The Comcast RISE program has recently expanded its eligibility scope to include all women-owned businesses across the country, regardless of ethnicity. Comcast RISE, a program that provides small businesses support in the form of consulting, media production, technology and financial awards, will be kicking off 2022 with a broader view of inclusion. The program was formed to aid businesses during the pandemic, as statistics regarding minority-owned businesses and their struggles during such an unprecedented time began reflecting clear disparities.
According to the Comcast RISE website, there was a 41% decrease in Black-owned businesses, a 32% decrease in Latino-owned businesses, and a 25% decrease in Asian-owned businesses over the course of the pandemic. Chinatown itself has seen many of these closings, personally feeling the loss of some neighborhood establishments. Others that have remained open have felt the pressure of downsizing staff and decrease in revenue.
A report titled The State of Women-Owned Businesses, commissioned by American Express found that, since 2014, women-owned businesses have seen higher growth rates than businesses overall, with 43% being owned by women of color. They employ around 14% of the workforce, and generate 8% of the overall revenue. In 2019, the number of Asian American women-owned businesses reached 1,169,300. The same study found that there were higher growth rates in part-time business owners, those who dedicated themselves to finding entrepreneurial opportunities outside of a full-time setting. These individuals are referred to as “sidepreneurs”.
“The data about how women, a rapidly increasing number of whom are small business owners, have fared during the pandemic is stark. Women business owners tend to have limited access to capital and debt-free funding options, yet they represent a tremendous opportunity,” said Sarah Sommer, the co-founder of iFundWomen. When it comes to growth in economic clout, Boston was among the lowest for all metropolitan areas.
After recently celebrating its first anniversary, Comcast RISE has just awarded their fifth group of recipients. 1,400 of the awardees were owned by people of color, and 600 additional businesses will be receiving $10,000 each in grant funds. “As we continue to rebuild and emerge from the effects of the pandemic, small businesses will continue to be the backbone of our economy – and we must take every opportunity to help them thrive,” stated Comcast Cable president and CEO Dave Watson, “Looking forward, this expansion will enable Comcast RISE to further empower and strengthen even more small businesses that are the heart of our local communities across the country.”
The new expansion in qualified businesses places Comcast RISE on track to support nearly 13,000 establishments by the end of 2022.
