WILMINGTON – The Pete du Pont Freedom Foundation has received an additional $200,000 from Barclays US Consumer Bank to support the statewide expansion of the Foundation’s Equitable Entrepreneurial Ecosystem (E3). As part of the grant, $50,000 will be allocated to fund a comprehensive research study on Black and Brown entrepreneurs and their economic impact in Delaware.
Developed through an initial $100,000 grant from Barclays and in partnership with the Wilmington Alliance, E3 was launched in March 2020 to help entrepreneurs accelerate their businesses by providing a process where experienced advisors create a clear, supportive, and sustainable pathway to success that includes a comprehensive support structure for the entrepreneur.
“Through our citizenship and CRA activities, Barclays is steadfastly committed to building deep ties into the communities where we live and work,” said Adam Ahmad, Community Reinvestment Act Relationship Manager, Barclays US Consumer Bank in a statement to press. “We view the E3 initiative as a unique opportunity for Barclays to have a positive impact on the community by building a more equitable ecosystem for diverse entrepreneurs and giving them the tools they need to succeed.”
Through E3’s Statewide and Regional Committees, a team of experts work together to identify, vet, and incubate small businesses, with an emphasis on supporting Black and Brown entrepreneurs. E3 complements and works in tandem with the Foundation’s Reinventing Delaware program to create conditions for successful entrepreneurs and innovators across all communities.
With the successful completion of the Foundation’s E3 pilot in Wilmington and the launch of the E3 pilot in Dover, Barclays is further investing in the program to support its statewide expansion. Additionally, the Foundation has just wrapped up its first open application cycle in New Castle County. Businesses selected to move forward will be announced by the end of June. Barclays’ support for this program is part of its Citizenship strategy focused on employability and helping businesses create jobs, as well as the bank’s Community Reinvestment Act (CRA) plan.
