According to J.P. Morgan, the rate of growth of businesses owned by black women, 50%, was the highest between 2014 and 2019. An indication that they are the fastest-rising group of entrepreneurs in the United States.
During this period, 42% of businesses opened belonged to black women. And a further 17% were opening one. Despite the encouraging statistics, Black women remain disproportionately underfunded.
To help with that, we share business grants for black women that will help fund their ideas.
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1. Her Rise MicroGrant
Her Rise MicroGrant is a business grant for black women to help them overcome the challenges of accessing financial capital. In partnership with HerSuiteSpot, Yva Foundation offers $1,000 monthly to a woman of color who owns a small business.
Additionally, it gives black women a chance to get coaching and join a community from which they can learn more about financing.
2. SoGal’s Black Founder Startup Grant
SoGal’s Foundation is taking on systemic discrimination facing black people and has set up this business grant for black women to address financial inequality. Together with multiple sponsors, it offers $10K and $5K cash grants.
Winners receive education on how to navigate the fundraising process and get a lifetime membership to some of SoGal’s offers.
3. Power Forward Small Business Grant
Boston Celtics Shamrocks Foundation and VistaPro teamed up and started this business grant for black women. They aim to empower black businesses.
Its partner National Association for the Advancement of Colored People (NACCCP) has committed up to $1 million and regularly gives $25,000. The grant recipients will receive design and marketing resources that fit their needs.
Qualifications for this grant require your business to be based in Massachusetts, be black-owned, and show how it will impact the community. And also demonstrate how they will use the $25,000.
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4. Coalition To Back Black Businesses
The Coalition To Back Black Businesses (CTBBB) was started in 2020 to help black-owned businesses navigate the challenges of COVID-19. All its partners are offering $14 million plus mentoring to this demographic.
In four years (2020 to 2024), CTBBB is giving $5000 to selected applicants in the fall and a further $25,000 in the summer. On top of all these, recipients will get mentorship and online resources.
To be eligible, you need to demonstrate that you run a black-owned business and have employed 3 and 20 people. You’ll also need to be in a financially deprived community and prove how COVID-19 affected you.
5. Black Girl Ventures
Black Girl Ventures (BGV) was founded in 2016 by Shelly Bell to provide capital for black and brown women running businesses that generate under $1 million of revenue. They have funded 450 women across 15 cities. BGV prides itself in being the largest pitch program for black women worldwide.
6. IFUND Women
IFUND Women is a crowdfunding platform that helps them raise capital for their businesses. The aim is to close the funding gap for women-owned businesses. They offer different types of grants. To be in the know, you need to check their website regularly.
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7. New Voice Grants
New Voice Grants seeks to address the disparity of financing black businesses while ensuring sustainability. They want to increase the number of women of colour receiving capital and financial literacy.
They award $100,000 cash grants of $5,000 to $25,000. Awardees get lifetime access to New Voices programs.
8. Amber Grant Foundation Award
Amber Grant is a grant in memory of Amber Wigdahl, who passed on before seeing her business come to fruition. It’s dedicated to women and offers annual grants worth $25,000. Also:
- A monthly grant of $10,000
- A Startup grant of $10,000 each month
- The Non-profit of $10,000 each month
- Business category grants of $10,000 each month
9. Fearless Strivers Grant Contest
In collaboration with Mastercard Foundation, Fearless Strovers Grant launched a contest in 2023 to provide black-owned businesses with capital. The competition offers $20,000, mentorship, and resources to drive business growth. Fearless Funding provides pre-seed, series A and level seed funding to women of color.
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10. COMCAST Rise
It has revived its program to continue its mission, and this time, diversity and inclusion are at the forefront of its initiative. This is another fantastic business grant for black women to get resources to support their work.
Businesses with 100 or fewer employees, have been operational for three or more years, and are independently owned qualify for COMCAST Rise funding.
11. The National Black MBA Association’s Scale-up Pitch Challenge
The association launched its pitch challenge in 2017, allowing early start-ups to meet early-stage investors and venture capitalists. The winner of their pitch challenge walks away with up to $50,000, the second position gets $10,000, and the third position gets $7,500
The eligibility criteria require applicants to be United States residents, have a black founder and one active association member.
Despite the shortfall in funding facing black women, we hope these amazing business grants will help them keep their businesses growing. Check out their requirements and deadline to ensure you meet them.
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