In collaboration with Hello Alice, $250,000 the grant program will provide Hispanic entrepreneurs with funds to use towards the purchase of a utility vehicle for their business
MAYFIELD VILLAGE, OHIO, May 23, 2022 /PRNewswire/ — Progressive insurance®, the first commercial automobile insurer in United States, recently launched the Driving Small Business Forward grant program to support Hispanic entrepreneurs. Applications are now open for small business owners to receive one of 10 $25,000 grants to be used for the purchase of a utility vehicle for their business.
According to McKinsey & CompanyHispanic entrepreneurs create more businesses per capita than any other racial or ethnic group in United States, but they have more difficulty obtaining loans or capital from the investment community. With the Driving Small Business Forward grant program, Progressive hopes to support these owners with funds to take their business to the next level.
“As the insurer of thousands of small business owners, Progressive understands the unique challenges entrepreneurs face and is committed to providing solutions to meet their needs,” said Karen Bailo, president of commercial lines at Progressive Insurance. “We hope this program will have a meaningful impact on selected business owners and help propel their small business journey.”
To be considered, eligible small businesses must:
- Be majority (51%+) owned and operated by one or more Hispanic entrepreneurs
- Have 10 or less employees
- have less than $5 million in annual gross income
- Have a demonstrated need for a utility vehicle
Progressive partners with business accelerator Hello Alice to administer the grant program. Applications are now open for one of 10 $25,000 subsidies to be used for the purchase of a utility vehicle. Applicants to the Moving Small Business Grant Program have until June 17, 2022 to 6 p.m. ET to submit their application. Applications will be reviewed by a committee according to the criteria set out in the terms and conditions. Recipients will be notified by email and announced publicly in mid-August.
“We are thrilled to partner with Progressive on the Driving Small Business Forward grant program to enable Hispanic entrepreneurs to purchase commercial vehicles that will allow them to grow their business,” said Elizabeth Gore, co-founder and president of Hello Alice. “When we asked small business owners on our platform to rank their biggest challenge in 2022, they selected inflation. Now, more than ever, it’s important that small business owners get the resources they need. needed to meet these challenges. We commend Progressive for supporting small businesses that contribute to a thriving and vibrant economy.”
Progressive insurance® makes it easier to understand, buy and use car insurance, Home Insurance, and other protection needs. Progressive offers choices so consumers can reach us when, where and how they want, online at progressive.comby phone at 1-800-PROGRESSIVE, on a mobile device or in person with a local agent.
Progressive provides insurance for personal and commercial automobiles and trucks, motorcycles, boats, recreational vehicles and homes; it is the third largest car insurer in the country, one of the main sellers of motorbike and commercial auto insuranceand one of the top 15 home insurers.
Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, such as Name Your Price®, Snapshot® and HomeQuote Explorer®.
Common stock of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, publicly trades on NYSE: PGR.
About Hello Alice
Hello Alice is a free multi-channel platform that helps businesses get started and grow. With a community of over 600,000 business owners in all 50 states and around the world, Hello Alice is building the largest network of business owners in the nation while tracking data and trends to increase the success rate of entrepreneurs. Our partners include business services, government agencies and institutions looking to serve small and medium business owners to ensure increased revenue and promote scale. A Latina-owned company, founded by Caroline Rodz and Elizabeth Gore, we believe in business for everyone by providing access to all owners, including women, people of color, veterans, and anyone with an entrepreneurial spirit. To learn more, visit www.helloalice.comas well as Twitter, LinkedIn, instagramand Facebook.
SOURCE Progressive Insurance