The EY Entrepreneurs Access Network (EAN), a business accelerator program to support Black and Hispanic/Latino entrepreneurs, will begin accepting applications for its 2025 cohort on June 14, 2024.
Established in 2019, the program aims to bridge the disparity gap faced by these entrepreneurs and help them navigate systemic financial and institutional barriers to achieve broad-scale growth.
Despite their challenges, Black and Hispanic/Latino entrepreneurs have proven to be a significant driving force in the economy, generating approximately $700 billion in revenue. Over the past decade, companies led by these entrepreneurs have established more than 1 million new businesses across the United States, creating millions of new jobs.
However, access to capital remains a significant obstacle for many Black and Hispanic/Latino entrepreneurs.
According to a report by the Federal Reserve Bank of New York, Black-owned businesses are more likely to be denied credit, and when they do receive it, they often face higher interest rates and receive lower amounts than their white counterparts. This lack of access to capital can limit the growth potential of these businesses and hinder their ability to create jobs and contribute to the economy.
EAN is an extension of EY’s existing Entrepreneur programs, which include the Entrepreneur Of The Year® program, which has been running for nearly 40 years, and the EY Entrepreneurial Winning Women™ program, which has been operating for over 15 years.
The accelerator program is offered at no cost to participants. It is specifically designed to support Black and Hispanic/Latino CEOs and founders essential to the nation’s economic growth and success.
The 12-month program provides participants access to various resources, including assessments, one-on-one coaching, a tailored curriculum, online tools, and a well-established entrepreneurial ecosystem. These resources are designed to help accelerate the growth of their businesses.
Since its launch in 2021, EAN has significantly impacted the entrepreneurial community. EY executives have dedicated eleven thousand mentorship hours to entrepreneurs affiliated with the program, organized nearly 2000 valuable business meetings, and helped align participants with $51 million in capital.
As the United States continues to grapple with racial inequality and economic disparity issues, programs like EAN play a crucial role in leveling the playing field for underrepresented entrepreneurs.
By providing access to resources, mentorship, and capital, EAN is helping to create a more inclusive and equitable business landscape.
Interested Black and Hispanic/Latino entrepreneurs are encouraged to apply for the 2025 cohort when applications open on June 14, 2024. For more information about the EY Entrepreneurs Access Network and the application process, please visit the Entrepreneurship Access Network.
