Sage and The BOSS Network are joining forces on the launch of the Sage Invest in Progress Grant, which is designed to support black women entrepreneurs in their first five years of business.
The goal is to help remove barriers to capital that many entrepreneurs—especially women entrepreneurs in the black community—disproportionally face when starting a business. The grant will award $10,000 in funding to 25 Black women entrepreneurs to help them successfully grow their business.
In addition, Sage Invest in Progress will include a 12-month program of entrepreneurial mentorship and education, helping grant awardees with coaching, connections and removing capital barriers to address the disparity gap so that they can have the confidence to reach their full potential.
Each Sage Invest in Progress grant awardee will receive:
- $10,000 USD grant
- Quarterly business training courses through BOSS University sponsored by Sage, including topics on marketing, finance, customer service and business strategy
- Access to The BOSS Network online community
- Complimentary Sage Business Cloud Accounting software
The BOSS Network founder Cameka Smith says that studies show the single greatest barrier to success for new businesses and startups is access to capital, with minorities making up less than 1% of founders that receive that investment. The partnership was forged to address that disparity head on.
“The Sage Invest in Progress program will build on the work of The BOSS Network to not only empower Black women entrepreneurs,” Smith says, “but also arm them with the resources they need to lead successful businesses and increase their market share.”
The grant is a three-year commitment to support the newly announced BOSS Impact Fund, which is focused on investing in Black women-led businesses and preparing entrepreneurs to build scalable, growth aggressive companies. The fund’s goal is to raise investment funding for 500-plus Black women entrepreneurs over the next three years.
Aziz Benmalek, interim managing director at Sage North America, says the company is committed to knocking down barriers that foster an advantage for some groups while creating obstacles for others. “Capital investment is one area that we’ve recognized as a barrier, particularly for black businesswomen. Sage is dedicated to being a part of a cultural shift that will help bring about a business community that is more equitable and sustainable for all.”
To apply or for more information, visit BOSSImpactFund.com. The grant application process is powered by HelloAlice, a grant-funding platform designed for entrepreneurs and small businesses.
The application window, which is now open, closes Feb. 25, 5 p.m. (EST).
Grant awardees will be announced in late March.
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