
  • Have a presence on Google Shopping.
  • E-commerce businesses with a minimum annual revenue of $100K.
  • Black-owned (at least one self-identifying Black person with 50% or more equity in the company).
  • Have between 2-15 employees, including the founder.

Impact and Significance

The award is more than just financial support; it’s a step towards rectifying systemic imbalances and providing Black entrepreneurs with the resources and opportunities they need to thrive. By supporting Black businesses, the Fifteen Percent Pledge contributes to a more inclusive economy and an equitable future.

Conclusion

The Fifteen Percent Pledge Achievement Award is a crucial initiative in the fight for racial equity and economic justice. It provides financial support to Black entrepreneurs and signifies a broader commitment to addressing systemic barriers and creating a more inclusive and equitable business landscape.

For more information or to apply for the award, visit the official website of the Fifteen Percent Pledge.

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Written by: HYFIN

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