ImpactAZ 2025 Program Inducts 30 Diverse Small Business Owners, Awarding $75,000 in Scholarships for Contracting Readiness in Arizona

The Black Chamber of Arizona recently inducted 30 diverse small business owners into ImpactAZ 2025, a program focused on contracting readiness. This program aims to create more access and equity in purchasing and procurement by working directly with corporations. The 2nd cohort of ImpactAZ 2025 kicked off on April 24th, awarding a total of $75,000 in scholarships to participants.

Over the next nine months, the participants will receive mentorship, networking connections, and opportunities to enhance 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 welcoming the new participants and emphasized the program’s commitment to empowering small businesses and fostering economic growth in Arizona.

Supplier diversity programs like ImpactAZ have been shown to have a significant economic impact, with every $1 spent resulting in a $1.80 benefit to communities. These programs also created over 1.3 million jobs in 2023. Governor Katie Hobbs declared Jan. 26, 2024, as “ImpactAZ Day” in recognition of the program’s role in advancing economic growth in the state.

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 class represents the second cohort of three, with the program aiming to close the racial wealth gap using entrepreneurship as an engine.

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