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PHOENIX — Good things are happening in Arizona thanks to a new business accelerator program for minority entrepreneurs.
In 2022, the Greater Phoenix Economic Council (GPEC) released the State of Black Business Enterprise in Arizona report. Data from the report reveals that Black-owned businesses close more often than other businesses.
Dr. Velma Trayham, a self-made economic empowerment expert, told ABC15 she knows something needs to be done to fix this problem.
“When I heard that, I thought, ‘We have to respond to this data,'” Dr. Treyham said.
Dr. Trayham is CEO of ThinkZILLA Consulting Group in Arizona and recently founded Millionaire Mastermind Academy, INC., an economic empowerment program that provides entrepreneurs with a roadmap to success.
Dr. Treyham said he personally knows how change can occur through lived experience.
“In my first three years at the consulting firm, I asked for 10 contracts, and all 10 were turned down. So I started asking for debriefings, and in fact, we were the ones who won the contracts. We found that we were scoring higher than some of the companies that were getting it,” Dr. Treyham said. “There were some systemic issues, but what I really learned was how to crack the code so that other minority business owners have more opportunities.”
Dr. Trayham said he helps Black business owners understand that the word “no” doesn’t have to be a deal breaker.
“When entrepreneurs, especially African-American entrepreneurs, get told ‘no,’ they think it’s all over, but that’s not the case,” Dr. Treyham said. “It may be really small things that need to be adjusted. So when you’re given the right tools and you’re given access, that’s when things start to change.”
In response to the GPEC report, Dr Trayham said he had come up with an action-focused plan that would provide these entrepreneurs with a way to find access to mentorship, education and funding.
“Most Black entrepreneurs start businesses out of necessity. They don’t have the operational capacity. I don’t mean capital, I don’t mean understanding staffing, I don’t mean understanding how to become an employer company. ,” Dr. Trayham said. [and] Create employment opportunities in local communities. ”
Dr. Trayham enlisted Arizona’s leading business experts to help launch a nine-month business accelerator program for minority business owners.
“JPMorgan Chase, Bank of America, APS, the city of Scottsdale, these companies said, ‘I believe in this,'” Dr. Treyham said. Reduce the racial wealth gap through entrepreneurship. ”
On January 16, the first group of Impact AZ graduates held a celebration at a major Arizona Public Service facility and received certificates to commemorate their nine months of hard work.
Celeste Talley was also one of the graduates.
The Valley-based caterer is one of Impact Arizona’s 37 groundbreaking graduates and has already received unique business opportunities, including a $100,000 line of credit for a catering company.
“With the funds I received, I was actually able to go to this lovely cheesecake maker here,” she said, pointing to her creation. And actually expand my business significantly. ”
Talley is not the only success story being celebrated.
“One of our companies won a contract with the NFL,” Dr. Treyham said.
Dr. Treyham said that of Impact AZ’s 37 first-year graduates, 22 public-private partnerships have been created. According to Dr. Trayham, his 40% of these graduates have been able to expand their businesses, and across the group he has won $2 million in contracts.
“Some might say these are small numbers, but they’re not small compared to what’s not happening,” Dr. Treyham said. ”
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