Luminary and UBS Wealth Management USA Announce the Launch of the UBS x Luminary Fellowship Program
Program aims to support companies founded by women of color who have been adversely affected by the COVID-19 pandemic
Today, UBS Wealth Management USA and Luminary, a New York City-based, global collaboration hub for women, announced the launch of the UBS x Luminary Fellowship Program. The program is aimed at supporting businesses owned by women of color who have been disproportionately impacted by the COVID-19 pandemic, by delivering the necessary tools in which to rebuild, maintain, manage and grow their companies.
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“The devastating COVID-19 pandemic has created a massive small business crisis in America with women of color entrepreneurs and business owners disproportionately impacted”
With support from UBS Wealth Management USA, Luminary will award a total of 55 fellowships. In order to be considered, the candidates will need to have an established business at any revenue stage and be owned and operated by a woman of color. The program will give the fellows access to Luminary’s extensive global community, workshops, coaching, mentoring, and help make appropriate introductions. Each fellow will also receive best-in-class thought leadership and insights from UBS, with specific support from the UBS Business Owner’s and Strategic Women’s Client Segments. This includes access to the extensive resources from the UBS Business Owner Resilience Center and the UBS Own Your Worth platform and accompanying Financial Participation educational content for women.
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“The devastating COVID-19 pandemic has created a massive small business crisis in America with women of color entrepreneurs and business owners disproportionately impacted,” said Cate Luzio, Founder and CEO of Luminary. “Luminary is proud to team up with UBS to provide fellowships to support women of color business owners with the resources, expert insights, inspirational thought leadership content and global community needed to revive and grow their businesses.”
America is facing its first-ever “she-cession,” a term coined by C. Nicole Mason, president and chief executive of the Institute for Women’s Policy Research, to explain the recession caused by COVID-19 that particularly impacts women in the workforce, and disproportionately hurts women of color. The she-cession has created unprecedented job loss, economic uncertainty and lack of access to school and childcare for working families and business owners.
“Women of color business owners have been adversely impacted by the pandemic and are in need of support to help ensure their businesses can survive and thrive,” said Carey Shuffman, Head of the Women’s Strategic Client Segment at UBS Wealth Management USA. “We are excited to work with Luminary to provide fellowship recipients with meaningful thought leadership, resources and content, community and connectivity, as they look to revitalize, build and grow their businesses for the future.”
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