Ernst & Young LLP (EY) wants to put its vast business experience and knowledge to work helping Black and Latinx business owners access the resources, networks and capital available through its new Entrepreneurs Access Network (EAN).
EY says the network is an immersive program to elevate scalable Black-/Latinx-owned companies through a planned curriculum and by teaming them up with equally committed companies or organizations.
“A lack of access to funds and connections was hindering many Black/Latinx businesses from achieving their full potential,” the company states in its EAN material. “As an expansion of our current entrepreneurial ecosystem (34 years via Entrepreneur of the Year™; 12 years of EY Entrepreneurial Winning Women™), we created EAN to help bridge this gap for these companies to thrive.”
EAN participants receive both tangible and intangible benefits, such as help in developing their economic growth, brand, business acumen and professional network opportunities as they continue to navigate their market leadership journey.
A key benefit are two educational programs—a curated program in which entrepreneurs are paired with an EY executive and an “OnDemand” program that provides online resources and an opportunity to be part of “a community of outstanding Black and Latinx entrepreneurs.”
EAN is designed to be manageable for busy executives, the company says. The program includes a company assessment, alignment with a relationship advisor, and a customized curriculum based on the needs and maturity of the company. This program also includes participating in an ongoing series of educational programs, events, networking opportunities and media exposure (regional and national).
Two sets of criteria define eligibility to participate in the program—one for “emerging companies,” and one for “established companies.” Emerging companies should be two years or more in business with up to $5 million in revenue and 51% or more minority ownership. Established companies should have more than five years in business with $6 million or more in revenue, 51% or more minority ownership, and business scalability. Criteria is flexible, based on scalability and assessment.
Black and Latinx business owners who meet the criteria may apply online at ey.com/EAN. The deadline has been extended to Oct. 14. EY will begin notifying companies of their acceptance on a rolling basis, beginning November 2020.