Written by: Gwendolyn C. McAfee
The number of African American small business owners in the United States has increased by a staggering 400% in just a year. As the number of black women-owned businesses continues to rise, one of the most important challenges that they face is insufficient access to funds. Finding funding for African American businesses can be an extremely difficult task. So, we are here to help!
While the majority of people with small businesses apply for business loans, some companies and foundations provide small business grants that provide the funding necessary to start or continue to grow a business. The best thing is that grants do not have to be paid back, as long as the business continues to meet the requirements. Because free money is Even better money! Here is a list of small business grants for black women entrepreneurs that provides them with the funding to level up their business.
SoGal Foundation has teamed up with multiple companies and foundations to provide at least (3) $10K and (6) $5K cash grants to Black women or nonbinary entrepreneurs. APPLY NOW!
Beginning June 1, 2020, Girlboss will open its application to offer $15,000 in project funding to female business owners craving to jumpstart their creative pursuits in design, fashion, music, and the arts. APPLY NOW!
Since 2006, the NASE has awarded nearly $1,000,000 to entrepreneurs through the Growth Grants® program by providing small business grants. You could receive up to $4,000 for your business through the NASE Growth Grants program. Apply NOW!
Founded in 1998, the Amber Grant Grants for Women in Business has donated thousands of dollars to women with small businesses. It was launched by WomensNet to honor the memory of a young woman, Amber Wigdahl. You can get up to $4000 this year! Apply NOW!
The Cartier Women's Initiative is an international entrepreneurship program that empowers women to impact entrepreneurs. Founded in 2006 by Cartier, the program is open to women-run and women-owned businesses from any country and sector that aims to have a strong social and/or environmental impact. Apply NOW!
Spanx and The Spanx by Sara Blakely Foundation have been dedicated to elevating and supporting women through entrepreneurship. The Red Backpack Initiative is making at least 1,000 grants of $5,000 each to female entrepreneurs in the U.S. Applications open July 6,2020 !
Founded by CEO, Kathryn Finney, the fund is named after her grandmother, Kathryn “Doonie” Hale, who inspired her entrepreneurial journey and encouraged her to keep going. Since its inception on April 5th, 2020, the fund has invested in over 500 black women entrepreneurs.
PayPal has made a commitment to support Black and other underrepresented minority-owned businesses and communities in the U.S. in an effort to help address economic inequality. Apply Now using the link above.
IFundWomen's Brokered Grants program wants to put grant money into the hands of Black women-owned businesses. They will be giving out five (5) $10K grants + 1 hour of free legal counseling to the recipients. The application deadline is June 15th, 2020. Apply Today!