Strengthening Black Women Entrepreneurship in Retail: Pilot Design Lab

With support from Walmart, Prosperity Now will be accepting proposals from April 1st through April 30th from CDFIs and Entrepreneurial Support Organizations (ESOs) who currently work with Black women entrepreneurs. The objective of this pilot is to understand testable strategies for facilitating mergers and acquisitions in the retail space for Black women entrepreneurs and strategies to support sustainability and scalability for the targeted population. Participants will receive a $50,000 stipend and technical assistance to participate in the design lab and pilot phase of this project.  

Click below for more information.

 

    

Application Requirements

Applying CDFIs and ESOs must meet the minimum qualifications of servicing Black women entrepreneurs and small business by providing technical assistance and support services and resources within their respective means to improve capacity, access to capital, and navigation of educational, operational, or support services. The award requires a 14-month commitment from March 2023 - June 2024.  

Selected CDFIs and ESOs will be prioritized for this project using the following criteria:  

  • CDFI/ESOs with an operating and programming budget of at least $5 million. 
  • Organization will identify two staff participants to engage in project activities. ED is not a required participant. 
  • Participant will dedicate a minimum of 10 hours monthly inclusive of project activities and homework assignments. 
  • Participant clearly communicates the capacity to commit to the program activities.  
  • Participant demonstrates outcomes and success as it relates to mergers and acquisitions, with a particular focus on people of color and specifically the retail sector. 
  • Ability and agreement to provide data pre/post on metrics regarding the small businesses they support.

Benefits to Participating Organizations

Organizations selected to participate in the project will have:

  • Access to resources and expertise, peer support and learning, and shared materials to design a M&A service;
  • Improved understanding of data collection and analysis through a racial economic equity lens to enable local leaders to better understand the drivers of the racial wealth divide in their respective cities.
  • Access to research rooted in the experience of Black women entrepreneurs of color and other key stakeholders in the M&A ecosystem; 
  • An improved understanding of the intersection of entrepreneurship, economic opportunity and challenges, and racial economic equity; and,
  • Build internal organizational infrastructure after thoroughly understanding the strengths and challenges of their direct services, as well as identifying key assets to be leveraged that align with their goals.

Application Instructions

Please see the full packet here for application questionnaire.

Submit all applications and any application questions to:

Megan Elkins
Associate Director, Ecosystem Change

[email protected]

 

FAQ

 

Q: How do you define an “organization of color”? 

A: We define an organization of color as one where most of the executive leadership are people of color and have historically been people of color.  In addition, the organization primarily serves communities of color.    

 

Q: What factors should I consider when choosing which two leaders should participate in this cohort on behalf of the organization? 

A: Participants must be people of color and hold positions that effect change within the organization (e.g., executive director, vice president, deputy director, director, department head or executive); and have experience leading project teams. 

 

Q: What if my organization’s annual budget does not meet the minimum required?

A: This requirement is designed to ensure that participants have the capacity to finance mergers and acquisitions. If your org does not meet the threshold, but partners with a CDFI or other entity for lending who does,  then we encourage you to apply and note this in your application.

 

Completing the RFP Application  

 

Q: What happens after I submit an RFP application? 

A: The Racial Economic Justice team has enlisted a team of internal reviewers that will execute a blind review process. We plan to blindly review against predetermined selection criteria and successful applicants will be notified of their acceptance by May 10th, 2023. 

 

Q: Is the narrative confined to the questions in the RFP? 

A: The narrative is a guide on what information we are looking to receive from each organization and includes all of the selection criteria.  

 

Q: Is our intended target population a factor in whether we are selected for the cohort? 

A: The funding for this project is targeting Black female retail entrepreneurs. You must demonstrate the ability to support this population.    

 

The Time Commitment and Expectations  

 

Q: What are the expectations for participation in Design Process and Pilot? 

A: Prosperity Now will engage the cohort in a 15-month, three phase project that will allow for a design phase, technical assistance, and pilot preparation. This includes monthly one-on-one technical assistance (both virtual & in-person trainings), homework, and additional points of contact, as appropriate. Mandatory meetings include:

  • Virtual project kick off call: May 16th from 2-4 PM EST
  • In-person Design Session: June 12th & 13th in Washington, DC (travel will be covered)

 

Q: How many hours do you anticipate participants will need to invest in the cohort?  

A: The time commitment for the project is approximately 130 hours or 8-10 hours monthly. 

 

Q: How many staff members are we able to bring to the in-person convenings?  

A: The two staff members identified in the application process will be considered the main points of contact and will be responsible for representing the organization at any in-person convenings. Attendance by additional staff is allowed for all virtual coaching sessions. During the technical assistance, we expect the relevant representatives from each participating organization to participate.  

 

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