The great awakening in the Black and minority entrepreneurial space is growing fast. According to Census.gov, Blacks or African Americans owned approximately 124,551 businesses and Black women are fast-growing in their entrepreneurial journey and leaning toward side hustles and self-reliance.
As a Black woman starting her own business, finding some sort of funding to help you get started can be more helpful in many ways than one. What other funding options require no payment, no conditions, and no guarantees, unlike business loans and credit cards.
That one and the only option are exactly what this article is about — finding grants for Black women.
Business Grants for Black Women
If you identify as a Black woman, a member of the minority demographic, looking to start a business, grow an existing one, or simply network, the following grants we compelled below would be of great help. Indeed, accessing business grants for Black-owned businesses can be quite challenging.
There is already a limited number of grants out there for the 17 million new businesses expected to start in 2022, finding grants for your minority business may appear like an uphill task too challenging to conquer. We are here to change that and provide you with options to get the grants that you need.
If you are new to the world of business and entrepreneurship, and not sure where to start your search from. Do consider reaching out to schedule a consultation with a grant consultant who can help guide you as to what grants are ideal to apply for and grow your business.
The very first option on our list is the Fearless Fund Initiative. The Fearless Fund Initiative invests in women of color-led businesses that are seeking pre-seed funding to start a business project. Their services also extend to seed-level funding and series A financing options.
The Fearless Fund Initiative is committed to ensuring that they bridge the gap between funders and minority businesses. Founded in 2019 by Arian Simeon, who is currently the co-founder and CEO of Fearless Fund. She oversees their operations and ensures that the program runs as stipulated.
According to Embroker, companies with female founders perform 63% better on average than their male founding partners. Even with such staggering facts about the efficacy of women-led companies and initiatives, women are still historically and consistently underfunded, and the case is generally worse for women of color.
This is the exact situation that the founders of Fearless Fund are trying to change. The funding space for minority women is quite limited. Getting funding can be quite challenging for Black women, particularly those who may not have any other forms of financial support to help them succeed in business.
Grants for Black women may appear quite elusive and seem quite hard to get the few and far between. The iFund Women grant program was established to create the necessary connections for minority women to connect and access funding for their businesses.
The iFund Women platform also invests heavily in nurturing ideas into reality. The funding platform also provides extensive training and mentorship to minority women who are looking at turning their ideas into turn your idea into reality.
Beyond providing minority grants, the iFund Women platform also engages in career and business coaching. They also provide expert business coaching and maintain a highly engaging private community for other entrepreneurs to thrive online.
The Black Women Blueprint Grant program is yet another program for Black women to access funding to start their businesses. The process requires that you simply register to be part of the community and then join the various programs that are offered on their website.
When you have finally become part of the community, it becomes easier to access grants that you can utilize in starting and growing your Black-owned female business. The process has been made quite simple and seamless, especially for new business owners starting out.
The Black Women Blueprint Funds can be used for purposes other than starting a business. The process of applying requires that you provide information about your business and what you plan to do with the funds if granted.
There you have it. Our list of top grants for Black women businesses owners. The process of applying for grants may have its unique set of challenges, but knowing how to navigate these dynamics can definitely help you find the path to getting the grants that you need.
Starting the grant process can be quite different for those who have been through the grant process in the past. However, for those who are starting out, learning how to find the grants that you need can definitely make all the difference to get your business up and running in no time at all.