Award Criteria

Emerging Business Owner of the Year

Purpose: To recognize new business owners who have shown exceptional promise and rapid growth in underserved communities

Criteria:

Business Age: Business must be in operation for less than 3 years.

Growth Trajectory: Demonstrated rapid growth in revenue, customer base, or market presence.

Innovation: Use of innovative approaches in business operations or products/services.

Community Impact: Positive impact on the local community, such as job creation or community involvement.

Sustainability: Clear plans for future growth and sustainability.

Established Business Owner of the Year

Purpose: To honor business owners with a well-established presence and a sustained record of success in underserved communities

Criteria:

Business Age: Business must be in operation for more than 3 years.

Financial Performance: Demonstrated strong financial health and consistent growth.

Market Leadership: Recognized as a leader in their industry or market.

Community Contribution: Significant and ongoing contributions to the local community.

Business Excellence: High standards of business operations, customer service, and product/service quality.

Innovative Business Owner of the Year

Purpose: To recognize business owners who have introduced innovative products, services, or business models that significantly impact underserved communities.

Criteria:

Innovation: Introduction of unique and groundbreaking products, services, or business models.

Impact: Demonstrated positive impact of the innovation on the business and community.

Scalability: Potential for the innovation to be scaled and replicated.

Market Disruption: Evidence of disrupting traditional markets or creating new markets.

Sustainability: Long-term sustainability and potential for continued innovation.

Social Impact Business Owner of the Year

Purpose: To honor business owners who have made significant social contributions and created positive change in underserved communities

Criteria:

Social Mission: Business must have a clear social mission and objectives.

Community Engagement: Active involvement in community development and social initiatives.

Measurable Impact: Demonstrable and measurable social impact, such as improved community wellbeing or environmental sustainability.

Employee Involvement: Involvement of employees in social impact activities and initiatives.

Sustainability: Long-term commitment to social impact and sustainability.

Resilient Business Owner of the Year

Purpose: To recognize business owners who have demonstrated exceptional resilience and perseverance in overcoming significant challenges in underserved communities.

Criteria:

Challenges Overcome: Significant barriers or challenges overcome in running the business.

Resilience: Demonstrated perseverance and resilience in the face of adversity.

Recovery and Growth: Evidence of recovery and subsequent growth after overcoming challenges.

Support Systems: Utilization of support systems and resources to navigate challenges.

Inspiration: Inspirational story that motivates others in the community.

Individuals Supporting Underserved Businesses

Purpose: To honor individuals who have made significant contributions to the success and growth of underserved businesses.

Criteria:

Mentorship and Guidance: Demonstrated commitment to mentoring and guiding underserved business owners.

Resource Provision: Providing resources, knowledge, or networks that have significantly benefited underserved businesses.

Advocacy: Active advocacy for policies and practices that support underserved businesses.

Impact: Tangible outcomes resulting from their support and involvement.

Long-Term Commitment: Sustained support over an extended period.

Community Development Financial Institutions (CDFIs) Supporting Underserved Businesses

Purpose: To recognize CDFIs that have significantly supported the growth and sustainability of underserved businesses.

Criteria:

Funding Impact: Amount of funding provided to underserved businesses and the impact of this funding.

Support Services: Additional support services offered, such as financial education, business planning, and technical assistance.

Success Stories: Examples of businesses that have thrived as a result of the CDFI’s support.

Community Engagement: Active engagement and collaboration with the local community and other stakeholders.

Innovation in Financing: Innovative approaches to financing and supporting underserved businesses.

Evidence of community engagement initiatives.

Nonprofits Supporting Underserved Businesses

Purpose: To honor non profit organizations that provide exceptional support to underserved businesses.

Criteria:

Program Effectiveness: Effectiveness of programs aimed at supporting underserved businesses.

Capacity Building: Initiatives that build the capacity and skills of business owners.

Collaboration: Partnerships and collaborations that enhance support services for underserved businesses.

Measurable Outcomes: Demonstrable outcomes and success stories resulting from nonprofit programs.

Sustainability: Long-term sustainability and impact of support programs.

Foundations Supporting Underserved Businesses

Purpose: To recognize foundations that have made significant contributions to the development and support of underserved businesses.

Criteria:

Grantmaking Impact: Amount and impact of grants awarded to support underserved businesses.

Strategic Initiatives: Strategic initiatives and programs aimed at fostering business growth in underserved communities.

Capacity Building: Support for capacity-building programs that enhance the skills and resources of business owners.

Long-Term Commitment: Demonstrated long-term commitment to the cause.

Innovation: Innovative approaches in grantmaking and program development.

Corporations Supporting Underserved Businesses

Purpose: To honor corporations that have significantly supported the growth and success of underserved businesses through various initiatives.

Criteria:

Corporate Social Responsibility (CSR): Strong CSR programs focused on supporting underserved businesses.

Financial Support: Direct financial support and investments in underserved businesses.

Mentorship and Training: Mentorship, training, and capacity-building initiatives provided to business owners.

Collaborations: Partnerships with nonprofits, CDFIs, and other stakeholders to enhance support services.

Impact: Tangible outcomes and success stories resulting from corporate support

Government Agencies Supporting Underserved Businesses

Purpose: To recognize government agencies that have effectively supported the development and sustainability of underserved businesses.

Criteria:

Policy Initiatives: Implementation of policies and programs that support underserved businesses.

Funding and Grants: Provision of funding, grants, and financial assistance to underserved business owners.

Support Services: Offering support services such as training, technical assistance, and business development resources.

Collaboration and Partnerships: Effective collaboration with other stakeholders to enhance support for underserved businesses.

Impact and Outcomes: Measurable outcomes and success stories resulting from government initiatives.