- Amazon announces the launch of its Black Business Accelerator program to assist Black-owned businesses that are third-party sellers on its site
- Program includes a $150 million commitment and financial assistance including $10,000 grants and credits toward certain services
- Coaching, marketing, and brand promotion also available
Summary by Dirk Langeveld
Amazon has launched a program designed to help Black-owned businesses using its platform as third-party sellers to improve their entrepreneurial success. The Black Business Accelerator has a $150 million commitment, with the funding to be distributed over the next four years.
About 60 percent of Amazon’s sales come through third-party sellers, and the program aims to help Black-owned businesses in accessing these services. The company also says the Black Business Accelerator will help overcome barriers Black entrepreneurs face, including greater difficulties in accessing capital or growth opportunities.
- Financial support is a key part of the program, with the Black Business Accelerator offering $10,000 grants to select sellers in partnership with Hello Alice; applications for these grants open on July 1
- The program also offers credits for startup fees, operational costs, and advertising, as well as free imaging services for up to 50 products
- Participants receive additional assistance through coaching, marketing, and brand promotion
- Partners in the program include the Amazon Black Employee Network, the Minority Business Development Agency, and U.S. Black Chambers Inc.