How Can I Access Business Grants for Black Women?

Business grants for Black women can be a very powerful tool in helping to eliminate the extra barriers that black women often face in starting and running their businesses.

Black women’s business grants are a necessity of the crucial funding mechanism that makes black and female gender equality possible in many industries, including business.

These grants facilitate education, enterprise, art, research, and others. To get a business grant one has to look for appropriate programs, fulfill eligibility requirements, and write an interesting application.

Keep reading to discover opportunities that can make a difference in your life.

Business Grants for Black Women

Here are some grants designated for Black women:

1. Black Women Blueprint Fund

This non-profit is for women who are passionate about starting up businesses or groups that focus on issues such as gender equality, education, police violence, and the criminal justice system.

Furthermore, black women are supported through the provision of funding that allows them to pursue their entrepreneurial ventures.

2. National Association for Self-Employment Growth Grants

Seeking an approach to accelerate your business? This rewarding mechanism will empower black women to start their businesses and embark on their entrepreneurial journey.

Nonetheless, the grant will not only give you money, but it will also pay for the cost of buying equipment such as computers and printers as well as any other supplies required for the operations of your business.

Also, the grant covers any extra marketing materials required to sustain a business and pays for any costs tied to the hiring of part-time workers.

3. Zions Bank Smart Women Grants

By the means of Smart Women Grants, the organization provides financial help.

Also, this initiative was created by Zions Bank as an expansion of its dedication to providing minority women with the tools they need to convert their ideas into profitable ventures.

4. The Halstead Grant

This grant is just for you if you are a jewelry lover and getting your living out of it.

The winner of the prize gets a $7,500 grant, $1,000 worth of supplies, and individual coaching from all judges. 

This initiative is a very good opportunity for women working in the jewelry industry as it gives them significant financing.

Moreover, the highest 5 semi-finalists and finalists will be awarded $250 and $500, respectively.

5. Amber Grant for Women

That is one thing, dreaming, but the support for it is quite another. Amber Grant awards $500 to monthly recipients and helps minority women with the dream of starting their businesses.

Furthermore, the 12 lucky monthly winners will also get $1,000 added to their savings account at the end of the year.

Mentors and investors are the ones who provide women with all the required tools and the grant helps them in this endeavor.

In addition, this application is not specific to just a specific concept, you do not even need to have a funded business or a running business to be considered.

6. HerRise MicroGrant

The HerRise MicroGrant, which is run in partnership between HerSuiteSpot and The Yva Jourdan Foundation, provides financial assistance to women of color.

Every month, one randomly chosen person gets a $1,000 grant to contribute to his or her business in the community.

This grant is dedicated to Black women who have been facing the challenge of obtaining the funding they need in the startup phase of their business.

The HerRise MicroGrant is available to women of color business owners in the U.S. who are majority owners, registered, and whose revenue is less than $1 million.

7. Corporate Women of Counsel of Color Grant Program

The CCWC Grant Program grants $5,000 to five recipients each year in the Corporate Counsel Women of Color.

This nonprofit organization, boasting over 4,700 women of color attorneys, is dedicated to promoting diversity and inclusion in business and law.

Applications for the CCWC Grant Program are accepted continuously, with grants given out twice per year. 

To be eligible, you must operate a legal, for-profit business in the U.S. that was established as of January 1, 2020, and has generated over $25,000 in revenue since then.

8. Black Girl Ventures

Black Girl Ventures (BGV) offers the Pitch Program to empower Black or brown women entrepreneurs in specific cities.

Participants compete in a pitch competition, with first-place winners receiving $10,000, second-place winners receiving $6,000, and third-place winners getting $2,000.

During the pitch competition, each founder has three minutes to present their business idea and another three minutes to answer audience questions. The audience then votes for the winner.

9. 37 Angels

37 Angels partners with business angels to give financial support to women-owned small businesses.

After every two months, the eight companies are given a chance to pitch to 37 Angels’ network investors in New York.

Disbursement of selected businesses takes place ranging from $50,000 to $200,000 for each one with an average investment of $25,000.

To apply, businesses should create an account on Gust and have a 20-minute meeting with 37 Angels to see if they are a good fit. 

10. IFundWomen Universal Grant

IFundWomen is known for its partnerships with organizations including VISA, Botox, and Johnny Walker, that offer grants to female entrepreneurs. 

The organization has in the past given out business grants that were only for Black women.

The presently available grants for Black woman-owned businesses in the U.S. are not open but you can still apply for the IFundWomen Universal Grant Application.

The fact that you’ve filled in the application means that you are now part of their pool, so you will be automatically eligible for any grants that match your criteria.

11. NAACP Powershift Start-Up Grant

The NAACP Powershift Entrepreneur Grant, a partnership between Medium Rare and The Shark Group, is annually awarded on Black Entrepreneurs Day.

This program provides $25,000 in grants to develop the Black business community. Also, winners are provided with mentorship and other useful resources that can help them succeed.

