Over the last 18 months, there has been significant success with our Recharge & Recover PHL aspiration to become a region known for investing in small, local, Black- and brown-owned businesses. The Chamber – along with numerous partners from the Greater Philadelphia business and civic communities – has doubled down on our efforts to support these businesses through personal involvement and financial commitments.
Wells Fargo’s Open for Business Fund
As a recipient of Wells Fargo’s Open for Business Fund, the Chamber launched a pilot program in October to provide minority-owned small businesses in the Greater Philadelphia region with access to resources, support, and business connections to help grow their enterprises.
Wells Fargo’s Open for Business Fund provides grants to local nonprofits that support small businesses and help entrepreneurs impacted by the COVID-19 pandemic. Through the fund, entrepreneurs gain access to technical assistance and services, such as business planning, financial planning or management, marketing and advertising, and other resources.
The Chamber’s pilot program will support small business viability, growth, expansion, innovation, and increased productivity, prioritizing Black- and brown-owned small businesses as these enterprises have been most adversely affected by the pandemic. Specifically, the Chamber will provide membership at the Enterprise-level for a full year to at least 30 eligible minority-owned businesses, which includes access to marketing and advertising services; networking and exposure opportunities; education and access to thought leadership; advocacy support at the local, regional, and federal level; and more. To date, the Chamber is providing such support to 28 local businesses via this pilot program.
The Paradigm Scholarship for Working Women
In a related effort to support workforce development and entrepreneurship among minoritized communities, the Chamber has also kicked off its 28th iteration of the Paradigm Scholarship for Working Women. To enhance and benefit the career aspirations of working women in the Greater Philadelphia area, this merit scholarship is awarded annually to women who wish to complete their undergraduate degrees while working full-time for Chamber member companies. Winners receive up to $5,000, within two years , that must be used for tuition and course-related expenses required for enrollment or course instruction. Applicable expenses include fees, books, supplies and equipment (e.g., computers). Employees of Chamber members who do not already receive full tuition reimbursement may apply. Scholarship recipients will be recognized at the Paradigm celebration on March 17, 2022. The application, which can be found here, must be submitted by December 17, 2021. Please contact Emily Martin with any questions at emartin@chamberphl.com.
Investing In Black and Brown-Owned Businesses – A Roadmap for Growth Issue Forum
A recent study found that Black, Hispanic, and Asian-owned businesses decreased by 41%, 32%, and 26%, respectively, in the U.S. over the course of the pandemic—These statistics are even more significant when compared to a 17% drop in White-owned businesses. In Philadelphia, despite having the fifth-largest Black population in the U.S., less than 2.5% of all businesses are Black-owned. Post-pandemic, these enterprises will need the collective support of our region more than ever. As such, the Chamber’s Roadmap for Growth Action Team is hosting a virtual issue forum on Friday, December 3, 2021 from 10:00 a.m. – 11:00 a.m to continue exploring ways in which our region’s business, civic, and government entities can come together to intentionally support small, Black-, and brown-owned business networks and social capital, contracting opportunities, mentorship, financial investments, entrepreneurship education, and more, for the long-term viability of Greater Philadelphia’s minority-owned business population. For more information and to register for this event, please visit the event page.
The Greater Philadelphia Financial Services Leadership Coalition
The Greater Philadelphia Financial Services Leadership Coalition is a group of committed bank industry leaders active in the business community and concerned about the well-being and sustainability of small businesses. Inspired to address the devastating business issues presented by the COVID-19 pandemic through the Chamber’s Recharge and Recover Taskforce, these leaders are driven by their interests to support small Black and Brown business growth. To collectively raise $100 million of incremental capital and charitable contributions, the Coalition formed the Philadelphia GRIT Fund, to provide more loans to Black and brown businesses and grants to the 11 Philadelphia-based Community Development Financial Institutions (CDFIs). In its first phase, the PHL GRIT Fund has reached its goal of nearly $10 million, to benefit seven small CDFIs and Black and brown businesses in neighborhoods throughout the City. The work of the Coalition includes 22 financial institutions, working in partnership with the Federal Reserve Bank of Philadelphia, Urban Affairs Coalition, Pennsylvania CDFI Network, and the Chamber.
Diverse Procurement Collaborative
The Diverse Procurement Collaborative (DPC) has officially exceeded the participation goal for the pilot cohort of 100 participants, with 140 individuals from 110 organizations now included. To make the outcomes from this pilot group more accessible to all, we are also currently working on developing a “lite” version of the DPC with similar learnings and best practices for companies that are not currently a part of this initial DPC cohort. Additionally, we are utilizing the diverse supplier spend data participating companies have been submitting on a quarterly basis to populate our dashboard, which will allow us to track change in spend for the region over time. The results will be aggregated and anonymized so that they cannot be tracked back to any particular company.
CEO Access Network
Earlier this month, the Chamber kicked off the 13th iteration of its CEO Access Network with a cohort of 18 pairs of established C-Suite executives from Chamber member companies and small business owners from underrepresented populations (including disability-, LGBTQ+, minority-, veteran-, and women-owned businesses) in the Greater Philadelphia business community. Through participation in the network, large partners use this unique opportunity to introduce small partners to new professional and social networks. Together, partners share advice and counsel, as well as networking and business development opportunities, and support one another’s goals, activities, and growth. Partnerships are formed with the intention of establishing economic opportunities for the small partner and an enduring, mutually beneficial relationship for both partners moving forward. You can see this year’s cohort here.
Recharge & Recover PHL
Join regional leaders as we prioritize regional health and safety, create opportunities for displaced workers, and bolster support for Black, brown, and local businesses in a shared effort to stabilize, energize, and prepare Greater Philadelphia for a durable recovery.
