9 Top Grants for Black Business Owners to Consider (2024)

Black-owned businesses was not equal They have less access to financial capital than white Americans, according to the Minority Business Development Agency. Racism Unfair lending practices are also a cause of this disparity, which is why the grants will be especially helpful for Black business owners.

9 Grants for Black Business Owners

1. Local Business Fund
2. PowerShift Entrepreneur Grant
3. Wish Community Empowerment Program
4. NBMBAA Scale-Up Pitch Challenge (University Edition)
5. SUPPORT A BAR
6. Galaxy Micro Grant
7. Kinetic Business Black Business Support Fund
8. Comcast RISE Innovation
9. Oakland Black Business Fund

Applying for small business subsidies requires collecting tax returns, Bank Statementsrevenue documentation. To ensure your application is eligible, check if your business meets the grant requirements. in front Complete and submit the application.

Remember, once you have created one grant application, it will be easier to apply for future grant opportunities.

Here is a list of grants or organizations that award grants for Black business owners, including information on eligibility, application procedures, and sponsoring organizations.

1. Local Business Fund

The NAACP and Nextdoor Kind Foundation have teamed up to Local Business Fund, $5,000 microgrants awarded to entrepreneurs of color. In addition to the Minority Business Grants, business owners will have access to training materials and Next DoorThe grant includes certain criteria, including: Community Focusedand have annual gross income of less than $1 million. You can apply online .

2. Power Shift Entrepreneurship Grant

Through the NAACP, 20 Black entrepreneurs will have the chance to win $25,000 to help grow their businesses. Power Shift Entrepreneur Grants, support Shark TankDaymond JohnIn addition to the grant, each entrepreneur receives mentorship and brand recognition. Applications typically open in early to mid-October.

3. Wish Community Empowerment Program

Wish Local is an e-commerce platform that allows for physical pickup and delivery of items purchased online. Wish Local has set up a $2 million fund and issued bonds ranging from $500 to $2,000. Hoping for local empowerment The grants will be awarded to Black-owned brick-and-mortar small businesses that partner with Wish Local. The grant funds will be flexible in how they can be used. Other grant conditions include having average annual revenue of less than $1 million and participating in Wish Local (at no cost to you) if awarded.

4. NBMBAA Scale-Up Pitch Challenge (University Edition)

annual NBMBAA Scale-Up Pitch Challenge The National Black MBA Association will award startups $50,000, $10,000, $7,500 or $1,000 in prize money. The competition will help startups connect with early-stage investors and Venture capitalist (VC). The newly launched collegiate edition will award a maximum prize of $50,000 to an entrepreneurial college student. Eligibility includes being a Black-founded company and a team member with active membership in the NBMBAA.

5. Support for Bars

NAACP and Bacardi Partner to Create $10,000 Donation Fund SUPPORT A BAR Grants for Black-owned businesses in the hospitality industry that have or want to obtain a liquor license. In addition to funding, grant recipients receive education and business assistance to help jumpstart their business. Applications are typically accepted from mid-June through late July.

6. Galaxy Micro Grant

Member-Driven Resource Platform Galaxy of Starssupporting minority small business owners (partnering with organizations that support low-income and minority-owned small businesses) Hidden Star),present Galaxy The company awards microgrants annually and has a simple application process that asks for basic information like contact information, ethnicity and whether you’re a current or prospective business owner. It also advertises grant opportunities through social media.

7. Kinetic Business Black Business Support Fund

Arkansas-based Windstream fiber-optic internet company Kinetic Business is offering up to $2,500 in cash. Black Business Support Fund Grants are provided to black-owned small businesses in the service area. Grants are available to small businesses (25 or fewer employees) and for-profit businesses in certain industries. Click the “Check Availability” button on this page. page Check to see if your business is within an eligible service area.

8. Comcast RISE Innovation

Comcast NBCUniversal is Comcast RISE Investment Fund Grants will be awarded to 100 small businesses owned by people of color. Eligible businesses must be located in Atlanta, Southern Colorado, Houston, Jacksonville, or Richmond, Virginia. Grants provide funding as well as technology, media, and marketing support. Once you’ve confirmed your eligibility, you can apply online.

