The Black Chamber of Arizona Advances Economic Growth with Second Cohort, Empowering 30 Entrepreneurs through Supplier diversity readiness program

IMPACTAZ class of 2024 - photo one

PHOENIX, Ariz., Apr 26, 2024 (SEND2PRESS NEWSWIRE) -- The Black Chamber of Arizona is proud to announce the induction of 30 diverse small business owners into ImpactAZ 2025, a multi-Year program focused on contracting readiness. The program works directly with corporations to create more access and equity in purchasing and procurement. The 2nd cohort kicked off on April 24th awarding a total of $75,000 in scholarships, underscoring the commitment to fostering economic growth across the state of Arizona.

Over the next nine months, supplier diversity program participants will receive tailored mentorship, strategic networking connections and opportunities tailored to enhance operational excellence and drive revenue growth. ImpactAZ is a collaborative ecosystem fostering innovation and sustainability. Participants of the cohort will also benefit from capital readiness assistance, marketing support, certifications and assessments.

"The Black Chamber is dedicated to supporting the growth and success of Arizona's small businesses, and we are thrilled to welcome 30 new participants to the program," said Dr. Velma Trayham, CEO of the Black Chamber of Arizona. "We are proud to collaborate with the Millionaire Mastermind Academy, Arizona Chamber of Commerce and SCORE to continue our mission of empowering small businesses and fostering economic growth within Arizona's business community. This supplier diversity program is not just about providing opportunities-it is about creating lasting impact and driving meaningful change in our communities."

For every $1 spent on supplier diversity programs, there is a $1.80 benefit to communities, according to's 2023 Economic Impact Report. Likewise, these programs created more than 1.3 million jobs in 2023 alone.

In support of the program's statewide work, Arizona Gov. Katie Hobbs declared Jan. 26, 2024, as "ImpactAZ Day," acknowledging its role in advancing economic growth in The ImpactAZ 2025 faculty includes key partnerships from JPMorgan Chase, Bank of America, Arizona Public Service (APS), the City of Scottsdale, Arizona Hispanic Chamber of Commerce, Greater Phoenix Economic Council (GPEC) , ViaWest Group, the City of Phoenix, American Landmark, Commerce BankAZ, and SCORE-Phoenix Chapter.

In its first year, ImpactAZ helped participants secure $2 million in contracts, expand business operations by 40 percent and allocate $300,000 in capital funding. Eighty percent of the initial cohort registered as diverse suppliers and nearly one-quarter hired additional staff. This year's class represents the second cohort of three.

About ImpactAZ 2025:

ImpactAZ 2025 is a statewide multi-year supplier-diversity accelerator that provides minority entrepreneurs with technical assistance, mentoring, public and private business exchange opportunities, and access to capital to increase readiness for contracting opportunities. The fundamental objective of IMPACTAZ 2025 is to close the racial wealth gap using entrepreneurship as an engine.

IMPACTAZ 2025 is an official program of the Black Chamber of Arizona in partnership with the Millionaire Mastermind Academy Inc.

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Image caption: IMPACTAZ class of 2024.

News Source: Black Chamber of Arizona

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