Let's discuss the updated list of Business Grants for Black Women in 2024. Studies show black women are the most dynamic entrepreneurs in the country.
In addition to being the most educated, they own 2.7 million businesses in the United States and are the fastest-growing demographic of entrepreneurs.
Their companies have impacted every industry, from beauty and fashion to technology and education.
Despite their successes, Black women have faced numerous challenges as founders and CEOs, the most significant of which is a lack of financial support.
According to a LinkedIn article, 40 percent of Black women entrepreneurs believe having access to capital is critical to growing their businesses. However, only 19% have received funding, forcing the majority to self-fund their businesses.
Are you a black woman looking for funding? This article provides the best business grants for black women.
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About this Business Grant for Black Women
Grant is the financial assistance federal, state, county, or local governments and private businesses or corporations provide to an individual, company, non-profit, or corporation.
A business grant is funding provided to business owners by several companies, non-profits, and government agencies. What's more, the best part? These grants are specifically for black women.
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Types of Business Grants for Black Women
There are various grants, and you may only be eligible for some. Grants typically are obtained from the following sources:
- Government. They give at the federal, state, and local levels
- Several foundations
- Business organizations
Government grants are often seen when compared to others, while grants made by businesses may include a “competition” aspect.
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How to apply for business grants for black women?
Step 1: Determine the exact thing you require funding for and be as specific as possible.
Also, determine-
- Costs of hiring and training
- Wages for employees
- Paying for marketing and advertising
- Renovations and leasehold improvements
- Assistance with cash flow
- Buying tools, supplies, or equipment
Step 2: Determine how much funding you require (again, be very specific)
It is not easy to ask for money. Why would anyone give you money? When seeking financing, you must be honest, convincing, and enthusiastic, but most importantly, you must know what you are talking about and be correct.
Break it down into specific needs and seek funding from various programs rather than just one to cover your needs.
If you need a total of $25,000 to start your business, your best search for funding advice would be to divide it into your specific needs, such as $7,000 for hiring employees and paying them wages for two months.
Now you have the option of applying to multiple programs. Since not all funding programs fund every purpose, breaking down your funding needs allows you to apply to various programs, increasing your chances of success.
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Step 3: Make sure you have a business plan in place.
A business plan is one tool no business (startup or existing) should do without. Unsurprisingly, everyone wants to see it when applying for small business grants, loans, and financing.
Having a professional create a business plan can be very expensive, costing several thousand dollars. So it is not worth paying $3,000 to have a plan formed to apply for a $3,000 funding program.
When writing your business plan, clearly explain your company and outline your funding requirements.
Step 4: Seek professional assistance.
While it is your business, no one said you must do everything independently. In fact, you're probably hearing from successful entrepreneurs all the time that delegating is the best thing they've ever done.
Leave the search for small business funding, business plans, and all that “complicated” stuff to the experts while you focus on your business.
Getting expert assistance is the quickest way to get your business up and running and funded by the government.
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Top 10 Business Grants for Black Women
#1. The Amber Grant
WomensNet established the Amber Grant in 1998 to honor the memory of Amber Wigdahl, a 19-year-old who died before realizing her business dreams.
Each month, WomensNet distributes at least $30,000 in grant funds to awardees who best meet the funding criteria.
The following grants are currently available:
- WomensNet offers free, hands-on marketing assistance to two winners each year through the Marketing Grant.
- The Non-Profit Grant: Each quarter, one non-profit business or organization is awarded $10,000.
- Mini-Grants: Throughout the year, they distribute small grants of up to $2,000.
The Amber Grant requires only one application to make you eligible for all grants related to your business, making the process simple and painless. This is one of the best business grants for black women.
In other to be eligible, businesses must be at least 50% female-owned and based in the United States or Canada. Each month, they announce the winners by the 23rd.
#2. The Power Forward Business Grant
The Power Forward Business Grant program seeks to support Black-owned small businesses.
The program represents a $1 million total commitment from Vistaprint and the Boston Celtics, who have collaborated with the NAACP to award $25,000 grants on a rolling basis.
Grant recipients get featured on national co-branded platforms and will receive marketing and design resources tailored to help their businesses grow and thrive as a result of this initiative. They are one of the business grants for black women.
To qualify, applicants must be Black owned businesses with no more than 25 employees.
