Comcast helping small business black entrepreneurs. As per the Philadelphia Business Journal today (10.13.2020)
Comcast's 'RISE' program to offer $10K grants, free commercials and more to small businesses
ComcaAT
Comcast said it's launching the RISE program as part of its $100 million initiative to fight inequality.
JEFF FUSCO
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By Michelle Caffrey – Reporter, Philadelphia Business Journal
Oct 13, 2020, 10:07am EDT Updated an hour ago
Back in June, Comcast Corp. pledged $100 million to help fight “injustice and inequality against any race, ethnicity, gender identity, sexual orientation or ability” with part of the funding going toward supporting small businesses. Now, we’re getting a look at what that effort will look like.
On Tuesday, Comcast (NASDAQ: CMCSA) unveiled its “Comcast RISE” initiative, which is aimed at helping small business owners who were hurt by Covid-19 through access to grants, free media and tech resources, and educational content.
RISE stands for “Representation, Investment, Strength and Empowerment” and is especially focused on Black entrepreneurs in its early stages, citing the outsized impact Covid-19 has had on their businesses in particular. Comcast referred to a National Bureau of Economic Research study which found that when the number of active business owners shrank from 15 million to 11.7 million from February to April, Black-owned small businesses saw the steepest decline of all at 41%.
Starting Tuesday, Black-owned small business owners in the U.S. can apply for the program’s marketing and tech support and free equipment, although all small businesses can access the free marketing insights and resources it’s offering. A second wave will include opening up eligibility to Black, Indigenous and People of Color (BIPOC), who also saw harsher effects from Covid-19 restrictions.
Eligible business owners can apply at ComcastRISE.com.
Grants of up to $10,000 will be awarded in “the coming months,” Comcast said, and are directed at “small and diverse businesses that have been in operations for three to five years.”
Comcast’s media and tech resources include offering companies free advertising and marketing consulting with its advertising sales arm Effectv. It also includes free production of a 30-second commercial, a 90-day TV media campaign, new computer and internet equipment, with services covered for up to a year.
Educational content about small businesses, like tutorials, will be offered on Comcast’s X1 set-top box as part of the RISE initiative under a “business learning” destination page.
“We see and know firsthand how vital small businesses are in powering economic growth, recovery and innovation. Now more than ever, driving awareness and maintaining a strong digital presence are crucial for these businesses to succeed,” Teresa Ward-Maupin, senior vice president for digital and customer experience at Comcast Business, said in a statement. “We created Comcast RISE to give these business owners access to the tools and resources they need to survive the pandemic and thrive.”
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Comcast announced its $100 million effort to fight inequality earlier this summer in the wake of a sweeping social justice movement and mass daily protests over police brutality and systemic racism. It said $75 million would be in cash support and $25 million would be media spending across five main focus areas.
Preliminary plans included awarding “significant grants” to organizations like the National Urban League, Equal Justice Initiative, NAACP, the National Action Network and the Community Justice Action Fund.
CEO Brian Roberts told employees in June that Comcast’s leaders agreed “it’s time we start putting our words into real, sustainable action.”