If you’re a black woman with an entrepreneurial spirit, you may want to start or grow your own business. However, starting a business can be difficult, especially when it comes to getting funding. That’s why we’ve put together a list of the top 21 business grants for black women in 2023. In this article, we’ll look at each grant that’s available to black women in business.
Business Grants for Black Women
There are several business grants that black women can access to fund their small businesses. The top options include the following:
#1. Zions Bank Smart Women Grants
Zions Bank offers Smart Women Grants. These are microgrants worth $3,000 given to individuals or organizations that promote women’s empowerment or directly benefit women, low-income. Since 2005, these grants have been awarded to support women in achieving financial independence and positively impacting their communities. The grants are available to all individuals, irrespective of their association with Zions Bank or their residence.
To apply for the Smart Women Grants, interested individuals or organizations can visit the Zions Bank website at www.zionsbank.com/smartwomen. You can also call 800-737-6586 for more information or to obtain an application.
#2. Amber Grant Program
The Amber Grant Program is a program that provides grants to businesses owned by women. WomensNet was founded to honor the memory of Amber Wigdahl, who passed away before achieving her business dreams. The program offers financial support to women entrepreneurs by awarding grants monthly and annually.
To apply for an Amber Grant, you must fill out an application form on the WomensNet website.
#3. New Voices Fund
The New Voices Fund is an organization that aims to provide grants for women of color. This is to drive scalable and sustainable businesses that create generational wealth. The organization recognizes that women of color entrepreneurs face unique challenges in accessing grants compared to their counterparts. Hence, they aim to close the funding gap for black women in business through partnerships, grants, and individual donations.
#4. The National Council of Negro Women’s Grant
The National Council of Negro Women (NCNW), a nonprofit organization, was launched in 1935. They work towards advancing African-American women’s opportunities and quality of life, including their families and communities. Also, they serve as an umbrella organization for several African-American groups and have a reach of about four million women. They carry out their mission through research, advocacy, national and community-based services, and programs in the United States and Africa
#5. SoGal’s Black Founder Startup Grant
The SoGal Black Founder Startup Grant is a program that gives black women in business grants of up to $10,000. The grant program always takes applications, and the winners are chosen at the end of each month. If you are chosen as an awardee, you will get the money and “ask-me-anything” help from the SoGal Foundation and SoGal Ventures teams for the rest of your life. To apply, visit the grant website at https://www.iamsogal.com/black-founder-startup-grant/.
#6. NBMBAA® Scale-Up Pitch Challenge
The National Black MBA Association® (NBMBAA) puts on a pitch competition called the NBMBAA® Scale-Up Pitch Challenge every year to help promote early-stage startups. The competition aims to help new businesses get noticed and find ways to get funding. They also get to meet with investors and venture capitalists. Generally, the challenge presents black women with big ideas with the opportunity to pitch their ideas and win cash prizes.
#7. iFundWomen
iFundWomen has a specific crowdfunding program called “IFundWomen of Color,” which is for advancing women entrepreneurs of color. They achieve this by granting women access to capital, coaching, and connections. This grants program also provides additional support and resources tailored to the needs of women of color. It offers benefits such as invitations to events in key markets, exclusive webinars, access to a private Slack community, and exposure for entrepreneurs and their businesses.
#8. Minority Business Development Agency
The Minority Business Development Agency (MBDA) is a federal body established to increase the number of minority-owned firms and their competitiveness. It provides strategic business consulting services, outreach, advocacy, grants, and technical assistance to black women to expand their business prospects.
#9. Build Your Legacy Grant
The “Build Your Legacy Grant” is a grant program that provides funding for various projects and initiatives. This grant, in collaboration with Essence and PineSol, offers grants of up to $100,000 in grants to black women in business.
#10. Black Women’s Blueprint Fund
The Black Women’s Blueprint Fund empowers women and girls of African descent and eliminates gender and racial disparities through research, policy advocacy, and organizing. To support their mission and objectives, the Black Women’s Blueprint organization has a Gender Justice Fund. Through this fund, they develop innovative community partnerships, share resources, and provide financial support to individual activists and groups that align with their mission and objectives
#11. The Halstead Grant
The Halstead Grant is an annual competition for new jewelry businesses working with silver. It offers start-up capital, merchandise, recognition in the industry, and help with press strategies to the winners and finalists. The application process involves answering questions about your business plans, artistry, community involvement, and fund utilization. The grant has been recognized as a turning point in many past winners’ careers. To apply for the Halstead Grant, visit the grant page at grant.halsteadbead.com/application and download the application form.
#12. National Black Nurses Association (NBNA)
NBNA is a nonprofit organization founded in 1971 to promote African American women in the nursing profession and improve the health status of African Americans. It provides a platform for collective action and advocates for healthcare needs. They also offer various programs and services to its members and the community. It also implements strategies to ensure access to healthcare that is equal to or above the healthcare standards of the larger society
#13. The Black Girls Dream Fund
This program offers a $100 million grant for black women starting and growing their businesses. It also provides mentorship and training programs. The Black Girls Dream Fund is a 10-year plan to help and improve the lives of black girls and women in many ways by raising money. It comes from the organization #1Billion4BlackGirls, which wants to spend $1 billion on Black girls, femmes, and kids who don’t fit into one gender by 2030. The program usually focuses on education, health, economic opportunities, social justice, and leadership.
#14. Black Career Women’s Network Grant
The Black Career Women’s Network (BCWN) is a national career development organization dedicated to fostering the professional growth of black women. They provide access to networking opportunities, career guidance and mentorship, professional development resources, and potential job opportunities. The BCWN also offers a grant program to help connect black women with grants for their business.
