May 3rd 2024.
The International Franchise Association, with a history spanning 64 years, has recently opened up its application process to minority candidates, specifically Black Americans, in an effort to help them realize their dreams of becoming business owners. This is all part of the Franchise Ascension Initiative, a six-month program designed to provide education, access to capital, and other resources to qualified individuals from underrepresented communities, giving them an opportunity to pursue a career in franchise ownership.
In recent years, franchising has proven to be a successful path for Black Americans to achieve financial success in a variety of industries. This initiative aims to further narrow the wealth gap by creating a larger pool of talented individuals in the franchise industry. It's worth noting that according to Oxford Economics, one in three franchise owners state that they would not have been able to own their businesses without this concept. In addition, Black-owned franchises have been found to earn over twice as much as Black-owned independent businesses on average.
BLACK ENTERPRISE has learned that the FAI has received over $2 million in commitments from various franchise brands, individuals, and partner organizations. This support from donors is a testament to the importance and potential impact of this program. Applications for the FAI will be accepted until June 15, and the IFA, the largest trade group in the industry, will select 15-20 qualified individuals to participate. This is an incredible opportunity for those who have always dreamed of owning their own business but may not know where to start. The program will provide training and support, with the ultimate goal of increasing diversity in franchising.
The FAI was first introduced at the IFA Annual Convention in Phoenix in February of 2024. It was the brainchild of Omar Simmons, IFA Board Member and Managing Director of Exaltare Capital Partners, and his wife Raynya. They generously provided the initial donation for the program and discussed their vision in a news release. IFA President and CEO Matt Haller also shared his thoughts on the FAI, stating that franchising is an excellent way to achieve business ownership and create generational wealth, and this opportunity is available to everyone, regardless of their background. He believes that opening more doors for aspiring business owners from all walks of life is a powerful way to bridge the wealth gap.
This program comes at a time when access to capital remains a significant challenge for small business owners, especially for Black entrepreneurs. However, the IFA is determined to help candidates overcome this hurdle by providing them with the necessary tools, networking opportunities, and education to become more capital-ready. Additionally, a recent report suggests that supporting the franchise business model could be a valuable tool in encouraging higher rates of entrepreneurship among women, non-white individuals, and other underrepresented groups, without any cost to taxpayers.
The FAI curriculum includes essential lessons such as building a business plan and learning how to secure funding to establish and grow franchise businesses. Participants will also have the opportunity to connect with capital providers and receive guidance from mentors, successful franchisees, legal experts, and franchise consultants. By the end of the program, the goal is for participants to have the necessary skills and support system to excel as franchise owners.
To learn more about the leading candidates for this program and additional details about the Franchise Ascension Initiative, please visit the program's website. This is an exciting opportunity for those who have always dreamed of owning a franchise, and the IFA is committed to helping these individuals achieve their goals and contribute to the diversity and success of the franchise industry.
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