Progressive is proud to support Hispanic entrepreneurs as part of its Driving Small Business Forward grant program, hosted by Hello Alice.
Sponsoring Agency: Progressive
Type of Fund: Grant
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 06/17/2022
Size of the Fund: Less than USD $50,000
Progressive is proud to support Hispanic entrepreneurs as part of its Driving Small Business Forward grant program, hosted by Hello Alice.
As the commercial auto insurer in America, Progressive understands small businesses and is committed to providing solutions to help meet their needs. According to McKinsey & Company, Hispanic entrepreneurs start more businesses per capita than any other racial or ethnic group in the United States, yet they face more challenges getting loans or capital from the investment community. Progressive would like to support these business owners with funds to take their business to the next level.
Funding Information
- The Driving Small Business Forward fund will provide $25,000 to ten small businesses towards the purchase of a commercial vehicle to accelerate their business.
Eligibility Criteria
To be eligible to enter a business in the Program, you (“Officer”) must be all of the following as of the first day of the Program Period:
- An entrepreneur who is the leading executive (i.e. Founder and/or President, CEO, CFO, COO, or any such other similar title) of a business that meets the below business criteria;
- A legal resident of one of the fifty United States and the District of Columbia; excluding US Territories.
- Eighteen (18) years of age or older (19 in AL and NE).
- Officers may not be a Progressive Insurance employee or immediate family member of a Progressive Insurance employee or a Hello Alice employee.
- To be eligible to participate in the Program, the business (“Entrant”) must meet all of the following criteria as of the first day of the Program Period:
- Be a small business that is majority (51%+) owned and operated by a Hispanic-identifying entrepreneur(s);
- Have 10 or less employees;
- Have less than $5M in annual gross revenue; AND
- Have a demonstrated need for a qualifying commercial vehicle to run your business.
- Heavy trucks with Gross Vehicle Mass (GVM) over 26,000 lbs. and vehicles designed principally for use off public roads (e.g. bulldozers, farm machinery, forklifts, etc.) are **not** considered qualifying commercial vehicles for this program.
- Businesses may not be an independent contractor whose primary business is for a rideshare service such as Uber or Lyft, or third-party food delivery such as UberEats, DoorDash, PostMates, Grubhub, Instacart, etc.
- The potential winners are subject to verification of eligibility by Sponsor, which may include completing associated documentation.
More information at: https://www.facebook.com/progressivecommercial/photos/a.10150282618309246/10159737335434246/
Eligible Countries:
United States
Business Categories:
Entrepreneurship and Innovation, Business, Small and Medium Enterprises
