Program aims to support companies founded by women of color who have been adversely affected by the COVID-19 pandemic
NEW YORK–(BUSINESS WIRE)–
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.
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.
“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.”
The application process is now open and will close on October 30, 2020. All fellowships will have a commencement date of November 6, 2020 and end on December 31, 2021.
Notes to Editors
Luminary is the global collaboration hub and community for women who are passionate about professional development and expanding their networks. This inclusive membership community is the ultimate career advocate focused on advancing women through community and content. Founded by Cate Luzio in 2018, Luminary supports thousands of individuals and dozens of corporate members like UBS, WW, JPMorgan Chase, Unilever, Goldman Sachs, Mastercard, Heidrick & Struggles, Girls Inc., and more. Luminary provides hundreds of expert-led programs annually and creates experiences in a one-of-a-kind meeting space. In NYC, members can access three floors of communal working and social space with a private, rooftop deck that’s open year-round, a fitness studio, a beauty bar, and many more amenities. Luminary keeps everyone connected with a digital membership that unites members from around the world and provides unlimited, virtual access to all programs and workshops. This robust virtual experience also includes a proprietary Luminary app, Slack channel, and more. Learn more at www.luminary-nyc.com and follow us on social: @bealuminary.
About UBS Global Wealth Management
As the world’s largest wealth manager, UBS Global Wealth Management provides comprehensive advice, solutions and services to wealthy families and individuals around the world. Clients who work with UBS benefit from a fully integrated set of wealth management capabilities and expertise, including wealth planning, investment management, capital markets, banking, lending and institutional and corporate financial advice.
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Source: UBS Global Wealth Management and Luminary