Amazon has announced a four-year, $150 million initiative aimed at building sustainable equity and growth for Black-owned businesses.

The Black Business Accelerator (BBA) will provide Black small business owners with access to financial assistance, including credits and services valued at $3,900; a year of free strategic business coaching and mentorship; and marketing and promotional support to help grow their businesses and maximize opportunities as third-party sellers on Amazon. Created in collaboration with Amazon's Black Employee Network, the Minority Business Development Agency, and the U.S. Black Chambers Inc., BBA also will work with teams across Amazon and Amazon Web Services to award an initial round of $10,000 cash grants in partnership with Hello Alice, an organization dedicated to helping entrepreneurs launch and grow their businesses.

"We applaud Amazon's leadership in responding to the racial inequities that led to a significant number of Black-owned businesses closing during the pandemic," said U.S. Black Chambers president and CEO Ron Busby, Sr. "The financial, educational, and mentoring resources Amazon will invest through the Black Business Accelerator will enable USBC-affiliated businesses and Black entrepreneurs to not only survive but thrive as they adapt to operating in a post-pandemic world."