Grants for Black business owners are finally here! African Americans are looking toward owning their own small business than ever before. When you hear the term support black businesses, it goes deeper than just the expressed words but actually taking action to show support can come in different forms.
While small business owners can be an extremely rewarding experiencing, it takes a lot of time, effort, and—most importantly—capital to get started. This is very essential to building and growing your business. AfricanAmericanGrants.org is focused on bringing attention to black businesses and helping you connect with funding for your business.
Fortunately, there are many programs available to help assist African Americans when starting a business. Though, these financial programs are quite limited in terms of the scope that it covers. Be that as it may, being able to access some funding to help you kick-start your business ideas can be quite helpful in many ways than one.
Black-Owned Businesses
Indeed there are several black business owners that require and do need funding for their businesses and finding the funding options for these businesses can be quite cumbersome. AfricanAmericanGrants.org has compiled a list of different African American businesses that you can emulate when it comes to their funding journey.
If you are a black entrepreneur, business owner, or starting a business, we have resources for you, that can be quite helpful in many ways. Having a business can come with its many challenges in today’s world, however, having access to some helpful tools and resources can make all the difference that you need in growing your business in 2020. and beyond. Here are 11 current lists of black businesses and entrepreneurs.
Grants for African American business owners are available through federal and private groups that can give you the money and other resources you need to start your own business. Here is what you need to know about black businesses and the different areas of challenges that they encounter:
- Black business face funding challenges
- African American businesses limited funding options
- Black business are underrepresented
- Black business owners create jobs in spite of challenges
- Black businesses need more support to grow
Black-Owned Business Online
If your business is black-owned, then you understand the different challenges that may come with running a small business. What is even more challenging is not having access to the funding that you need to help grow your business.
The regular things that you have to deal with also get quite complex when you do not have all the funding that you need to take care of the challenges. We hope that we can help you with funding options to help change all of that, and create more secure access to how you can explore the funding options that you have as a black business owner.
You may be running your business online, however, it still does not escape all of the regular business ups and downs that you may have to encounter. These may range from the day-to-day running of your business, getting all the paperwork you need to be done on a timely basis, and ensuring that you take care of your finances, and more.
Corporate Grant Overview
While most people think about grants coming from government agencies only, there are actually a lot of grants for African American business owners available through private companies as well. The different grants that are open to minority business owners are quite limited, and finding where to access them can be even more demanding.
For example, the MillerCoors Urban Entrepreneurs Series is a financial assistance program developed by the company that has $150,000 in business grants available to African American business owners every year. This grant covers a portion of the general business that black people own today. Black business online is one area that is growing leaps and bounds.
Other grants such as the National Association for the Self Employed have minority grants for African Americans and other minority groups that are rewarded every 3 months. However, things are changing quite drastically in today’s world, and as such, one may have to develop a second plan just in case things do not work out as planned.
Government Grants Options
If you are looking for grants for African American business owners, the government has programs available for certain qualified businesses. If you have a research-related small business, for example, you may qualify for grants from the CDC, the FDA, and the HHS. If you are in a rural area, grants for African American business owners are available through the Rural Business Enterprise Grant program by the US department of agriculture.
Indeed there are a number of government grants that one can easily access as a business owner. However, finding these grants can be quite challenging in many ways than one. The main issue about finding the essential funding for your business is knowing exactly where to look for these business grants. Those looking for a certain type of grant may have to do in-depth research to understand what is needed for you to set up your business.
Minority Business Development Agency
The Minority Business Development Agency is a branch of the United States Department Of Commerce and has locations across the country that are designed to assist minorities in securing grants and other resources for their small business. This development can have a huge impact on well your application for grants is generally received.
They offer grants for African Americans starting their own business as well as assisting in finding grants from other programs. African American Grants’ experts have compiled this list of black-owned businesses in 2020 and 2023. The process of applying for these applications may be different for each category, especially when it comes to small business grants.
There are different purposes for why each grant award was established and knowing what the eligibility of each grant is can be helpful in terms of how successful you are at winning grants. The lists of these grants from different agencies can help you determine just how you wish to develop your business and grow your expertise.
1. Small Business Innovation Research (SBIR) Grants
The Small Business Innovation Research (SBIR) program was established to create funding opportunities for black-owned businesses. The SBIR Grants program is a congressionally-mandated funding program whose purpose is to provide small businesses, some of which are run by African Americans to help encourage and motivate blacks to go into technological innovation.
The SBIR program also goes beyond providing funds for small businesses, black-business owners, entrepreneurs, and more. The different areas of funding that this organization provides can be accessed by any individual who meets the set criteria for the program. The funding received can be used to grow your business, purchase tools, and much more.
