July 8, 2019
How HSBC Bank’s $1.3 Million Grant Will Help Black Businesses Scale Up
Endowed with a gift to help spur growth for minority and female entrepreneurs, Endeavor has received a $1.3 million grant from HSBC Bank USA.
The two-year grant will support Endeavor’s expansion into Western New York, providing it funding to serve a new U.S. region and open an office in Buffalo.
Endeavor claims it is the world’s leading nonprofit organization that backs high-impact entrepreneurs through access to markets, capital, talent, and a global network of resources. To date, Endeavor has supported more than 1,100 businesses in over 30 countries and six U.S. cities, creating 2 million jobs.
On average, businesses backed by Endeavor generated $5 million in revenue annually, HSBC reports. All told, Endeavor companies last year generated over $20 billion in revenues, according to the nonprofit. It concentrates on helping businesses expand so they can generate more jobs, customers, and revenue to enhance economic development efforts in local communities.
Endeavor’s partnership with HSBC will focus on supporting small and medium-sized businesses by helping them achieve scale. Endeavor’s research shows that while there are many organizations helping startups, business founders of color need more help scaling and transitioning from startups to growing sustainable enterprises. That’s a reason scale is a big focus of the partnership.
Gregory Duval, regional executive and managing director, Great Lakes Region, and US head, Transportation and Logistics Sector Coverage for HSBC Commercial Bank, will join the board of the Endeavor Western New York Region.
“I’m excited about the positive impact we could have on local businesses and the Western New York economy,” Duval stated in a press release. “As a Buffalo native who has worked in this region for nearly all of my professional life, I know this region is rich in great people with great ideas, and I look forward to partnering with Endeavor to turn this native entrepreneurial spirit into successful businesses.”
In America, Endeavor identifies communities with untapped entrepreneurial potential and where business founders face challenges like ready access to skills, training, support, and venture capital that are needed for startups to successfully scale and grow.
Endeavor co-founder and CEO Linda Rottenberg stated, ”We’re thrilled to be working with HSBC to continue Endeavor’s growth in North America. This relationship opens new possibilities our U.S. entrepreneurs and international entrepreneurs who are expanding into the U.S. market.”
Plus, the HSBC grant with support from the Kauffman Foundation has helped Endeavor Insight, the nonprofit’s research arm, conduct new research on entrepreneurs of color and female entrepreneurs. For instance, over 85% of organizations that support black and Hispanic entrepreneurs only support startups, Endeavor reports.
And it contends entrepreneurs of color and women entrepreneurs that are successfully scaling their businesses are doing so at lower rates than entrepreneurs overall. Plans call for a mentoring program that will HSBC bankers to work with Endeavor entrepreneurs.