Black-owned businesses have grown tremendously in the last few years in many ways than one. According to Wells Fargo, in 2019, about 35% of Black-owned businesses were owned by women, which is 10% more than the share of female-owned businesses in the overall US economy.
Black women are starting businesses when it comes to creating access to economic opportunities.
A recent study by Wells Fargo Bank shows that Black-owned businesses suffered a lot of challenges during the pandemic, so much so that it affected the rise of Black-owned businesses up to 40% as of April of 2020. According to Business
According to smallbusiness.gov, Black women started more businesses way more than other racial and ethnic groups. In spite of the challenges, the number of Black-owned businesses has recovered and even became stronger up to about 30% above pre-pandemic levels as of February 2022.
Black women, in general, have been at the forefront of starting new innovative businesses during the pandemic, and as a result, the growth has become even more entrenched and thrived on bigger levels. If you are a Black woman starting a business, be rest assured there are grants to help you get started.
Grants for Black Female Business Owners
One of the challenges that Black women face when it comes to starting a business is — funding. Here at AAG, we’re committed to changing that. The first step to getting the grants that you need is to find the niche that your business is located in. Once you know the details of the business that you represent, finding grant funding becomes a possibility you can explore.
Knowing how to explore the options that you have for grants can make tall the difference you need. If you are in that place looking for grants for your business, we can help guide you through the process of finding the grants that you need for your business. Click here to speak to our grant consultant to see what grants your business may qualify for.