Regardless of race, black business owners already know how difficult it is to raise grants or capital for their businesses. Over the years, there were so many challenges of racial profiling, and police brutality against blacks make things even direr for black business owners. However, when it comes to securing capital to start or grow a business, loans have always been an option but small business grants seem best because it’s funding that requires no payback. In addition, this article highlights grants for black business owners in 2023, free grants available for black business owners, black business owners in the UK, female-owned businesses, and how to qualify for these grants. Furthermore, take advantage of these grant programs, and grow your business. Go grab it and excel.
What are the Free Grants for Black Business Owners 2023?
You can agree with me that grants are a source of funding that doesn’t need repayment. Although it needs some specific application processes to help minority small business owners. Therefore, black business owners seeking a free grant in 2023 must confirm they meet the eligibility requirements before applying. There are different types of Minority-owned businesses ranging from; business grants for Black women entrepreneurs, grants for Hispanic males, women-owned businesses, businesses owned by Indigenous people, and entrepreneurs with disabilities. Howbeit, there is nothing like free grants because grants are free. Besides, you are not to pay a dime to anyone in kind, cash, or any means of subscription to get grants.
Hey! black business owners seeking grants, Are you’re ready to filter through free money resources, Then visit the websites below:
- The Grants.gov Database.
- SBIR and STTR Programs.
- U.S. Small Business Administration.
- Corporate Grants
- State Grants.
GRANTS FOR BLACK BUSINESS OWNERS 2023
In brief, black business owners’ grants tend to be challenging and overwhelming. It is hard to balance the scale between black entrepreneurs and their white counterparts. Howbeit, we need to take outstretch steps if we want to ease uncertainties in our business. In the business world, it’s often there’s an adage, “you have to spend money to make money”. Here, are a few listed grants for black business owners in 2023.
#1. Facebook Small Business Grants Program for Black-Owned businesses
In response to the economic impacts of COVID-19, Facebook has set up a $100m grant – in cash and Facebook ad credits – for small businesses. Thus, It has also launched its Small Business Grants for Black-Owned Businesses Under this commitment. This program intends to keep the small business workforce up and strong. Thus, helping them with rent, assisting businesses in connecting with more customers, and supporting the progress of local communities of these businesses.
Eligibility Requirements:
- The business must be a registered majority Black-owned for-profit business;
- It should have between one and 50 employees;
- Must have been in operation as a business for a minimum of one year;
- It must have experienced challenges from the COVID-19 pandemic.
- The business owner must have plans of using the grant to support the business and their community.
Applications are currently open for black business owners who meet eligibility criteria
#2. Bumble Fund Application
This Fund is mostly for empowering women of diverse backgrounds. Likewise, applicants who made it to the peak, also get educational resources to grow, launch their business and find the right funding opportunities. They also focus on early-stage investments with an offer of $25-50K, depending on business requirements
#3. The Minority Business Development Agency (MBDA)
This is an agency of the Department of Commerce that gives grants. As the name implies, They support minority-owned businesses across the United States. In fact, they provide grants and loan programs such as the Minority Business Enterprise Inner City Innovation Hub Grant, the Entrepreneurship Education Program for Formerly Incarcerated Persons Grant, and the Enterprising Women of Color Grant.
Besides, Feel free to check out all the grants listed with MBDA with just a click on the web for eligibility information
Related Post: Grants: Definition, Types, Examples, And Eligibility
#4. SheaMoisture $1Million Fund
Lastly, the SheaMoisture $1Million Fund by famous hair care company SheaMoisture. This $1 million relief fund is solely for supporting black businesses owned by women of color and other minority businesses affected by the pandemic.
Similarly, the support cuts across small businesses not just in the beauty sector but also in the hospitality, e-commerce, and wellness industries, as well as other businesses that serve their communities.
This is not a definitive list of all funds available to black-owned businesses but the resources given are great places to start.
GRANTS FOR BLACK BUSINESS OWNERS IN THE UK
The UK government offers and provides numerous business grants to applicants, without any discrimination or limitations for black business owners in the UK. However, the government will make the business grants available to applicants if they are eligible. Therefore black business owners in the UK avail themselves of this grant opportunity. Below are some government grant agencies that can assist your business growth or start-up.
