remember reading a quote by Madam CJ Walker recently in which she was giving new business owners the advice to “hit often and hit hard” and strike with all their might.
It’s sage advice but it’s also tricky to strike often when funds are tight - even when the idea itself is quite brilliant.
With this in mind, a business grant is a great source of support and for black-owned business, there are many grant opportunities.
In this article, I’d like to highlight grants available for black-owned businesses.
Before I point out some options, let me quickly explain a bit more about grants
Who Can Qualify for a Black-Owned Business Grant?
When we talk about grants for Black Business Owners, we are referring to businesses that have at least one Black Founder with ownership of at least 51% of the business.
Small businesses are the backbone of any economy and these businesses are responsible for creating an incredible amount of wealth for the country. When it comes to small businesses, black owned businesses play a big role in pushing the economy forward.
Check out these three eye opening statics from Fundera
- There are more than 2 million Black-owned businesses in the United States.
- Black-owned businesses generated $150.2 billion in gross revenue as recently as 2012.
- Black-owned businesses employ approximately 920,000 people.
I think it's safe to say that black business owners do a lot for our economy!
In terms of supporting a black-owned business, it’s important to create generational wealth within black communities. When we discuss black owned business we know there are certain factors that are not always favorable toward the black community which is why grants for a black-owned business help level the playing field while also boosting the economy.
Grants are also important right now because we know running a business can be challenging and the added pressure of the pandemic only made it more difficult.
How to Find Grants Specific to a Black-Owned Business
Every now and again, grants become available for business owners or entrepreneurs from black and minority groups in America. These grants can come from big companies or government agencies and even non-profit organizations, though it’s not always easy to qualify and obtain grants for a black-owned business.
This is usually because the agencies and organizations giving away money want to make sure the money is going to the right people, as they should. The requirements necessary to vet if a business is a black-owned business can sometimes create red tape that makes it impossible for most businesses to qualify.
Here’s three business grants that you might check out for a black-owned business:
- FedEx Business Grant for Small Businesses
As the owner of a black-owned business, you can apply for a FedEx grant when the competition is open for voting. Yes, it’s a competition and the winner is chosen based on the number of votes they receive. This means your friends and family can help boost your chances of receiving the grant and you can do your own marketing in order to obtain support from the general public. There are three cash prizes in the most recent grant competition and these range between $15,000 and $50,000. You simply create a video presentation about the backstory of your business and submit this documentation to FedEx in the link below.
Click here to learn more about the FedEx grant
- MBDA Grants for Black-Owned Businesses
Every year, the Minority Business Development Agency (MBDA) runs a competition in which a black-owned business can apply for a grant. This agency acquires a number of angel investors and brings them together to fund these grants for small businesses. The competition is held in two stages and takes place in every city across America.
Click here to learn more about the MBDA grant
- Scale Up - A Grant from the National Black MBA Association
The National Black MBA Association (NBMBAA) has been providing this grant opportunity for more than five years. If you check out the homepage, you can actually hear from previous winners and see the amazing support this grant can offer. It not only gives funding to the winner but also immense exposure and the community around this grant creates an engaging experience for those who enter.
Click here to learn more about the Scale Up grant by the NBMBAA
It should go without saying that many more grant opportunities can be found for a black-owned business. Like here, here and even here.
My point is, you want to “hit often and hit hard” and these business grants will certainly help you do just that!
