Famous Amos, a renowned cookie brand in the U.S., has partnered with the National Black Chamber of Commerce for a national grant competition that will award three Black, early-stage business owners $50,000.

The third-annual grant competition, the Famous Amos' Ingredients for Success Entrepreneurs Initiative, will provide business and mentorship resources and capital for the winners.

“The Ingredients for Success Entrepreneurs Initiative is a way for Famous Amos to honour the legacy of Wally Amos, a passionate entrepreneur whose impact has led to so many joyful cookie moments,” Rachna Patel, vice president of marketing at Famous Amos, said in a statement. “We are thrilled to launch the third year of this special grant program for Black business owners as it means we get to continue carrying out our mission of advancing racial equity and supporting Black economic success.”

Famous Amos was founded by Black entrepreneur Wally Amos, who grew a bakery in Hollywood into a national brand with $12 million in revenue, serving customers since 1975 before selling the company in 1988, according to AfroTech.

Today, The Ferraro Group, owners of the Ferraro Rocher chocolate and Nutella spread brands, leads Famous Amos, purchasing it from Kellogg’s North American snacks business for $1.3 billion in 2019, according to a Ferraro press release.

Meanwhile, the National Black Chamber of Commerce has more than 140 chapters across the U.S. and seeks to empower Black business owners in the U.S. and abroad.

At a time when Black business owners are encountering racial barriers in securing capital and vulnerability due to COVID-19 declining revenues in many markets, the program aims to fill the gap.

A 2022 Meta survey suggests the pandemic greatly impacted small businesses due to unforeseen economic shocks.

Approximately 51 per cent of Black-owned small businesses experienced record-low sales in 2022. A similar report by Black Enterprise suggests that venture capital funding for Black businesses fell 45 per cent after hitting record highs in 2020.

As a result, the partnership has provided $300,000 to six recipients over the past two years. Previous recipients include a legal services business, a startup fresh grocery and a luxury eyewear company, a statement reads.

“We are proud to continue our partnership with Famous Amos to advance our necessary mission of empowering Black businesses and communities,” Charles H. DeBow, III, CEO of the National Black Chamber of Commerce, said in a statement. “The Ingredients for Success Entrepreneurs Initiative is a philanthropic effort that provides a solution to a persistent need in the Black founders community: financial and mentorship support to ensure there is continued business growth. Closing the knowledge gap many Black owners find themselves facing is critical to closing the significant wealth gap that Black communities have experienced for many generations.”

Entrepreneurs or Black business owners who apply must be at least 21 years old and maintain at least 90 per cent control of the enterprise. Applicants must also have been in business for at least five years and submit a 90-120 elevator pitch video mirroring a boardroom presentation for investment.

Applications close at 11:59 p.m. EST on Sunday, June 25, 2023. Click here to sign up.