Last Updated on December 27, 2022 by Selina Parker
Did you know that there are grants available specifically for black women-owned businesses? This could be great news if you want to start or grow your business!
This article will discuss the different available grants for black business owners and apply for them. We will also provide tips on succeeding as a black woman-owned business. Keep reading to learn more!
Funding is essential for successful businesses. However, black-owned companies and minority-owned companies often feel the effects of discrimination. They receive less capital than white-owned businesses, and they face more challenges in getting loans, and other forms of financing grants can help level the playing field and give black women-owned companies the boost they need to succeed.
Here are the numerous small business grants available for black women business owners:
Best Business Grants for Black Women
The New Voices Fund
SheaMoisture haircare and skincare products founder Richelieu Dennis created this initiative, which has a goal of $100 million. They make the foundation to provide business funding for black women for the annual Essence Festival.
The goal of The New Voices Fund is to close the gap between female entrepreneurs and create more significant opportunities for minority women interested in learning more about changes in the world of female entrepreneurship funding. It also emphasizes assisting them in overcoming some of the difficulties that frequently accompany the development and approval of an idea.
We The Culture Grant
The mission of Facebook, formerly known as Meta, is to assist people of color in gaining access to the tools and finance required to bring their next great concept to life!
We The Culture will provide grant funds, educational and developmental tools, and product assistance to those who sign up for the program. The company’s mission is to assist Black entrepreneurs in building long-term businesses through Facebook and Instagram. This grant will also gain access to unique community-building activities and partner management.
Minority Business Development Agency (MBDA)
The Minority Business Development Agency (MBDA) is a federal government institution that promotes the creation and expansion of minority-owned businesses in the United States. The MBDA, like the small business grant program, has over 40 physical locations across the United States where minority entrepreneurs may obtain financial assistance and business advice.
Unlike the Mentored Entrepreneur Program, this is not a grant program in and of itself. The MBDA is a valuable source for black businesses, and you may learn more about grant and loan possibilities on the MBDA website.
National Association for the Self-Employed Growth Grants (NASE)
Are you looking for grant programs to get your business started? This grant can help black-owned businesses expand. The business will get funds, but the budget also covers the cost of items such as PCs, printers, and other necessary equipment to operate your company.
It’s time to take things a step further. The grant covers expenses incurred throughout the hiring process and any additional marketing materials required to keep a business running for the grant recipients.
The Amber Grant Foundation
The Amber Grant Foundation distributes $10,000 monthly grants to small business owners, like the NASE Growth Grant. In this case, though, only women entrepreneurs are eligible for grants, and they help companies startups. You’ll also be competing for the $25,000 annual award if you are one of the $10,000 monthly awards.
The application procedure is also simple: You’ll fill out a brief form on the Amber Grant site, where you’ll explain your business idea and how you intend to spend the grant money. Remember that you must pay a $15 application fee.
Black Women’s Blueprint Fund
The mission of this nonprofit organization is to offer assistance to women interested in starting businesses or organizations connected with economic justice, education, criminal justice, and police brutality. Funding possibilities are available to black women to assist them in excelling in their business endeavors.
FedEx Opportunity Knocks Small Business Grant
While FedEx isn’t ensuring that our packages arrive on time, they’re offering entrepreneurs the chance to win a $25,000 prize by giving them a lifetime package. The business that tells its story best and receives the most votes will receive the $50,000.
This fund is accessible to anybody, making it ideal for Black women at all stages of their entrepreneurial path.
The Halstead Grant
If you love jewelry and run a company around it, this is your grant. The Opportunity Jewelry Design Competition is a program that provides significant funding to women in the jewelry business, with each winner receiving a $7,500 award, $1,000 worth of resources, and personal feedback from all of the judges.
The top five semi-finalists and winners receive $250 and $500, respectively.
SoGal’s Black Founder Startup Grant
The SoGal Foundation has set up a new charity to “close the entrepreneurship and venture capital diversity gap.” The said foundation is dedicated to “ending gender-based financial discrimination.”
The foundation’s goal is to provide funding for women who wish to start their own businesses but lack the resources or expertise. They also assist women in developing their businesses and push them forward by providing funding and support.
They partnered with Twilio, Winky Lux, twelveNYC, and Bluemercury to choose awardees for their $10,000 and $5,000 awards. SoGal Ventures will also provide its portfolio companies with access to a vast network of experts and mentors.
This team will also assist the awardees in obtaining more funding to expand their operations by helping them from start to finish with the application procedure.
NBMBAA® Scale-Up Pitch Challenge
The National Black MBA Association (NBMBAA) holds a Scale-Up Pitch Challenge every year to provide financing for its members.
Their yearly awards include a:
- 1st place award of $50,000
- 2nd place award of $10,000
- 3rd place award of $7,500
- People’s choice award of $1,000
Specific criteria must be satisfied to apply for this funding.
To apply for the grant, applicants must first be a member of NBMBAA.
- At least half of the firm must be black-owned.
- Applicants must be at least 18 years old and a resident of the United States.
- Businesses submitted must be in the early stages of development.
All prize-winning entrepreneurs were black women in 2020. So picture yourself on their list of grant winners for the following year!FedEx, StartCo, and Fiserv sponsor this challenge.
Build Your Legacy
The Build Your Legacy grant by Essence and PineSol offers one black female entrepreneur $100,000.
The grant offers six months of business mentorship with successful entrepreneur Nicole Walters. Their website also contains video lessons for any woman who runs her own company.
How to Increase Your Chance of Getting Funding
Meet the criteria
Every type of grant needs a set of specific requirements that the business must meet to apply. You must go through these before applying for any grants, as it will save you a lot of time and energy.
Some of these grants might not be available to businesses already established, so make sure to check if your business falls under this category.
Comply with the application structure
You have to follow the application structure of the grant you are applying for.
This includes providing the required documentation, such as business plans, financial statements, and tax returns.
Some grants might also require a video or audio recording of your business pitch.
Make sure to submit everything on time, as many grants have strict deadlines that cannot be extended.
Get help from experts
It is always helpful to have someone with experience in the grant application process to help you. Seeking help from a professional will increase your chances of getting the grant you are applying for.
They can help you with the paperwork and give you tips on how to improve your business plan.
Follow up after submitting your application
After submitting your application, make sure to follow up with the organization. You can follow up after a week or two if you haven’t received any response.
This shows that you are interested in the grant and are willing to put in the effort to get it.
Despite the many challenges black women face, especially in business, there are still opportunities for grants and funding. So don’t give up on your dreams and persist through the hardships. You might be the next big thing!
Do you know of any other grants available to black women entrepreneurs? Let us know in the comments below!
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