New Black Chamber CEO's priorities: Access to capital, securing contracts

The new CEO of the Black Chamber of Arizona is aiming to boost Black entrepreneurship by helping connect business owners to capital and growing the reach and advocacy of the organization.

Velma Trayham, CEO of Scottsdale-based Thinkzilla Consulting Group, was named president and CEO of the Black Chamber of Arizona in mid-March, following the death of Robin Reed, who had served at the organization’s leader since 2016.

Trayham is also the founder of Millionaire Mastermind Academy, a nonprofit focused on growing diverse female entrepreneurship.

Trayham, who said she grew up in poverty, said her goal is to eliminate poverty through entrepreneurship.

At an event marking the beginning of her time as CEO, Trayham said she plans to build on some of the programs the Black Chamber was already using and create a hub for resources for Black business owners, which could be valuable for chambers of commerce around the state serving all types of businesses.

Trayham pointed out the Impact AZ program, which the Black Chamber and Trayham’s Millionaire Mastermind Academy have run for the past few years.

The program is a supplier readiness program that trains Black business owners to compete for contracts from other businesses and government organizations to grow their opportunities. In addition to continuing that training, she said she plans to expand the offerings to help businesses that are smaller and looking to grow and scale up.

Procurement and securing contracts are some of Trayham’s biggest goals for members of the Black Chamber, which can provide a way for them to scale while working with governments or corporations.

She also plans to meet with economic development directors from cities around the state to learn more about the small business resources and needs in each city, to inform the chamber’s advocacy.

Data collected from the State of Black Business report, done by the Greater Phoenix Economic Council, the Black Chamber of Arizona, JP Morgan Chase and SRP, shows that Black-owned businesses still struggle with equitable access to capital, like loans or venture capital investment.

The Black Chamber will continue to focus on “capital readiness” to help businesses understand how to secure funding and understand the underwriting process, Trayham said. The organization will also grow a venture fund to help Black and minority entrepreneurs get funding and investment as they are getting started or growing.

The Black Chamber will also eventually have regular meetings for entrepreneurs that have a business idea but don’t know where to start.

“A lot of times people don’t know the opportunities that are available to them,” she said.

Reach the reporter at cvanek@arizonarepublic.com. Follow her on X, formerly Twitter: @CorinaVanek.

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This article originally appeared on Arizona Republic: New Black Chamber CEO Velma Trayham shares plan to grow group's reach