2. Black Enterprise Elevator Pitch Competition
This program by the Black Enterprise Elevator Pitch group was established to provide opportunities for black business owners. This program brings together different business owners with the idea of having a competition where the finalist goes in front of a panel of judges and a live audience.
The different programs performed at the organization is one that creates a seamless experience of expression of a though. for a chance to win a $10,000 business grant! The applicants can enter both as an individual or an as a team. You can apply afresh annually. More importantly, you can enter as often as you desire. , One thing to bear in mind is, the one who does the pitching must have an equity stake in the business.
3. Backstage Capital Funds
The concept of venture capital firm Backstage Capital was borne out of necessity to make a lasting impact on the black business owners are treated. The name itself reflects the dynamics of capital investments, the source, and the motivation behind it. This company invests annually in bringing African American women up to be able to stand the test of time.
Backstage Capital Funds has invested Marc Andreessen and Chris Sacca to be part of the huge movement in the fund. To this day, the very firm that was more focused on other things had invested more than $7 million in over 130 companies which is they feel happy to be home. This movement was largely carried by women underrepresented founders.
4. The Community Development Financial Institutions (CDFI) Fund
The Community Development Financial Institutions (CDFI) Fund, is another extension of the U.S. Treasury Department, that focuses mainly on the lesser represented and lesser served U.S. business owners which include African American business owners who may need funding for their business. The CDFI fund also covers tax credits to help kickstart your investment or expand your business.
If you’re a Black business owner and interested in finding black businesses near you, there are options for you to explore what opportunities are out there by going to this link for Business owners search for local financial institutions. This link gives you more information about minority business owners just like you who have successfully received funds from the CDFI.
5. Harlem Capital Partners Fund
When you think of New York, you think of the many business opportunities that come to mind. The Harlem Capital Partners fund is an organization that is based in New York City-based goal of helping to invest in minority and women business owners, founders and entrepreneurs around the United States. This program is very accessible, and so is the application process.
The Harlem Capital Partners Fund also extends to business and other grants that are focused on helping to build black businesses. The program also aims at bridging the earning gap between black business owners and their counterparts in the United States. The program also provides tools for new business owners to be able to access without any issues whatsoever.
6. The National Association for the Self-Employed (NASE) Growth Grants Program
The National Association for the Self Employed program is one that is very versatile in the provision of diverse funding programs for African Americans and other minority groups. Although the NASE does not exclusively provide grants for Black business owners, it does have several funding programs that you can apply for. Most of the programs that the NASE run can be easily accessed as a Black Business Owner, who is starting out, or one who wants to expand their business to new heights.
The NASE program also provides helpful information for new business owners who are also part of the NASE program. This training program is specifically geared toward new business owners. This is a way of supporting them through their business and teaching them how to apply for the available funding options that the NASE provides. The process for small business applications is the same for new individuals looking to get funding for their businesses.
7. Small Business Innovation Research (SBIR)
Black-Owned Businesses have a plethora of challenges that they have to deal with in their businesses. Finding an organization that provides details that help you access this program easily can be quite helpful in many ways than one. The process involves detailed information on your business and how you can access funding for your business with a business plan.
The many areas of funding that you may have to deal with have to do with the funding options that are available to you. However, what stands out is the Small Business Innovation Research (SBIR) process for approval. If you own a business, it becomes easier to be able to collect all of the paperwork that you need for you to be able to access your funding. The different areas are highlighted in the application process.
8. Rural Business Development Grants
Are you a black business owner running your business from a rural location? This grant is for you! The Rural Business Grant was established to help grow businesses that run in rural areas. The benefit of this grant is to help create needed awareness to help turn things around for businesses that run or are located in rural areas. This grant is focused on how to provide funding for black and minority business owners who can make a difference in terms of moving from a rural area to an urban location.
The RBDG program is not just focused on helping African American rural business owners access funding for their business growth, it is also geared toward helping them with transitions. The program can be currently accessed by both those located in rural areas, and business owners who are considering moving to rural areas to help cut costs and expand their business options to other communities.
Conclusion
Now you have some links to funding opportunities for black business owners. This is a great way to make your dreams of starting that business you have been working on for many years come to fruition. The process of landing that dream scholarship is not as it used to be, but we still have to navigate through the challenges no matter what!
We hope that this list has been helpful! If you are a black business owner or you’re still thinking and planning one. Whatever the case may be, we’re here to help! Let us know how we can help you by sending us an e-mail into info@africanamericangrants.org and we can get back to you with more information.
Have you received any grants for your business yet? What was the process like? Share with us in the comment section below!