Although business grants offer free money, the emotional currency the application process requires can often be incredibly expensive, particularly for Black women.
For instance, government-deployed aid became available to support small business affected by the pandemic, Black business owners received significantly fewer grants than white business owners, with paycheck protection funding only being allocated to 29% of Black applicants versus 60% of white ones.
Traditionally, the federal government primarily gives grant money to non-commercial organizations –nonprofits and educational institutions, so anyone outside of those parameters can find themselves frustrated with the lack of funding options out there.
Fortunately, organizations are increasingly recognizing the disparity and developing programs to provide access to the capital and resources Black women need to launch and scale their businesses. We’ve rounded them up for you. Take a look!
Richelieu Dennis launched the $100 million fund to help close the financial shortfall among female business owners. Grantees receive access to mobile business incubators, training and mentorship for pitch finalists and other members of the New Voices community, brokered grants, online learning and skills development opportunities, and ongoing communications outreach through social media, newsletters, and other streams.
The yearly competition offers a $50,000 grant, and an $4,000 in FedEx print and business services, to three grand prize winners each year. Other winners receive grants and access to resources as well.
The Amber Grant Foundation Award
This organization offers monthly grants of up to $10,000 to support female in entrepreneurs starting businesses. Those who qualify for these grants are also in the running for a yearly $25,000 grant.
SoGal Black Founder Startup Grant
These rolling $10,000 and $5,000 grants are specifically for Black women entrepreneurs who aspire to launch “the next billion dollar business.”
This program offers $500 monthly grants to BIPOC woman-owned small businesses.