Businesses looking to grow, may find that the access to capital is easier due to a collaborative effort between the locally-based Central Virginia African American Chamber of Commerce (CVAACC) and the US Black Chambers, Inc. (USBC) in Washington, DC.
The Access to Capital program that launched in 2015 with a $500,000.00 grant from University of Phoenix is receiving a new injection of funds. The latest influx will allow members of CVAACC to receive grants that will cover 100% of University of Phoenix’s tuition.
“Getting capital to grow a business that is profitable and sustainable is a challenge that many African American business owners face everyday,” said Ervin Clarke, Founder and Chairman of CVAACC. “It’s a struggle locally, and around the country.”
The courses and instructions being offered will include topics that can impact the business in a positive way. Lessons learned will be able to be applied immediately. The topics and benefits will include:
- Marketing – the advertising and sales tools will help participants promote and utilize the latest technological tools to grow revenue.
- Cash flow analysis – knowledge from the course will help individuals pursue procurement and supply chain opportunities. The business development strategies will assist in landing large contracts.
- Financial Statement Preparation – the class will help the executive understand what a lender looks for when analyzing a loan application. This is valuable knowledge when pursuing a large purchase or acquisition.
An outgrowth of the partnership between the local and national chamber is a willingness of USBC to provide CVAACC members with a connection to technical assistance providers, various city and state business opportunities, and other businesses that can be potential strategic alliance or joint venture partners.
“What we have here is a game changer for many businesses that are ready for the next level of growth,” Clarke exclaimed. “We started working on an entrepreneurial training program like this in 2014. I am thrilled that we have been able to partner with the USBC and make it a reality. The free tuition is icing on the cake!”
The online courses provide college credit and are conducted by University of Phoenix. Program participants must be, or become, members of the Central Virginia African American Chamber of Commerce. Classes will start running May 1, 2018 and new classes will start each month through November. All classes are tentatively scheduled to begin at 6 p.m. Eastern Time.