While the franchise business model provides an opportunity to earn a living and, in some cases, build generational wealth, people of color are still facing a number of barriers to entry and broader racial disparities in the business world. Allie Reid, the retail racial equity and inclusion manager at Ben & Jerry’s, said the biggest issue is access to capital.
POC-owned firms were half as likely as white-owned firms to receive all the financing they wanted, according to a 2022 study by the Federal Reserve. The study also found businesses owned by people of color were half as likely to be approved for a loan, cash advance or line of credit at a small bank, and about a third as likely to be fully approved at a finance company.
UPS believes we have a responsibility to foster diverse, equitable, and inclusive environments; within our four walls and in the communities we serve. Empowering underrepresented business owners is our motive for developing the UPS® Ignite Program.
Through this program, we have partnered with industry-leading experts who are equipped to provide access to the tools and support minority and women entrepreneurs need to help start or grow their business.
Deliver a retail and franchise business accelerator program that works to impact income and racial inequality in marginalized communities. Our program is designed to help business owners increase revenue, create jobs, build capacity to access capital to support growth and promote awareness.
3 Accelerators [Workshops, Webinars, Business Advising, Coaching, and Technical Assistance]
3 Pitch Competitions
$20,000 Spring 2024
$20,000 Summer 2024
$50,000 Fall 2024