Buy from black-owned businesses and Google will give $250,000 to a black-owned business as part of the Fifteen Percent Pledge.

Obtaining capital to flourish remains an ongoing struggle for Black entrepreneurs. The Fifteen Percent Pledge is hoping to reduce this disparity by offering a $250,000 Achievement Award for Black-owned businesses. After being launched in 2020, the non-profit organization has encouraged retailers to commit at least 15% of their shelf space to Black-owned businesses. Last year, Christina Funke Tegbe, founder of the African beauty brand 54 Thrones, won $200,000 of the award.

This year, the award is back and applications are now open for the chance to win $200,000, $35,000, and $15,000. Potential winners can also view a video of Pledge Founder Aurora James announcing the prize. Both new and mature businesses are encouraged to apply.

The need for funding is clear. Last year, Black startup founders received just $264 million of $33.6 billion in capital allocated - less than 1%. Additionally, 57% of Black business owners were denied a loan during the formation of their business.

The Pledge is also taking steps to support entrepreneurs of color year-round. Recently, they partnered with Victoria’s Secret to organize their first-ever Business Matchmaking Event where Black business owners could gather alongside partners, esteemed suppliers, and community leaders to create meaningful connections and knowledge.

The Pledge and its partners have also created the potential to shift over $14 billion to Black entrepreneurs and businesses. Over 625 Black-owned businesses have been supported by 29 companies - including Nordstrom, Macy’s, and Sephora - that have taken the Pledge.

The Pledge has an ambitious target of generating $1.4 trillion in wealth for Black entrepreneurs by 2030. As part of their Gifteen Holiday Campaign with Citi in 2022, they opened their first physical location, providing over 100 Black brands access to prime retail space and estimated revenue growth of over $1 million.

The Fifteen Percent Pledge is really making a difference in helping reduce the disparity for Black entrepreneurs. Through their Achievement Award, Business Matchmaking Event, and Gifteen Holiday Campaign, they are providing the necessary resources and tools needed to help Black entrepreneurs succeed.

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