In the United States, there are many business grants for Black women. These grants offer funding opportunities to them so as to promote racial and gender equality in business and in society. Apart from that, these grants also support entrepreneurship, education, research, arts, and other skills. However, to receive business grants, one needs to identify the right program, meet eligibility requirements, and submit the right application.
In this article, you will learn about some of the most popular business grants for Black women in the United States. However, before that, we will take a look at what business grants for Black women mean and how they work. Finally, we will take a look at the ten most popular grants for starting a business for Black women. Hence, to learn more, read on through to the end of the article.
What Are Business Grants For Black Women?
According to the Forbes Advisor,
“Business grants for Black women are financial resources specifically designated to support Black women in business and other areas like education, research, and art. Government departments, corporations, foundations, and other organizations offer these funds. Grants, as opposed to loans, don’t have to be repaid, making them a great funding option if you can qualify.”
As per Harvard Business Review research, Black women are some of the fastest-group entrepreneur groups in the United States. However, despite having a high startup rate, only 3% of Black women run mature businesses.
With the help of these grants, Black female business owners will be able to bridge the funding gap. There are many grants offered by the state as well as large organizations that help Black women business owners overcome racial biases in society.
Apart from loans and grants, there are also additional resources available for such business owners. These grants include minority business loans and small business training programs.
How Do Business Grants For Black Women Work?
NerdWallet claims –
“Business grants offer free money that can help Black women grow or even launch a business. Although that may sound appealing, small-business grant contests tend to have short application windows and lots of competition for relatively small amounts of funding, so it’s important to tap other resources, too.”
However, when a Black woman wants to apply for a grant, there is a lengthy application and selection process for the same. If you are applying for a grant, you will first need to check whether the grant fits the needs and goals of your business or not. While some grants are specifically for business purposes, others are for smaller and creative projects for minority upliftment.
After you apply for a loan, your application will be subjected to review. A review board or a committee does the review of the application. They check the merit and alignment of the application with the objectives of the grant. They often check the feasibility of the proposed business by looking at the plan. Apart from that, they also check the potential impact of the business on the community in the long run.
After selecting the right applicant for the grant, the organization disburses the grant amount to the recipient. In some cases, the organization disburses the grant in installments after achieving certain goals and milestones. However, the best part about these grants is that the recipients need not pay back the amount.
Top 10 Business Grants For Black Women
According to BankRate.com,
“While many other founders turn to bank loans, credit cards or lines of credit to fund their businesses, Black business owners tend to self-fund, which can be risky. But companies and organizations that create grants for Black women entrepreneurs can give more Black-owned businesses throughout the country the chance to succeed.”
The following are some of the most popular business grants for Black women that you need to learn about:
1. HerRise Micro Grant
With this grant, black women business owners receive $1,000 per month. The Yva Jourdan Foundation and HerSuiteSpot offer grants to black women.
2. Black Girl Ventures Pitch Program
Here, the first-place winner receives $10,000, the second-place winner receives $6,000, and the third-place winner receives $2,000.
3. Corporate Counsel Women of Color Grant Program
It awards $5,000 to Black women business owners. However, the business needs to be at least three years old and must have generated at least $25,000 in revenue.
4. NAACP Powershift Entrepreneur Grant
This grant awards $25,000 to select businesses owned by Black people. The grants also come with mentorship and free resources.
5. NASE Growth Grant For Black Women
The National Association for the Self-Employed awards grants to its members up to $4,000 to finance their business needs.
6. Center for Economic Inclusion Vanguard Accelerator
This grant is for Black and Latina women having businesses in the Minneapolis or St. Paul area. However, the business owner needs to have at least three employees. Furthermore, the business also needs to be at least three years old with annual revenue between $75K and $3mn. The organization selects ten businesses to give $5,000 to each plus loans.
7. Stacy’s Rise Project
This grant is open to all women small business owners who operate in the food and beverage industry. Here, the foundation offers ten grants of $25,000 each.
8. The Amber Grant Foundation
The Amber Grant awards up to $10,000 monthly to help women entrepreneurs launch their businesses. This loan is also applicable to Black women. Once you are eligible for this grant, you can also run for receiving the yearly $25,000 grant.
9. ThirdLove’s TL Effect Grant Program
Apart from a grant program, it is also a mentorship program for Black women business owners. Every year, one recipient gets an amount of $25,000. Apart from that, the business also gets mentorship and financial advice.
10. National Black Business Pitch
The National Black Business Pitch program offers eligible businesses with grants up to $10,000. The amount goes to three Black-owned US-based businesses.
You can see from the article that these grants for black women serve as their business lifeline. With the help of these loans, Black women will be able to launch and expand their businesses. Apart from that, they will also be able to use their loans to create a positive impact in the community. Do you have more information to offer? Consider sharing them with us in the comments section below.