Progressive Insurance is launching its ‘Driving Small Business Forward’ grant program, offering crucial financial support to small business owners, including those within the Black community. This year, the program is distributing $1 million in grants and business coaching resources.
The initiative, which is currently accepting applications, will award 20 recipients with $50,000 each. These grants are specifically designated for the purchase of commercial vehicles, which can be essential for various business operations.
This represents a significant expansion compared to the 2023 program, which awarded 10 businesses with $25,000 each. The current program provides double the number of recipients and quadruples the total grant value of the previous year.
Karen Bailo, President of Commercial Lines at Progressive Insurance, emphasized the company’s commitment to supporting entrepreneurs. “As a purpose-led company, Progressive is committed to empowering small business owners on their entrepreneurial journey and to alleviate economic barriers. By the conclusion of this year’s program, we will have awarded over $1.5 million in grants to entrepreneurs across the country and we’re excited about the impact we’ve had in helping these businesses move forward,” she stated.
The availability of a commercial vehicle grant is particularly relevant for small businesses that need vehicles for activities such as delivering goods, traveling to job sites, or acquiring supplies. These resources can be a significant asset for entrepreneurs, who frequently face tough choices when deploying capital.
The program arises at a time when, according to the U.S. Chamber of Commerce, nearly 69% of small business owners depend on personal savings to finance their companies, often facing restrictions in accessing capital.
Progressive is collaborating with Hello Alice to administer this year’s grant program. Hello Alice, a financial technology organization, assists over one million small businesses in accessing capital. Progressive notes that it is one of the leading commercial auto insurers in the U.S.
Beyond the financial grant, this year’s recipients will also have the chance to participate in a 12-week Boost Camp operated by Hello Alice. The program offers business owners important resources and tools, including financial budgeting and customer acquisition strategies, to help them achieve their growth objectives.
To qualify, applicants must meet specific criteria, including being the primary executive of a small business with 10 or fewer employees, less than $5 million in gross annual revenue, and demonstrating a need for a commercial vehicle and business coaching. The application deadline is June 14 at 6:00 p.m. Recipients will be notified via email and announced in August. Interested parties can find additional details and apply through the provided link.
