Bofa Strengthens Support For Arizona Entrepreneurs Through State’s Largest Supplier Diversity Program Impact Az

PHOENIX, Ariz., Nov. 19, 2024 (SEND2PRESS NEWSWIRE) — Bank of America has reaffirmed its commitment to fostering economic growth in Arizona’s small business community by renewing its IMPACT AZ 2025 partnership with a $40,000 grant, bolstering the impact of the state’s largest supplier diversity program. This significant investment has empowered participating businesses to secure $4.1 million in SBA funding, helping to build generational wealth and drive job creation across the state, stated Millionaire Mastermind Academy Inc.

Photo caption: Impact AZ Participants with Scott Vanderpool, President of Bank of America Phoenix.

In addition, over $5 million in supplier diversity opportunities have been granted, and more than $200,000 in scholarships have been awarded, sparking local workforce growth and creating new job opportunities. With Bank of America’s support, IMPACT AZ 2025 will continue its mission of supporting entrepreneurs to build capacity for contracting opportunities.

In its newly released Women and Minority Business Owner Spotlight, Bank of America surveyed business owners nationwide, revealing shared optimism—nearly 80% of respondents anticipating revenue growth in the coming year. An event higher, 88% of respondents plan on obtaining funding for their business in the year ahead, making IMPACT AZ’s training and support even more critical for continued growth beyond government funding sources.

“Bank of America has been an invaluable partner in our efforts to close the racial wealth gap and promote economic growth for Arizona’s small businesses and communities,” said Dr. Velma Trayham, creator of IMPACT AZ 2025 and President and CEO of the Black Chamber of Arizona. “We are grateful for their dedication to empowering diverse entrepreneurs and enhancing economic opportunities across the state.”

IMPACT AZ 2025 serves diverse participants including veteran, justice-impacted, women-owned, and LGBTQ+ business owners. Participants receive hands-on support through the structured hybrid program and partnerships with businesses, local government, and nonprofit organizations such as SCORE, Arizona Public Service, the City of Phoenix, the Arizona Hispanic Chamber, and the City of Scottsdale. The program provides support in essential areas like strategic business planning, marketing, finance, operations, and supplier diversity business development to help these entrepreneurs scale, become employer firms, and access public and private contracting opportunities.

“Local small businesses are the heart of our Phoenix economy, and Millionaire Mindset Academy’s IMPACT 2025 program assists entrepreneurs working to build and grow their businesses while creating local jobs in the Phoenix market,” said Scott Vanderpool, President of Bank of America Phoenix. “Bank of America works alongside Impact 2025, delivering workshops and connecting with participants, so together we can continue to shape a collaborative environment where small business can thrive.”

Supplier diversity delivers better business outcomes: According to Supplier.io, for every $1 spent on supplier diversity programs, communities benefit by $1.80. These programs created more than 1.3 million jobs in 2023 alone. ImpactAZ helped participants secure $2 million in contracts in its first year, expand business operations by 40 percent, and allocate $300,000 in capital funding.

About ImpactAZ 2025

ImpactAZ 2025 is a statewide multi-year supplier-diversity accelerator that provides 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 IMPACT AZ 2025 is to decrease the racial wealth gap using entrepreneurship as an engine. IMPACT AZ 2025 is a Millionaire Mastermind Academy Inc. program in partnership with the Black Chamber of Arizona.

For more information, visit https://impactaz2025.com/

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Photo caption: Impact AZ Participants with Scott Vanderpool, President of Bank of America Phoenix

News Source: Millionaire Mastermind Academy

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