Despite the lack of capital, black women are still the fastest growing group of entrepreneurs in the United States. According to a study by the Harvard Business Review, 17% of black women are about to start or run a business and are more likely than white men to start a business. Before we cheer, the numbers get bleak. Despite this fact, only 3% of black women run mature businesses. While abandonment can happen for a variety of reasons, including the type of business being started, as well as race and gender differences, 61% of businesses run by black women are self-funded. When companies don’t have access to capital, it becomes difficult to grow and scale.
If you are a Black woman and you have a business and you are feeling at the end of your financial career, you are not alone. Take a moment to evaluate your business. Is your business model profitable? Are there ways to save costs? Can you add an additional source of income to your business? Have you asked other business owners for help and advice? If the root cause of your problem is primarily a funding issue, read on. We have compiled 9 grants and scholarships for black women entrepreneurs to apply now!
Rebuild The Block Grant
Due date: Every third Friday of the month.
Subsidy: Varies
Rebuilding the Small Business Block Relief Fund helps black-owned companies get back on their feet. If your company was affected by Covid-19 or was destroyed by looting, you can apply for financial support through this fund. They choose up to 15 winners each month and there is no set monetary value. However, if you win, you need to prove your losses. Rebuild the Block has set a fundraising goal of $ 1 million to help black-owned businesses. We love a scholarship that creates lasting change in communities.
The National Black MBA Association, Inc.
Due date: Saturday July 24th 2021
Prize money: $ 50,000.00
The National Black MBA Association, Inc. Scale Up Pitch Challenge is aimed at companies that are in the idea and concept phase and provide an individual or a team with a grand prize of US $ 50,000.00. If you think your business is a “big idea” and you need some cash to implement, this is the pitch challenge for you. The rules include: You must be at least 18 years old, resident in the United States, have a black founder who has at least an equal stake in the startup, and at least one member of the team (or the person applying) must be a member of the National Black MBA Association to compete in the semifinals.
Call for proposals from the US Mission to South Africa Public Diplomacy Section
Due date: May 30, 2021
Subsidy: $ 50,000.00 – $ 100,000.00
This scholarship is supported by the Public Diplomacy Section (PDS) of the US Embassy South Africa of the US State Department. It is an open competition to organizations or individuals with suggestions for strengthening ties and building relationships between the United States and South Africa and with strong ties to American experts, organizations or institutions. The scholarship is designed to promote a better understanding of US values, guidelines, advertising perspectives, and relationship building between Americans and South Africans. The project has to take place in South Africa. You should apply if your organization, business, or proposal includes: empowering women in the workforce to achieve economic growth, curbing climate change, improving media literacy and journalism education, celebrating Black History Month, and social justice to promote, fight gender-based violence, improve security or expand the university partnership initiative. Have you always wanted to move your business abroad? Now is your chance!
FundBlackFounders
Due date: roll
Financing: You decide!
So this is not a scholarship or scholarship …fundBLACKfounders is a platform especially for black founders to raise money. They are a flexible financing platform. Unlike some platforms where you can only keep the money if you raise the full amount, you can keep whatever you collect on fundBLACKfounders. They also have Pitch Prep Financial Advisory Support with bespoke resources for black founders as well as a private community for black founders to promote campaigns. While they don’t charge a fee for creating a campaign, they do charge a platform fee of 5% on all funds raised, which isn’t bad considering the additional resources they provide.
Hello Alice in partnership with Stacy’s Rise Project
Due date: July 9, 2021 at 6:00 p.m. EST
Financing: $ 10,000.00
Stacy’s Pita Chips is helping accelerate growth for female founders and closing the funding gap through a partnership with Stacy’s Rise Project and Hello Alice. Select recipients will receive a $ 10,000 grant to help grow their business and connect with industry experts like PepsiCo / Frito-Lay managers. To be eligible, applicants must have annual sales of at least $ 25,000 and no more than $ 1 million and participate in the virtual mentoring program. Finally, the founder or company cannot participate in an accelerator program during entry. Mentoring and financial support? Apply now, sister!
Dream big awards
Due date: July 16, 2021
Financing: $ 25,000.00
The US Chamber of Commerce and Spectrum Reach are here to help you dream big – literally! The Dream big awards wants to recognize and promote the best American small business. This annual awards program highlights small businesses that are contributing to the general economic growth of the United States. To apply, you must have a for-profit company that has been operating for at least a year with fewer than 250 employees, or has gross sales of less than $ 20 million for 2019 and 2020. In addition to the prize money, you will receive national recognition. Do you know a company that should apply? You have until June 18, 2021 to nominate Here.
Start-up grant for black founders
Due date: roll
Financing: $ 5K and $ 10K
The SoGal Foundation has partnered with Winky Lux, bluemercury, twelveNYC, Twilio, and other sponsors to provide black women and non-binary entrepreneurs with $ 5,000 and $ 10,000 cash grants, respectively. The Start-up grant for black founders will also support the winners with instructions on how to navigate the fundraising environment and with lifelong “ask-me-anything” access to the teams of the SoGal Foundation and SoGal Ventures. To qualify, you must identify as a black woman or black non-binary entrepreneur, a legally registered business, plan to seek investor funding that can scale, and have a scalable, impactful solution or idea.
Small Business Nav Grant
Due date: May 31, 2021
Financing: Grand Prize Winner will receive $ 10,000.00; the runner-up will receive $ 5,000.00.
Nav, a credit and credit card matching service, publishes grants helping small businesses. To qualify, you must be a Nav customer or sign up for a free Nav account. You fill out a short form and then have to post on your business Facebook, Instagram or LinkedIn account with the hashtag #navsmallbusiness grant and answer 3 questions. Get Social And Earn Some Cash For Your Business!
GoFundMe Small Business Scholarship
Due date: roll
Financing: If your company brings in up to $ 500, you can get $ 500 from the fund.
The crowdsourcing platform GoFundMe.org aims to help small businesses that have been negatively affected by COVID-19. They started theirs Own fund (via … GoFundMe of course!) to raise funds to help businesses. To date, they have given over 5,000 micro-grants to small businesses and are spending more. To apply, you must create and complete your own GoFundMe worth at least $ 500 this form. The form takes less than five minutes and setting up a GoFundMe is easy – what are you waiting for ?!
