The SoGal Black Founder Startup grant was founded to support Black women in their quest to start their own businesses. The SoGal Startup help equip Black women with access to grants, business tools, and other funding opportunities to help them get their businesses off the ground.

SoGal has worked with several brands and organizations to help raise awareness of the availability of funding options for Black women in business.

According to Forbes, Black women founders are the fastest-growing demographic of entrepreneurs out of any throughout history. SoGal aims to equip Black women to be able to solve some of the world’s largest unmet needs and have a legacy of reinvesting in Black communities, and further help in the creation of intergenerational wealth.

Indeed, the perpetual systemic discrimination that Black women and men have had to deal with for centuries has not disappeared in spite of the progress that Black women have made in education, business, community organizing, program development, family advancement, and much more.

However, the unwillingness of Silicon Valley and venture capitalists to effectively diversify their investments, the disproportionate effects of COVID-19 on entrepreneurs of color, and generations of inequities against Black people are absolutely inexcusable

This situation is what SoGal is working hard to change. The accessibility created for Black women starting their own businesses can in turn help develop the community they live in, create jobs, and open a pathway for other women to be empowered in their business choices and idea.

The awardees of SoGal Grant also get access to a lifetime “ask-me-anything” access to the SoGal Foundation and SoGal Ventures teams. Indeed this is a small start to help get things going in the Black community, but a laudable one at that. We know this is a small start, and we are hopeful that it will grow.

The SoGal Foundation partnered with Winky Lux, Bluemercury, twelve NYC, Twilio, Walmart.org’s Center for Racial Equity, and many other sponsors to provide multiple $10,000 and $5,000 cash grants to Black women and gender-fluid business owners.

It should be noted that venture capitalists, corporations, or leaders who would like to finance a grant to a Black woman or Black nonbinary entrepreneur can do so by emailing marjorie@sogalfoundation.com; this donation is tax-deductible.

We believe in a brighter future where the next world-changing business does not go unrealized because of systemic discrimination. Black women are rising daily and doing their best to create value in the business world, and in their respective communities, and this effort is what we aim to rally behind. — SoGal Grant Foundation.

Requirements of SoGal Black Founder Startup Grant

In order to be considered for this grant, you must:

  • Consider yourself a Black woman or a Black nonbinary entrepreneur (This will definitely include multiracial Black women and multiracial Black nonbinary folks).
  • Make sure your company is lawfully registered.
  • Wish to pursue investor funding to expand, either now or in the coming years.
  • Have a cost-effective, moderate remedy or concept that has the potential to become the next billion-dollar company.

How to Apply for SoGal Black Founder Startup Grant

SoGal’s Black Founder Startup Grant was established to address the lack of funding for black female-owned businesses. Here are the steps to apply for this grant:

  1. Check to see if you are eligible

You need to find out if your company qualifies for the SoGal Black Founder Startup grant. You could already be attempting to apply for a number of grants to finance a variety of programs and preferences, but it is best to concentrate on one or two programs or projects that require funding. To make your decision easier, here are some resources to consider:

  • Pinpoint future plans, and go over your financial plan and strategic/business plan.
  • Determine which projects require grant funding, because of what, and for how much.
  • Are you working on a new project? Investing in an existing project?
  • Which projects are most important in resolving a major issue?
  • Which ones are ready to begin/extend/continue right now?
  1. Collect Required Documents

Same as with most other grants, you will be expected to gather or present certain business documents. And you will need to gather them before the grant deadline. Most often you will be expected to provide the following information:

  • Your given name and pronouns
  • The email address
  • The name of your company
  • Your company’s website URL OR a brief description of your company.
  • IRS Determination Letter
  • List of Board of Directors (names and their affiliations)
  • IRS 990 Tax Form
  • Audited Financial Statements or an Audit Review (if you have them)
  • Budget for Operations (for your current fiscal year)
  • Budget to Actual or Year-End Financial Statement (that compares your actual budget figures to your projected budget for that year).

Annual Report, Strategic Plan, Organization Chart, Letters of Support, Staff Resumes and/or Profiles of Top Personnel, Memorandum of Understanding (if working in conjunction with other organizations), and Vendor Quotes are all things you should put together because funders occasionally necessitate them or permit you to send “optional” materials.

  1. Visit the Grant Website

There is no application deadline for this grant, and grantees are chosen at the conclusion of each month. To fill out the online application, you must visit the grant website (https://www.iamsogal.com/black-founder-startup-grant/). On a continuing basis, eligible candidates can apply.

There is no need to reapply if you’ve just applied. Following the submission of your application, you might well be phoned to provide additional data about your company.