Grants under the Powershift Entrepreneur Grant can be applied for by black entrepreneurs who are just starting out or already established businesses online.

12. TL Effect

The TL Effect provides funding to women-identifying entrepreneurs so they can scale their businesses.

Every twelve months, the winning entrepreneur receives a $20,000 grant which is accompanied by mentoring, workspace access, and other resources.

In addition to gaining access to ThirdLove’s customer base, winners will see an increase in brand awareness and sales.

To qualify, entrepreneurs must be women of color with an early-stage, consumer-based startup that’s at least 51% women-owned. 

13. Fast Break Small Business Grant

The Fast Break Small Business Grant, brought to you by LegalZoom, NBA, WNBA, and NBA G League, assists Black-owned small businesses. 

Managed by Accion Opportunity Fund, this program provides $3 million in grants and $3 million in products and services to support Black women and other Black small business owners. 

Each chosen business receives a $10,000 grant along with LegalZoom products and services worth up to $500.

14. Invest in Progress Grant

The Invest in Progress Grant is part of The Boss Impact Fund by Boss Network and Sage, which supports Black women-owned businesses. 

Over the next three years, the program plans to distribute $1.5 million to business owners nationwide. 

Each grant recipient will receive $10,000, a one-year scholarship to BOSS Business University, and monthly mentoring from BOSS or a chosen agency.

15. Beyond Open Small Business Grant Program

The Beyond Open Small Business Grant Program, operated by the Foundation For The Carolinas

It aims to distribute over $15 million in grants across three application rounds. 

Prioritizing diverse-owned small businesses, they anticipate granting funds to many Black women entrepreneurs. Grant funds must be used for purchasing capital assets.

Other Options for Black Women in Business Financing

Grants are a valuable funding option for Black women, but there are other ways to get financial support for starting businesses or entrepreneurial ventures.

1. Special purpose credit programs: Some foundations or companies offer low-interest loans, credit lines, or credit cards specifically for Black women.

2. Small business loans: These are good for businesses that qualify for traditional financing. Personal loans can also help sole proprietors finance their operations and growth.

3. Business line of credit: This lets you access funds as needed, which is helpful if your business has unpredictable cash flow.

4. Business credit cards: These work like personal credit cards, providing a revolving line of credit for business expenses and helping build business credit.

5. Crowdfunding: This involves asking many people, often online, for small contributions toward your project or business idea. It’s popular for creative projects, businesses, and charitable causes.

How Do Business Grants for Black Women Work?

Grants tailored for Black women offer valuable opportunities, though securing them typically involves navigating a thorough application process. 

To begin, it’s essential to pinpoint grants that align with your business or project objectives. Some grants cater specifically to entrepreneurial ventures, while others support education or creative initiatives.

Once you’ve identified a suitable grant, expect a comprehensive evaluation conducted by a review board or committee. 

They assess each application meticulously, considering factors such as the project’s feasibility, potential community impact, and its sustainability beyond the grant’s duration.

Successful applicants receive the grant funds, often in installments linked to achieving predetermined milestones. 

Unlike loans, grants are not required to be repaid, providing a vital financial boost without the burden of repayment.

How Black Women Can Improve their Odds for Business Grants

The grant application can be tiresome and discouraging if you apply for several awards without success for several years.

It requires willpower to keep moving forward, and your chances of winning increase the more applications you submit.

However, there are other ways to increase your chances of receiving a grant and getting the money your for-profit company needs than simply playing the numbers game.

Here are some strategies to give your grant proposals more credibility:

1. Meet the Requirements

When looking for grant opportunities, it’s easy to get excited and possibly get starry-eyed when you see the award amount.

More so, you can waste your time applying for a grant you don’t even qualify for if you don’t take the time to carefully read through the grant requirements.

Every time you select a grant, carefully review the details they offer to determine your eligibility.

Sometimes you might not be eligible right away, but all you need to do is join the organization or make a few little adjustments to start being eligible.

2. Don’t be Generic

Many scholarships receive hundreds of submissions. Your suggestion needs to be exceptional to be chosen as a recipient.

Meanwhile, your proposal should be written with enthusiasm and on your own terms. How will the judges decide that your business deserves a grant if you can’t persuade them of its value?

Visualizing your data is an excellent method to make your application stand out to the judge. This can take the shape of a graph, table, or chart outlining the advantages of your company.

3. Use Real Data to Tell your Story

It’s fantastic to have high objectives, but businesses don’t just give money away because they have lofty goals.

However, your proposal needs to make sense and be supported by solid data. All grant reviewers will be interested in learning how you intend to use the funds and what you hope to achieve with them.

Avoid overcommitting yourself by promising something you can’t deliver on. Many grant requests are turned down simply because the proposal is too absurd.

Conclusively, one of the awards on this list might be for you since many Black women entrepreneurs are just one small investment away from building a profitable business.