Philadelphia – May 7, 2010 –Two of Philadelphia's leading lesbian/gay/bisexual/ transgender (LGBT) organizations recently announced the creation of a new college scholarship program for business students. The first of the annual awards will be presented in September by the Independence Business Alliance, Greater Philadelphia's LGBT Chamber of Commerce; and Sapphire Fund.

"Sapphire Fund, in collaboration with the Independence Business Alliance, is proud to announce the extension of our Scholarship Program to award a local LGBTQ business student," said Ryan Maxwell, Sapphire Fund president. "This scholarship is our way of recognizing and honoring strength and leadership in the youth of our community."

The scholarship, underwritten in the first year by Merck & Co., will award $1,000 to a student who is pursuing a business-related degree – such as business management, finance, economics or organizational development – and can be used to cover educational expenses such as tuition, books, supplies or room-and-board.

"In addition to promoting economic development and positive social change, the Independence Business Alliance is also dedicated to developing leadership and business excellence in Greater Philadelphia," said Bill Gehrman, IBA president. "We are proud to partner with Sapphire Fund and enhance their mission of contributing to the health and well-being of our community."

Applications, due June 25, are available at IndependenceBusinessAlliance.com or sapphirefund.org.

To be eligible, students must: currently be enrolled full-time in a business program at an accredited college or university in the City of Philadelphia; demonstrate leadership at their school; and either be self-identified LGBT or a supportive straight ally of the LGBT communities.

A scholarship committee comprised of board members from the IBA and Sapphire Fund, as well as a local LGBT business owner, will oversee the selection process.

The funding for the inaugural scholarship came from Merck, a Corporate Investor of the LGBT Chamber. The IBA and Sapphire Fund are already fundraising for subsequent awards. The two organizations will co-host an event to raise money on May 13 from 6:30-8:30 p.m. at Absolute Abstract, 141 S. 13th Street, Philadelphia.

For more information about the scholarship, call (215) 557-0190.

Founded in 2007, the Independence Business Alliance is Philadelphia's lesbian/gay/bisexual/ transgender (LGBT) Chamber of Commerce, representing more than 100 businesses across five counties and two states. In May 2008, the IBA received the National Gay and Lesbian Chamber of Commerce's Rising Star Chamber of the Year Award, recognized as the fastest growing chamber in the United States. Nationally, there are an estimated 1.2 million LGBT-owned businesses, with an estimated $712 billion in spending power. To learn more about the IBA, visit IndependenceBusinessAlliance.com.

Sapphire Fund was established in 2002 to support the efforts of organizations contributing to the health and well-being of Philadelphia's lesbian, gay, bisexual, transgender, and queer community and those who support them. It is a completely volunteer organization, conceived and run by members and supporters of the Philadelphia LGBTQ community. For more information, visit www.sapphirefund.org.

Sapphire Fund is a 501(c)(3) non-profit organization.