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Studies show that black women are the most dynamic business owners in the country. According to a J.P. Morgan report, fastest-growing group of entrepreneurs and control 2.7 million enterprises in the United States. Their business have left imprint on every sector, including tech, education, and fashion industry. Let’s have a look you need to know about business grants for black women.
Despite their triumphs, Black women founders and CEOs have faced numerous obstacles, with a lack of funding topping the list. According to a LinkedIn post, 40% of Black women company owners feel that access to money is essential for expanding their enterprises. However, only 19% of them have obtained funding. Thus, the majority have to raise money independently.
To help them on their entrepreneurial journey, black women need more resources. Continue reading to learn more about grants that can assist you in growing your company.
Grants For Black Women In Business
1. Grant Contest for Fearless Strivers
In partnership with MasterCard, this fund supports Black women entrepreneurs who act as role models in their society.
Eleven small firms will receive $10,000 in grants, digital tools, and one-on-one mentoring to help them expand across the nation.
2. HerRise MicroGrant
Since more black women are founding companies, their funding should also increase.
The online community platform gives a $500 monthly prize to a woman-owned small company. HerRise collaborates with businesses, foundations, and donors to help women financially. The recipients have bought computers, promotional items, equipment, and other things with the money.
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3. The Amber Grant for Ladies
Since its founding by WomenNet in 1998, the Amber Grant has aided women in pursuing their interests. It distributes one distinct yearly grant and at least 30,000 to aspiring business owners each month. Grants include:
Each month, one $10,000 Amber Grant
Each month, four $1,000 Amber Grants
Two $25,000 each year Amber Grants
Each quarter, one $10,000 Nonprofit Grant
Application procedures are easy to follow. Applicants simply need to describe their background and future business goals. The recipients have included bakers and scientific inventors.
4. The Black Founder Startup Grant from SoGal
One of the most significant international venues for entrepreneurs and investors is the SoGal Foundation. The organisation has teamed up with sponsors to award $10,000 and $5,000 cash scholarships to Black women or nonbinary entrepreneurs. This is because it’s aware of the effects of systemic discrimination and inequities have had on Black founders.
The recipients of awards will also receive materials on fundraising and business expansion.
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5. Grant for Small Businesses Power Forward
There is strength in moving forward. This endeavour acknowledges Vistaprint, the NAACP, and the Boston Celtics Shamrock Foundation. They have joined to provide $1 million to Black-owned small companies in New England.
Awarded recipients of the Power Forward Small Business grant will receive $25,000 on a rolling basis. Grant recipients will get specialised design and marketing help, as well as recognition on a national level.
6. Growth Grants from the National Association for the Self-Employed
The NASE has pledged to provide its members with $1,000,000 in small company subsidies starting in 2006.
Recipients are eligible for up to $4,000 in funding for marketing, employment, and other business requirements. Applicants are required to provide a business plan outlining the goal and operations of their company. Every three months, the selection committee evaluates the applications.
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7. Comcast’s Gain
Comcast is helping underrepresented small companies access digital equity and funding. Comcast RISE provides money and digital tools to female and underrepresented minority founders. Its goal is to assist small companies that positively impact their neighborhoods.
8. The San Francisco Women’s Entrepreneurship Fund
The Golden City-based female founders are the target audience for this investment. The San Francisco Women’s Entrepreneurship Fund provides mini-grants of up to $5,000. Women can upgrade their enterprises and build more robust networks thanks to the funding.
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9. The Black Future Maker from AT&T
AT&T seeks to highlight the tales of future Black builders distinctively. The telecom business is seeking visionaries that desire to assist others.
On their Instagram page, applicants must post a video or photo outlining their objectives. They will have the opportunity to win $10,000 in cash, a 5G AT&T gadget, a Black Future Maker section on the Dream in Black website, and a unique line of items.
Up to the end of the year, winners are selected by the program each month.
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10. Kinetic Black Business Support Program
According to Kinetic Business, a neighborhood’s small businesses are its beating heart. In numerous cities, the corporation offers financial support to Black-owned businesses.
You can apply if you own a business in Georgia, Charlotte, North Carolina, or Lexington, Kentucky. They may be eligible for a grant of up to $2,500, a year of free internet service, and complimentary business consultation to grow their businesses. Funds are given out to recipients in a first-come, first-served fashion.
11. FedEx Chance Misses Small Business Grant
FedEx offers Small Business Grant Contest where they fund innovative small businesses to grow. You must adequately describe your company’s history to apply, and you win by garnering the most public support.
Since this fund is accessible to everyone, Black women in business should take advantage of it at all stages. The website will have information on the contest until 2023, as winners are chosen annually.
Over To You
The awards mentioned above provide the framework for Black women entrepreneurs to prosper and develop. Because when Black women succeed, we all succeed, and we must continue to support and engage in their passions. This was all you need to know about business grants for black women.
Even if you do not get any grant, I have collected a list of 100 good ventures to launch without capital