Yes. There are grants available in the United States specifically for black men. Equal opportunity across race and skin color has been American philosophy for centuries, and both the government and private organizations are constantly working to improve multiculturalism and social harmony.
Black people make up a reasonable percentage of the United States’ racial composition, and they are encouraged on daily basis to advance by making use of resources like business grants, education grants, Pell Grants, and medical bills assistance.
Several business grants are available to black men entrepreneurs at both the state and federal levels. When applying for a grant, you are obligated to put together a business plan that includes relevant information on your business arrangements, marketing tactics, projected growth, etc.
This business plan should be helpful in explaining why your business should meet the criteria for minority grants. Once you’ve accomplished this document, the next step is to look for applicable funding sources. You can start by visiting your local Small Business Association or SCORE office, library, or MBDA.
7 Grant Opportunities Available for Black Men
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Fearless Fund Launches Men’s Appreciation Grant Program
Fearless Fund is the first venture capital fund formed by women of color for women of color. It set up the Men’s Appreciation Grant Program, which will grant two Black men $10,000 each.
The Fearless Fund team recognizes the critical function that Black men play in the nation’s economy and is thrilled to recognize their accomplishments, efforts, and businesses. Aside from funding, each recipient would be given access to a group of founding members of color as well as supplemental services that will assist them and their enterprises.
Eligibility Requirements
- Must be legal US citizens (including D.C.)
- Must be at least an 18-year-old black male small business owner in the United States.
- One to seven years of business experience is preferred
- Your business must be formed under US law and doing business in the US.
How to Apply
During the Promotion Period, go to www.fearless.fund and comply with the instructions to wrap up and send your entry form. The entry form you submit, which includes all essential business information and business-related questions, will be used for the draw.
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The Coalition to Back Black Businesses
This program was launched in the fall of 2020 to assist Black-owned smaller firms in recovering from the global epidemic until the end of 2023. Owing to that, each fall about $5,000 in grants are spread to businesses to be used for company expenses. Aside from the $5,000 grant, recipients can also participate in an extra $25,000 prize.
Requirements for Eligibility
- Meet the requirements for being a black-owned business in an eligible industry.
- Hire between three and twenty people, both full-time and part-time, or independent contractors working under a 1099 or similar contractual agreement.
- According to the Distressed Communities Index, be situated in an economically disadvantaged community.
- Dealing with financial losses caused by the COVID-19 pandemic.
How to Apply
- Check Eligibility
- Express interest
- Follow up during the application review period
- Get grant awarded
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The FedEx Small Business Grant Contest
FedEx’s annual business grant contest provides an exciting opportunity for black men who own small businesses. Winners can receive up to $50,000 to help them grow and expand their businesses. The contest will award prizes to 12 winners, including:
- A $50,000 grand prize and up to $7,500 in FedEx office printing services
- A $30,000 second-place prize, and another $5,000 in FedEx office printing services
- Ten third-place prizes of $15,000 each, and even with $1,000 in FedEx office printing services, will be awarded.
Eligibility Requirements
Any qualified profit-making small business with a FedEx shipping account number that is still in running condition, offering a product in the marketplace for at least six (6) months by the time the competition begins, has less than 99 employees, and has a shipping need for their business is able to participate.
How to Apply
To apply for the grant contest, you will first compose a brief bio about your company, including why you founded it, the things it does, how it differs from rivals, and how it stands out. You should also explain how you intend to use the FedEx prize money to grow your business.
You may also include a one-minute YouTube video. Your business and its purpose should be described in the video. Immediately after your application gets approved and the voting period commences, you will be eligible to vote for your own company once per day and encourage your pals, clients, and affiliates to vote as well.
The total number of votes will increase your traffic in the contest and is one of the factors to be considered by FedEx when deciding the top 100 finalists and winners.
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Northwestern Mutual Black Founder Accelerator
The Northwestern Mutual Black Founder Accelerator continues to invest in as many as ten companies led by Black founders each year.
Applicants will receive a $100,000 investment as well as a 12-week accelerator program. Entrepreneurs will receive development support from knowledgeable mentors, technologists, experts in the field, angel investors, and venture capitalists via gener8tor and Northwestern Mutual.
Eligibility Requirements
- At least twenty percent (20%) of the equity stock ownership must be held by one or more persons who indicate as Black or African American
- Those persons play a large part in the decision-making procedures.
- Businesses should also conform to Northwestern Mutual Future Ventures’ investment preferences, which include Fintech, Insurtech, Digital Health, Data Analytics, and so on.
How to Apply
Go to airtable.com and search for Northwestern Mutual Black Founder Accelerator.
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Power Forward Small Business Grant
The Power Forward Small Business Grant program seeks to make a long-term difference by empowering black-owned small businesses in New England. Vistaprint and the Boston Celtics according to reports have both made a $1 million joint commitment to the NAACP to gift impactful grants of $25,000 on a recurring basis.
Grant beneficiaries will be offered the opportunity to be showcased on national co-branded platforms, as well as receive advertising and concept resources explicitly designed for them to help their company flourish and expand.
Eligibility requirements
- 1 to 25 employees are required.
- Effectively running in Massachusetts, Maine, New Hampshire, Rhode Island, Vermont, or select areas of Connecticut.
- Highlight the influence your company has on the community.
How to Apply
You should visit the Power Forward Small Business Grant website.
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The African-American Community Fund (AACF)
The African-American Community Fund acknowledges grants from eligible 501(c) (3) institutions in the Dayton/Greater Miami Valley area.
The African-American Community Fund (AACF) provides grants to institutions for general populace humanitarian causes ranging from social services to coaching and training, health and wellness to the arts. Normally, awards range from $500 to $1,000. The level of funding each year determines the size and number of grants.
Requirements for Eligibility
- Be acknowledged as a 501 (3) tax-exempt nonprofit organization under the Internal Revenue Code
- Benefit residents of the Dayton/Greater Miami Valley region
- Have an equality and inclusion policy in place; and address preferences that aren’t being fulfilled by current organizational or support systems.
How to Apply
Aside from visiting the grant website to apply, you may be required to submit a Letter Of Intent (LOI). However, the first and most important process will be the application process.
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National Black Mba Association Scale-Up Pitch Challenge
Through its Scale-Up Pitch Challenge, the National Black MBA Association has acknowledged highly efficient startups and offered grants to black-owned businesses since 2017. This competition allows startup companies to meet with investment firms and venture capitalists. Note that, finalists may receive prizes ranging from $1,000 to $50,000 for their pitches.
Eligibility Requirements
- Applicants will need to be US citizens over the age of 18
- All concepts forwarded are expected to be the applicant’s original work.
- All applicants will need to state or disclose any prior funding.
- The business founder will also need to be Black or of African descent, and he or she must have an equal stake in the company.
- The applicant or at least one team member must be a National Black MBA Association member.
How to Apply
Interested and eligible candidates should apply online at https://nbmbaa.org/scale-up-pitch-challenge/. The 10 leading contestants will be given the opportunity to present their ideas to a review committee.
The top three finalists will end up competing for a $50,000 cash prize at the annual NBMBAA Conference and Career Fair, with extra prizes for second place ($10,000) and third place ($7,500), and maybe even a People’s Choice Award ($1,000).
If you are a black entrepreneur with a vision but not enough resources to actualize it, use the opportunities listed above to propel your individual and community development. Keep in mind that you will always fulfill the rigorous eligibility requirements for each of these grants.