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Women are the growing face of business given that 30% of all U.S. businesses–9.4 million in total–are owned by women. Of which, 14% are controlled by black women who are generating $52.6 billion in combined revenues and employing 297,500 workers. With the number of women starting businesses continuing to skyrocket, the greater the need for access to capital to help grow and scale these businesses. Yet, women entrepreneurs continue to get shortchanged when it comes to getting bank loans, venture capital, and angel investments. To help ease this barrier, there are a number of grants available to small businesses.
Here are seven grants black women business owners should consider:
SheaMoisture haircare and skincare products founder Richelieu Dennis announced a $100 million fund for women entrepreneurs of color at the 2018 Essence Festival.
From the girlboss website: “Grants are awarded on a biannual basis to individuals pursuing entrepreneurial endeavors. Each grant beneficiary receives project funding for $15,000, plus exposure through the Girlboss platform and community, as well as local and regional press.”
FedEx Opportunity Knocks Small Business Grant
Share your small-business story and enter for a chance to win the top prize–$25,000. There’s also one $15,000 winner and eight $7,500 winners. Part of the judging involves the general public voting for the finalists, so participants may promote their businesses while garnering votes.
Minority Business Development Agency
The MBDA is an agency of the U.S. Department of Commerce that assists minorities and women in establishing and growing their businesses. On its site, you can research grants and access links to state agencies that work with women-owned businesses for funding opportunities.
National Association for the Self-Employed Growth Grants
This program allows business owners to apply for financing a particular small business need. Worth up to $4,000 each, past recipients used their growth grants to purchase computers, hire part-time help, and create marketing materials.
Awards $500 to a different women-owned business every month. At the end of each year, one of the 12 grant winners is awarded an additional $2,000. The application is relatively simple: Applicants must explain what your business is and describe what you’d do with the grant money. The foundation’s advisory board chooses the winners, looking for women with passion and a good story.
Search though a database of grants offered to women and minority business owners.
BLACK ENTERPRISE Editors
Black Enterprise is a black-owned multimedia company. Since the 1970s, its flagship product Black Enterprise magazine has covered African-American businesses with a readership of 3.7 million.
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