ImpactAZ 2025 Inducts 30 Small Business Owners, Awards $75,000 in Scholarships to Close Racial Wealth Gap

The Black Chamber of Arizona is making strides in advancing economic growth and closing the racial wealth gap with its ImpactAZ 2025 program. The program recently welcomed 30 diverse small business owners into its second cohort, awarding a total of $75,000 in scholarships to support their contracting readiness.

ImpactAZ 2025 is a multi-year program that works with corporations to create more access and equity in purchasing and procurement. Participants in the program will receive mentorship, networking opportunities, and support to enhance their operational excellence and drive revenue growth. The program also provides assistance with capital readiness, marketing support, certifications, and assessments.

Dr. Velma Trayham, CEO of the Black Chamber of Arizona, expressed excitement about the new cohort and highlighted the collaboration with other organizations such as the Millionaire Mastermind Academy, Arizona Chamber of Commerce, and SCORE. The program aims to empower small businesses and create lasting impact in the community.

Supplier diversity programs like ImpactAZ 2025 have been shown to have a significant economic benefit, with every $1 spent resulting in a $1.80 benefit to communities. In 2023 alone, these programs created over 1.3 million jobs.

The ImpactAZ 2025 program has received support from Arizona Governor Katie Hobbs, who declared January 26, 2024, as “ImpactAZ Day” in recognition of its role in advancing economic growth in the state. The program has also formed key partnerships with organizations such as JPMorgan Chase, Bank of America, and the City of Phoenix.

In its first year, ImpactAZ helped participants secure $2 million in contracts, expand business operations by 40%, and allocate $300,000 in capital funding. This year’s cohort represents the second of three planned cohorts for the program.

Overall, ImpactAZ 2025 is a statewide initiative aimed at closing the racial wealth gap through entrepreneurship. It provides minority entrepreneurs with the tools and resources they need to succeed in contracting opportunities and drive economic growth.

For more information about ImpactAZ 2025, visit their website at https://impactaz2025.com/.