Arizona Black Chamber Supports Businesses Through Impact AZ

Part of the IMPACT Stories series by State of Black Arizona.

How Impact AZ sets the stage to close the racial wealth gap for Black-owned Arizona businesses

The August 2022 State of Black Business report made waves when it was released. The research highlighted stubbornly large financial gaps for Black-owned businesses which, overall, still are younger and smaller than others. But the work also pointed to untapped opportunities for Black-owned businesses in Arizona’s rapidly expanding industries.

Dr. Velma Trayham was one of the business experts who reacted to the data by applying her many strengths in enterprise development and contract development to changing the stark numbers. Impact AZ, a supplier diversity program based both on the circumstances of Arizona’s Black-owned businesses and national models, was the result. Now, Impact is a signature program of the Arizona Black Chamber of Commerce, where Dr. Trayham is also the new CEO.

While many Arizonans probably learned about supply chains for the first time during the pandemic, many corporations and traditionally underrepresented entrepreneurs have been working on increasing the diversity of supplier businesses for years. Supplier diversity is known as a tried-and-true strategy for economic development and a source of innovation among entrepreneurs, but Arizona had not taken full advantage of it. Impact AZ put the idea back on the front lines of economic growth and Black business development.

“IMPACT AZ 2025 set the stage to close the racial wealth gap for Black-owned Arizona businesses by launching a three-year supplier diversity readiness program…with more than 50 participating businesses.” - State of Black Business Report, 2023

A Pacific Southwest Minority Development Council economic impact report in 2023 reiterated the wisdom of starting Impact AZ. It noted, for example, that Arizona’s 203 certified minority business enterprises (Black, Hispanic, Asian Indian, Asian Pacific, and Native American) accounted for $1.5 billion in revenue. However, the council’s research also showed that Black-owned businesses were most likely to be in the smallest revenue category (up to $1 million) compared to others and have the shortest tenures in business.

Impact AZ’s online and in-person components include an interactive-learning platform and live sessions with mentors and business coaches. Business owners develop a strategic action growth plan with benchmarks and performance targets to help them access the support and resources necessary to win contracts. More than 50 businesses started the program in April 2023.

Partnering with corporations and institutions for information and new opportunities is also a primary feature of Impact AZ. From years in business development through her consulting firm Thinkzilla, Dr. Trayham knew that partnerships with established corporations, governments and institutions, plus information and long-term support would spur dramatic new growth among Black-owned businesses in Arizona.

Impact AZ’s multi-year format provides Black business owners with long-term support from the Black Chamber which is devoted to their growth individually and the expansion of Black-owned employer firms overall. The model has gotten off to a strong start too. For example, the Small Business Administration recently approved $3 million in financing for a second center for a participant who is a child care entrepreneur.

The Arizona Black Chamber is poised for institutional growth too. Dr. Trayham noted, with Impact AZ and other initiatives underway, the Black Chamber has set ambitious targets for growing current members’ enterprises and the Black business community overall, including opportunities for youth. Called the Rising Together Campaign, the Black Chamber has committed in the next decade to:

• Support and accelerate 500+ Black-owned businesses
• Create 1,500+ new jobs
• Generate $500 million+ in new revenue.

Dr. Trayham is a nationally recognized business expert and has received numerous recognitions, including the 2024 Most Influential Women in Business by AZ Big Media, the White House Presidential Lifetime Achievement Award in 2022, and Small Business of the Year in Houston in 2018. Her next achievement will likely be to bring the Black Chamber and Black business to new heights. Through Impact AZ and a commitment to partnerships, the Black Chamber is on its way to economic gains for Black businesses and opening industries from health care to semiconductors to more Black entrepreneurs.

Learn more about the mission of Impact AZ.