Progressive Insurance® Boosts Small Businesses with $1 Million Grant Program

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According to the U.S. Chamber of Commerce, nearly 69% of small business owners rely on personal savings to finance their ventures, often facing limited access to capital. Progressive seeks to address this challenge by empowering entrepreneurs and providing them with the necessary funding and resources to thrive through the Driving Small Business Forward program.

Karen Bailo, Commercial Lines President at Progressive Insurance, emphasized the company’s commitment to supporting small business owners. She stated, “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.”

Progressive has partnered with Hello Alice, a financial technology organization that assists over one million small businesses in accessing capital, to administer the grant program.

In addition to the grant, recipients will have the opportunity to participate in Boost Camp, a business coaching program provided by Hello Alice. This program focuses on essential concepts for business growth, including financial budgeting and forecasting, funding and pitch strategies, sales, and customer acquisition.

Eligible applicants, who must be the leading executive of a small business with 10 or fewer employees and less than $5 million in annual gross revenue, can sign up for a free Hello Alice account to complete the online application. The deadline for applications is June 14, 2024, at 6:00 p.m. ET. The selection process will involve a committee review based on the outlined criteria in the terms and conditions, with recipients notified via email and publicly announced in August.