New program supports black business owners

A new report shows the importance of investing in the greater Phoenix area’s Black/African American community and supporting Black-owned businesses.

The Black/African American community is the fastest growing population in the state, growing 33 percent from 2010 to 2020, according to a new report.

Now, Millionaire Mastermind Academy and The Arizona Black Chamber have partnered to create Impact AZ 2025. The program will address the economic challenges facing Black business owners in Silicon Valley.

Arizona’s Black entrepreneurial ecosystem remains undersized, with Black-owned businesses accounting for only 1 percent of Arizona employer companies. Impact AZ 2025, a nine-month initiative, will be the first direct response to the report on Black Arizona and will focus on addressing supply diversity, one of the only ways to close the racial wealth gap among business owners.

Millionaire Mastermind Academy addresses barriers to economic mobility for historically underserved and excluded women. This nonprofit organization has helped more than 8,000 women.

At Arizona Horizon, we interview Velma Trayham, founder of Millionaire Mastermind Academy.

Transcript:

A new report shows the importance of investing in the greater Phoenix area’s Black/African American community and supporting Black-owned business owners.