#15. HerRise MicroGrant
The HerRise MicroGrant program provides grants to women of color who are often unable to secure funding for their small business. Women of color who owns a small business can receive a $500 monthly award from the grants program. The grant is intended to support women of color in creating innovative solutions that positively impact their communities.
To apply for the HerRise MicroGrant, you need to share your business pitch and plan in the application. The application deadline is typically at the end of each month, and the winners are announced at the HerSuiteSpot First Friday Mixer in the following month
#16. The Coalition to Back Black Businesses
The Coalition to Back Black Businesses is a multi-year initiative to support black-owned small businesses and their communities. It offers grants, mentorship, and resources to empower black small business owners. To be eligible for the grant program, businesses must be at least 51% black-owned and have 3 to 20 workers. The application period typically opens in the fall and runs for a specific period, usually several weeks. The selection process involves a panel of judges who evaluate the applications and select the grant recipients.
The Coalition to Back Black Businesses program supports black-owned small businesses by offering grants, mentorship, and resources to help them recover from the COVID-19 pandemic.
#17. Black Girl Ventures
Black Girl Ventures (BGV) is an organization that provides support, resources, and grants opportunities for women of color in a tech-enabled profitable business. They aim to create a more equitable society by helping these founders access social and financial capital. One of the ways BGV supports entrepreneurs is through its pitch events. In addition to pitch events, BGV provides access to capital, education, leadership development, and connections through its online incubator called BGV Connect.
#18. Female Founders Fund
The Female Founders Fund is an investment firm that funds female-founded companies. The Female Founders Fund aims to address this funding gap by providing financial support, resources, and a community for female entrepreneurs. They generally invest in various sectors and offer mentorship, events, content, and a podcast to support the companies they invest in.
#19. Entrepreneurs of Color Fund (EOCF)
The Entrepreneurs of Color Fund (EOCF) program can help women of color by giving them consulting services, tools, and grants for their small businesses. It is a joint attempt by CDFIs, nonprofits, and financial institutions to help entrepreneurs of color deal with systemic barriers and a lack of resources. The EOCF offers loans ranging from $5,000 for new businesses to up to $250,000 for businesses that are already up and running and growing.
#20. Black Vision Fund
The Black Vision Fund aims to double business lending to black-owned small businesses over three years. It is part of the Expanding Black Business Credit Initiative, a consortium of companies and individuals working to provide responsible, affordable loans to historically disadvantaged communities.
#21. The Black Restaurant Accelerator Program
The Black Restaurant Accelerator Program is a collaborative effort between the National Urban League and the PepsiCo Foundation to support and uplift black-owned restaurants. It offers direct grant assistance, entrepreneurial coaching and training, access to resources and support services, counseling sessions, training sessions, financing opportunities, and contract opportunities. It has already made a significant impact, supporting 100 restaurants with grants, creating 14 new business ventures, and saving 60 jobs.
How to Get Money From the Government to Start a Business?
Government grants are a form of funding that does not need to be repaid. To find grants relevant to your business, search for grants on websites like Grants.gov and determine eligibility criteria. Then, apply for the one which you meet their criteria and fits your business needs. However, know that applying for grants can be time-consuming and may only sometimes result in funding.
What Is Goldman Sachs One Million Black Women?
Goldman Sachs One Million Black Women is an initiative by Goldman Sachs to invest $10 billion in direct capital and $10 billion in philanthropic support over the next decade to help narrow the opportunity gaps facing black women. It focuses on various areas such as access to capital, affordable housing, healthcare, education, job creation, workforce advancement, digital connectivity, and financial health. The initiative recognizes that investing in black women entrepreneurs can have a significant ripple effect, creating jobs, leadership opportunities, and mentorship in the community.
Are Amber Grants Legitimate?
Amber Grants are legitimate grants for women-owned businesses. It awards at least $30,000 monthly and is open to aspiring or existing women-owned businesses. The application process is simple, and the winners are announced by the 23rd of the following month. However, businesses applying for the loan must be at least 50% women-owned and based in the U.S. or Canada.
How Do I Write a Business Grant Proposal?
A grant application for a business is a formal, written request for money from a possible donor or grant-making body. It is a great way to start or grow a business because the rules are less strict than small business loans, and it is usually easier to apply.
To write a grant proposal, you need to know what the organization that gives grants is looking for in a proposal, carefully read the guidelines, gather all the information you need, write an executive summary, and also explain the project. The introduction to the business, the mission statement, and the cover letter are the most important parts of a good grant proposal. It’s important to make the plan fit the grant and follow the rules generally set by the group giving out the grant. Also, it’s important to get comments from mentors, professors, or trusted advisors on improving the proposal and making it more likely to be successful.
What Is the Fastest Way to Get Money to Start a Business?
Freelancing or consulting is one of the fastest ways to generate revenue immediately. Other ways of getting money to get money for your business include selling what you have, solving a problem, and using your personal savings.
What Is Resilience Fund Grant?
The Resilience Fund Grant is a grant program that helps groups and communities facing problems or crises by giving them money. It can be made in reaction to a crisis, a policy change, or to help vulnerable communities. Grants from the Resilience Fund can be applied for and chosen differently, depending on which group is in charge. It is important to look over the grant program’s specific rules and requirements to understand who is eligible and how to apply.
Is the US Government Giving Out Grants?
The US government offers grants, but being aware of potential scams is important. Federal grants are typically targeted toward states, organizations, institutions, and businesses, while state and county programs can be loans, equity investments, and grants. It is important to understand the purpose and requirements of the grant before applying. Then, follow the official application process.
Related Articles
- Grants: Definition, Types, Examples And Eligibility
- WHAT IS A GRANT: Best 2023 Guide and US Practices
- Grant Management Software: Top 10 Options For Nonprofits
- STARTUP FUNDING: What It Is, How It Works & Best Options
References
