Did you know that women of color account for 47% of all women-owned businesses?
From 2007 to 2018, the number of firms owned by women of color grew by 168%. While the phenomenal increase of black women entrepreneur presence is tremendously inspirational, they remain chronically underfunded.
That’s why several foundations now offer business grants to firms owned by women of color. If you are a black woman entrepreneur who could benefit from such a grant, our helpful guide shows you what’s on offer today.
Read on today for the top 5 business grants for black women.
1. The Amber Grant
This fund was established in memory of Amber Wigdahl, a 19-year-old black woman who aspired to develop and run her own business.
Sadly, Amber died before she could fulfill her dream, but the grant named after her supports many young women in realizing their entrepreneurial ambitions.
Since 1998, The Amber Grant has provided over $10,000 every month to female-led startups, as well as $25,000 to 1 outstanding enterprise.
2. SoGal’s Black Founder Startup Grant
SoGal Foundation is a platform aimed at bridging the diversity gap in business and investment.
Part of their vision is to provide grants to black women so that their ambitions of entrepreneurship can become a reality. SoGal works with its partners to select the recipients of their $10,000 and $5,000 awards.
The team will also assist recipients in acquiring additional funds to expand their black owned businesses by helping them during the application process.
3. Build Your Legacy
The Essence and PineSol Build Your Legacy grant awards a $100,000 prize to one black woman entrepreneur per year.
This award also includes 6 months of business mentoring from successful entrepreneur Nicole Walters. Furthermore, their site provides practical video courses for every woman who owns or manages a business.
If you want to support a black owned business yourself, check out these companies for ideas of where to start.
4. NASE Growth Grants
Every year, the National Association of the Self-Employed (NASE) awards $4,000 in business development grants. The sole criterion for eligibility is that you are a current member.
It should be noted that NASE Growth Grants are not limited to black female entrepreneurs.
However, given the regularity with which grants are provided, Black women entrepreneurs have a great chance of obtaining one. New applications are considered constantly, and the association gives one grant every month.
5. Sigma Gamma Rho Sorority National Education Fund
This academic foundation is dedicated to ensuring the financial prosperity and educational progression of African American women.
The group offers scholarships to African American women to assist them with their educational and commercial objectives and businesses.
This is a great place to start for younger women of color looking to make their start in the world of entrepreneurism.
Getting Support as a Black Women Entrepreneur
So, that’s the 101 on some of the best grants for Black women entrepreneur efforts.
A kickstart in your funding could be what it takes to bring a black owned business to the forefront and start your dream of business success.
Did you find this article helpful? If so, be sure to check out the rest of our blog for more inspiring content.