Comcast Corporation recently announced a major expansion of Comcast RISE to all women-owned businesses across the country, fueling its efforts to advance digital equity and help provide underrepresented small business owners access to the digital tools and financing that they need to prosper.
In its first year alone, Comcast RISE has provided more than $ 60 million in grants, marketing and technology services to more than 6,700 small businesses owned by people of color, including African Americans, Native Americans, Hispanics and Asian Americans. Of the 6,700 Comcast RISE recipients to date, nearly 70% have been women-owned businesses of color, prompting Comcast to delve into the unique challenges faced by women entrepreneurs.
According to a study by the National Association of Women Business Owners, 42% of businesses in the US are owned by women, and more than 1,800 new businesses are started every day. That is almost five times the national average. Yet according to the same study, women-owned businesses are growing at only half those run by men, mainly because women struggle to access the capital and other resources to help them succeed.
Sarah Sommer, co-founder of iFundWomen echoes this important point: “The data on how women, an increasing number of whom are small business owners, have fared during the pandemic is stark. Women business owners tend to have limited access to capital and debt-free financing options, but they represent a great opportunity. Women-owned businesses generate twice the income per dollar invested than those founded by men, making them large investments. “
“As we continue to rebuild and emerge from the effects of the pandemic, small businesses will continue to be the backbone of our economy, and we must seize every opportunity to help them prosper,” said Teresa Ward-Maupin, Senior Vice President of Digital and customer experience, Comcast Business. “Going forward, this expansion will allow Comcast RISE to further empower and strengthen the small businesses that are the heart of our local communities across the country.”
Comcast RISE, which stands for Representation, Investment, Strength and Empowerment, is part of Project UP, Comcast’s comprehensive initiative to advance digital equity and help provide underrepresented small business owners access to the digital tools and financing they need. To thrive. Over the next 10 years, Comcast has committed $ 1 billion to programs, like Comcast RISE, and partnerships that will reach approximately 50 million people with the skills, opportunities and resources they need to succeed in an increasingly digital world.
Comcast recently announced its fifth round of Comcast RISE recipients, which includes 1,400 small businesses owned by people of color, who will receive a television campaign, television commercial production, or consulting services from Effectv or computer equipment, Internet, voice or Comcast Cybersecurity. Business. Additionally, as part of the second round of Comcast’s RISE Investment Fund, an additional 600 small businesses in Houston, Miami, Oakland, Seattle, the Twin Cities, and Washington, DC will receive grants of $ 10,000 each, bringing the total to recipients of Comcast’s RISE Investment Fund up to 1,100.
Comcast RISE, which just celebrated its first anniversary, will continue to be open to racially and ethnically diverse small business owners, and Comcast RISE’s expanded eligibility for all women-owned businesses will take effect on January 16, 2022. More information and applications to apply for the grant program or marketing and technology services are available at www.ComcastRISE.com.