9. Oakland Black Business Fund

Black-owned businesses in Oakland, California, can apply for grants through the nonprofit organization. Oakland Black Business Fund (OBBF) is partnering with organizations such as Community Bank of the Bay and nonprofit Community Development Federation to provide grant recipients with access to businesses. Growth Strategy By providing funding and technical assistance, grant amounts will not be published on the OBBF website.

What are grants?

Grants are funding opportunities, usually issued by various providers such as local, state, or federal governments. Grants may also be awarded by private organizations such as corporations or through public-private partnerships. By definition, grants do not have to be paid back. Small Business Loans or forgivable loans, although there may be restrictions on how each recipient can use the grant money.

in this case, Small and medium-sized business subsidies Grant requirements include being Black-owned, and typically, small businesses must meet additional grant requirements, such as being located in a specific county or state, having a certain number of employees, incorporating a social impact perspective into their business model, embodying certain values, having minimum or maximum total revenues, or having founders from certain demographics.

Grants aren’t always widely advertised and may have short application periods. You can learn about these opportunities by networking with fellow small business owners and taking advantage of resources from organizations and agencies such as: Minority Business Development Agency (MBDA) American Small Business Development Center Network, Hello, Alice. of U.S. Small Business Administration (SBA), and National Minority Supplier Development Council (NMDC).

The SBA is a Small Business Innovation ResearchSBIR), distributes federal grant money through other federal agencies such as NASA and the Environmental Protection Agency (EPA), Lack of funds For underrated founders.

Five types of grants

1. Lump sum subsidy
2. Special purpose grants
3. Workshop and incubator grants
4. Pitching Competition
5. Service Subsidy

Grants for BMEs come in many forms, from a set amount deposited in a business’s bank account to one tied to participation in a workshop or program. Here are some examples of the types of grants available to BME entrepreneurs:

Lump sum subsidy

Some grants for small businesses are paid in a lump sum and come with no strings attached.

Special purpose grants

A small business owner might win a $15,000 grant, but must allocate that money to a specific part of their business, as determined by the grant provider: for example, scaling up production, reducing the operation’s carbon footprint, or completing a social impact project within a certain deadline.

Workshop and incubator grants

Grants are often awarded in conjunction with a cohort position that requires founders or business owners to participate in a business development program or accelerator that supports early-stage startups. Grants can be in the form of capital investment or cash.

Pitching Competition

Pitching Competition They are popular in the technology sector and other industries such as wellness and health, food, etc. Prizes are awarded to entrepreneurs who deliver well-crafted business presentations to public or private audiences. These grants may be in the form of cash, capital investment, or both.

Service Subsidy

Grant funding can take the form of free services, such as marketing and technical assistance worth $5,000, legal services, or time in a co-working space or community kitchen.

What is a Black-owned business?

For many business owners, it may seem self-evident that a Black-owned business is one whose leaders, founders, or owners are Black — therefore, it is a Black-owned business — but what if multiple owners, parent companies, or majority-owning investors are of a different race or mixed race?

Each grant has a different definition of a black-owned business, but it basically boils down to a business that is led by black people. According to the U.S. Census Bureau, Employer Survey: A black-owned business is one in which black or African-American people own 51% or more of the company’s stock, interests or shares.

When a grant program is open to minority business owners or entrepreneurs of color, that typically means that 51% of the business is owned by someone who is Black, Asian Indian, Asian Pacific, Latino or Native American, or a combination of these groups.

What are the grants for Black business owners?

Grants for Black Business Owners Grant Opportunities Grants created by both the U.S. government and private organizations specifically for Black entrepreneurs and Black-owned businesses. These private and federal funding opportunities open the door to minority-served grants that help Black businesses grow and succeed and serve as a stepping stone to creating Black job opportunities. The wealth gap between blacks and whites.

Black-owned businesses today have better access to capital; Business funds, By legislation Like the Equal Credit Opportunity Act, Black-Led CDFIs (Community Development Financial Institutions) Enhanced support For ethnic minority business development.