- The Prince’s Trust Enterprise Programme
- Government apprenticeships
- Innovate the UK Smart Grants program
- Gigabit Broadband Voucher Scheme
GRANTS FOR BLACK FEMALE OWNED BUSINESS 2022
Likewise their male counterpart, there is a number of women starting businesses seeking capital to grow and scale their businesses. Yet, women entrepreneurs continue to get shortchanged when getting bank loans, venture capital, and angel investments. There are many grants available to black female-owned businesses in 2022.
#1. Amber Grant
This grant isn’t for a tremendous amount of money. However, it is easy to qualify and apply for. This name was given after a young woman Amber, who died before fulfilling her entrepreneurial dreams, the Amber Grant awards $10,000 to a woman-owned business every month. At the end of the year, one of the 12 monthly qualification winners wins another grant for $25,000.
- Submission dates: The submission deadline is on the last day of every month; the winner is announced in the first week of the following month.
- Entry requirements: Open to all female entrepreneurs aged 18 and up living in the United States or Canada and pay a $15 application fee.
- Website: ambergrantsforwomen.com
#2. Cartier Women’s Initiative
The Cartier Women’s Initiative Awards is one of the largest and most prestigious women-owned business grants. Although, the competition is steep.
- Submission Dates: The last year’s submission deadline was July 31, and applicants who have not been selected will be informed of the status of their application by March same year. Black female-owned businesses can grab this year’s grant opportunity.
- Entry Requirements: Open to women-run, for-profit, early-stage, revenue-generating, sustainable businesses from any country; Science & Technology Pioneer Award applicants must also be in the field of technology or scientific innovation.
- Website: cartierwomensinitiative.com for more information
#3. Women Founders Network Fast Pitch Competition
- Application date: Applications for the following WFN grant open in Spring.
- Entry Requirements: Open to early-stage, women-owned businesses with high growth potential. Must be US-based and have received no more than $1m in outside funding.
- Website: womenfoundersnetwork.com
The Women Founders Network is an organization that provides capital and mentorship to women business owners. It is an excellent grant opportunity if you have an innovative company you wish to take to expand. The organization’s Fast Pitch competition selects five finalists to receive free grant money and free professional services each year.
#4. 37 Angels
Angel investment isn’t a grant, per se. As the investors that Fund, you will be interested in your company. But angel investing can be a good option for women-owned startups who could benefit from some direction and industry expertise in growing their company, as well as the funds to do so. Therefore, the grant is open for black business owners (but the group’s portfolio favors woman founders).
- Submission dates: 8 finalists are selected every two months to pitch their company; the next application cutoff is June 25, 2022, and upcoming pitch dates for 2022.
- Entry requirements: Open to early-stage, high-growth companies in attractive markets like technology and B2B/B2C.
- Website: 37angels.com
#5. Halstead Grant
Halstead Grants are annual grants given to emerging metal jewelry designers. However, this grant is not strictly for women. The grant consists of $7,500 in startup capital and $1,000 in Halstead merchandise. Therefore, as part of the application, you must submit a jewelry collection.
Submission dates: The deadline is August 1 each year. Postmark your 2022 grant application by August 1, 2022.
Entry requirements: Open to US jewelry designers who work primarily in silver and has been in business for 3-5 years. Also, must pursue jewelry design as a full-time career.
Website: grant.halsteadbead.com
HOW TO QUALIFY FOR BLACK OWNERS’ BUSINESS GRANTS
Grants are a great way to access funding without a repayment obligation. Black business owners who qualify for these grants could potentially grow their business without taking on unnecessary debt.
- Search for grants applicable to your business
- Show evidence of the need for your project, and what impact financial support for your organization could make on the community.
- To the left/ Right, Invite a friend to read over your proposal before you send it.
- Read the grant objectives – Carefully learn why this grant is being awarded and what it aims to achieve. Your application should be in line with the objectives of the grant.
- Have a great business plan.
- Focus on grant use – Black business owners seeking how to qualify for grants should not neglect this point.
Summary
In summary, you can agree with me that it is tedious to get a grant. This is because most grants will look to match the amount you’re willing to invest, Therefore, if you’re seeking the assistance of £20,000, make sure you have got a matching amount available. Thus, applying early gives you a better chance of receiving a grant. Finally, if grants don’t work for you, seek other ways of raising capital to start up your business.
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