Applicants must demonstrate the impact of their business on the larger community and explain how they plan to use the $25,000 small business grant.
Apply for Power Forward Small Business Grant Program
#3. Coalition to Back Black Businesses
The Coalition to Support Black Businesses is a multi-year initiative co-founded by the United States Chamber of Commerce Foundation and nine businesses and organizations. This is one of the best business grants for black women.
Over four years, it will provide more than $14 million in grants, training, and resources to Black-owned small businesses. Each fall, the annual program accepts applications for $5,000 grants.
To be eligible, businesses must:
- Meet the requirements for being a Black-owned business in a qualifying industry.
- Employ three to twenty people (including the owner and any full-time employees, part-time employees, or individuals working under 1099 or similar contracts).
- According to the Distressed Communities Index, be in an economically vulnerable community.
- If you have suffered a financial loss as a result of the COVID-19 pandemic.
Apply for Coalition to Back Black Businesses
#4. Capital One Business Grant Program
Capital One, in collaboration with the Association for Enterprise Opportunity (AEO), launched a program in 2022 to support Black entrepreneurs by awarding $10,000 grants to businesses that suffered during the pandemic.
Grantees receive funding on a rolling basis. With the cash award, grantees receive free resources from Capital One's Business Hub, such as networking opportunities and actionable advice from other successful business owners.
This grant program is one of the business grants for black women.
Apply for Capital One Business Grant Program
#5. Sage Invest in Progress Grant
The BOSS Network, an online community of professional and entrepreneurial women, and Sage, a leading provider of integrated accounting, payroll, and payment systems, have partnered to launch the Invest in Progress Grant.
This program provides annual grants of $10,000 to Black women entrepreneurs.
Winners will also receive a year of membership to BOSS University, an online program that assists Black women in starting and growing businesses.
The grant program will award $1.5 million over three years. This is one of the best business grants for black women.
To be eligible, you must:
- Make a name for yourself as a Black woman entrepreneur.
- Be the founder of a for-profit company founded within the last five years.
- Have a proven financial need.
- Be ready to take part in a virtual business mentoring program.
#6. The Social Black Founder Startup Grant
The SoGal Foundation, in partnership with several other sponsors, created its Startup Grant program to provide $5,000 and $10,000 cash grants to Black women and nonbinary entrepreneurs. It is currently one of the best business grants for black women.
Recipients will also have lifetime access to the SoGal Foundation and SoGal Ventures teams. Winners also receive tactical assistance in locating additional funding opportunities to help them scale their businesses.
An entrepreneur must self-identify as a Black woman or a Black nonbinary entrepreneur to be eligible (this includes multiracial Black women and multiracial Black nonbinary folks). This is one of the best business grants for black women.
You must also:
- Make sure your business is legally registered.
- Plan on seeking investor funding to scale up now or in the future.
- Have a scalable, high-impact solution or idea and the desire to become the next billion-dollar company.
Apply for SoGal Foundation Grant
#7. The New Voices Fund
Richelieu Dennis, the founder of the beauty brand SheaMoisture, announced the creation of the $100 million New Voices Fund in 2018.
She aims to provide financial resources to entrepreneurs of both existing and aspiring women of color. This is one of the best business grants for black women.
Since then, the cosmetics company has launched a variety of initiatives and grants, including:
- Women of Color E-Lab: A $100,000 fund that provides access to entrepreneurial training and education to ten women of color.
- The Black Business Relief Fund is a $100,000 fund that will assist 20 Black-owned businesses at risk of closing due to the COVID-19 pandemic.
- Brown Girl Jane: A program that provides two $25,000 grants and ten $10,000 to Black female leaders in the beauty and wellness industries.
- The Next Black Millionaire Fund: Three Black-owned businesses received $100,000 in funding and retail opportunities.
SheaMoisture continues to launch new funds for Black women-owned businesses to meet its annual goal of providing $1 million in direct funding. They run one of the best business grants for black women.
Apply for New Voices Fund Grant
#8. FedEx Small Business Grant Contest
FedEx established the FedEx Small Business Grant Contest in 2012 to assist small businesses in growing. The contest has awarded more than $1.5 million in cash and prizes to over 100 small businesses.
