- Is the B3 Elevation boot camp virtual or in-person? Also, what day and time is it held?
The B3 Elevation boot camp sessions are conducted online via zoom. Each cohort will determine the evening day of the week for the 2.5-hour session. Typically, sessions will begin after 4pm and conclude by 8pm at the latest.
- How many hours are required each week for B3 participation?
The in-class time will range from 2.5 to 3 hours per week, once a week, in the evening. Outside of class time, B3 Entrepreneurs will be required to meet with their mentors and coaches monthly. We anticipate 2 hours minimum per week for homework and or meetings with coaches and mentors. A total of five hours per week is our estimation of the entrepreneurial commitment required for B3 Elevation boot camps.
- How much grant funds are available for companies that complete the B3 boot camp?
B3 Entrepreneurs who complete the boot camp will receive monetary grant funds to support their operations. The funding is designed to encourage and celebrate the completion of the program, but is not the focal point. The true wealth of the B3 initiative lies in the coaching, mentoring and informational elevation of each Black-owned business selected.
- What are the stipulations of the grant money? How does it need to be spent?
B3 Entrepreneurs who successfully complete the boot camp program are able to spend the grant funds in any way they see fit for their business operations. There will be no monitoring or tracking of how grant funding is allocated.
- Do you offer any programs for small businesses, without the income capital required?
Yes, please refer to our community partner organizations. (SCORE, SBDC) for opportunities where a lower income requirement apply.
- Do you offer any training to entrepreneurs who are starting a new business?
No, please refer to our community partner organizations. (SCORE, SBDC) for opportunities for start-up/new businesses.
- Is there any cost associated with the B3 Elevation 10-week boot camp?
No. B3 Elevation is a competition for selection as a B3 Entrepreneur. B3 Entrepreneurs are not charged any fees to participate.
- I am a Black owner of a small business, I live in Detroit, but the physical address of the business is Ohio, can I still apply for the Detroit Cohort?
No, your business must operate in the state of each cohort. You can live anywhere, but your application must be reviewed and evaluated for business participation in the same state of the cohort. Therefore, in your scenario, an Ohio Cohort would be the region your business could participate in B3 Elevation.
- Can an employee of the black-owned business complete the program, or is the owner required to attend?
B3 Entrepreneurs are required to attend all sessions with two excused absences allotted for successful cohort completion. One employee or representative of the B3 Enterprises will be allowed to sit in for the entrepreneur during any missed excused absences.
- What do I receive after completing the 10-week boot camp?
All B3 Entrepreneurs who successfully complete the 10-week boot camp will receive a monetary grant, a Small Business Development Council business mentor for the lifetime of their enterprise, new relationships with JP Morgan Chase, B3 and all B3 community partner organization representatives as well as a graduation gala sponsor gift.