June 30th 2023.
Black entrepreneurs have the potential to gain invaluable help to expand their business operations. Ernst & Young LLP, a Big Four accounting firm, is now offering this assistance in the form of the EY Entrepreneurs Access Network (EAN) Business Accelerator Program.
The EAN program is free and geared towards Black and Latino founders. It provides business owners with a comprehensive curriculum, resources, and connections to potential investors and customers. As reported, minority entrepreneurs have created around $700 billion in revenue, yet they still face difficulties such as financing and scaling up their companies.
30 entrepreneurs will be selected for the 2024 cohort. 24 of the participants will be Black, and six will be Latino. Over the course of the 12-month program, the founders will be coached by EY executives and gain access to a wide range of resources, including an online library of business tools, promotional exposure, and networking events. Each entrepreneur is linked to an EY ambassador, and they also become a part of a growing community of over 300 EAN Black and Latino leaders.
It was reported that EAN-affiliated entrepreneurs have raised a total of $25.7 million in funding since 2020. Nit Reeder, EY EAN Program Director, said, “We must continue to help companies and allies realize that working with emerging Black and Hispanic/Latino businesses is good strategic business versus charity.”
Nancey Harris, co-founder and COO of Vontélle Eyewear, has firsthand experience with the program's positive effects. She said, “My business partner and I were hyper-focused on the ‘why’ and realized there was something missing in the market. Our purpose was personal, and we needed a network that understood our mission...As a Black- and women-owned business, the EAN program provided the coaching and connections needed to help recognize our value and capitalize on it.”
The application deadline for the EAN Business Accelerator Program is August 31, 2023. To be eligible, you must be a Black or Latino majority owner of any privately held, for-profit U.S.-based company that is at least two years old. You can apply here, and accepted applicants will be notified in December.
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