Nearly 18,000 applications get accepted yearly, with almost 18,000 in 2022 alone. A company must be for-profit and operate for at least six months to be eligible. This is one of the best business grants for black women.
It must also have a FedEx account number and have fewer than 99 employees. Applicants who already ship regularly with FedEx get preferential treatment.
While FedEx's awards are not specifically for women of color, the competition focuses on business owners, making it an excellent opportunity for Black women just starting a business.
Apply for FedEx Small Business Grant Contest
#9. The Annuity Freedom Bipoc Small Business Grant
The Annuity Liberty After witnessing the tremendous impact COVID-19 had on Black, Indigenous, and POC (people of color) entrepreneurs, the founder and CEO established the BIPOC Small Business Grant.
While the grant does not provide financial assistance, it does provide free marketing assistance. It can help drive organic search traffic to your website, allowing you to grow your business online.
In addition, the program offers free SEO evaluations, advice, and planning. Grantees get chosen on an ongoing basis. This is one of the best business grants for black women.
Apply for Annuity Freedom BIPOC Small Business Grant
#10. The National Black MBA Association's Scale-Up Pitch Challenge
In 2017, the National Black MBA Association launched the Scale-up Pitch Challenge to connect startups with early-stage investors and venture capitalists. They are one of the best business grants for black women.
Applicants initially pitch their business ideas to the judges, and then three finalists compete live in Atlanta for the $50,000 grand prize.
A $10,000 second-place prize, a $7,500 third-place prize, and a $1,000 People's Choice Award are also available.
The Scale-Up Pitch Challenge is currently accepting applications. Teams must have US residents over the age of 18 to be eligible.
They must also have a Black (of African descent) founder with at least an equal stake in the startup. (For example, if the startup has three owners, Black must own at least 33% of the company).
Ensure that at least one team member is a current National Black MBA Association member.
Apply for Scale-up Pitch Challenge
What other places can you find Business Grants for Black Women?
Aside from the grant providers mentioned above, several companies and non-profit organizations provide assistance and funding to Black female-led businesses.
Many of them keep extensive databases of high-dollar grants and other resources.
Some examples are:
#1. Grants.gov
Grants.gov is the official website for federal grants. This is another option to getting business grants for black women.
Here you'll find a comprehensive list of government grant programs, including grants for minority-owned businesses and general grants open to a broader entrepreneurial base.
You must review each grant for funding amounts, eligibility requirements, and application deadlines. There are also grant-writing tips and a grants learning center on the website.
#2. Black Girl Ventures
Black Girl Ventures (BGV) is on a mission to help Black and Brown women access funding opportunities for business growth.
Shelly Bell, a serial entrepreneur, and computer scientist founded the organization in 2016 and hosted the world's largest pitch competition for Black and Brown women founders.
BGV has funded 264 women of color and has recently held over 30 BGV pitch programs in 12 cities. This is another option to getting business grants for black women.
In addition, the organization provides fellowships and virtual communities to help female and female-identifying founders of color.
#3. Minority Business Development Agency (MBDA)
The Minority Business Development Agency (MBDA) is part of the United States Department of Commerce. Its mission is to minority-owned businesses' growth and global competitiveness.
The MBDA operates dozens of business centers, including specialty women's business centers, and maintains a national network of grantees who provide personalized business development assistance to one another.
The MBDA does not directly provide grants but funds programs that award grants to qualified businesses. This is another option to getting business grants for black women.
Minority Business Development Agency
#4. IFUNDWOMEN
IFundWomen (IFW) is a non-profit organization dedicated to closing the funding gap for women-owned businesses.
To that end, it runs a platform that enables women-led businesses to fundraise online, apply for small business grants, and connect with the larger entrepreneur community.
The organization's grants page is a treasure trove of opportunities for female and female-identifying entrepreneurs. This is another option to getting business grants for black women.
The page is regularly updated with grants from IFW and its partners, which include American Express, Diageo, Unilever, and Visa.
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Frequently Asked Questions
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Conclusion
There you have it, the top 10 best business grants for black women. It's no secret that Black women own more than 36% of all black-owned businesses, while women own roughly 19% of all other businesses.
The phenomenal growth of black women in entrepreneurship is tremendously inspiring.
These grants above will help you jumpstart your business into something big if you are a black woman.
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