Small Business Grants for Black Women
Women are the growing face of business as 30 percent of American companies are owned by women a total of 9.4 million. Of these 14 percent are controlled by black women who generate $ 52.6 billion in combined income and employ 297,500 workers. As the number of women starting businesses continues to grow. So does the need for access to capital to grow and scale these businesses. However women entrepreneurs continue to change in terms of obtaining bank loan venture capital and angel investments. In this article we will discuss small business grants for black women.
We’ve put together a quick list of two organizations that give small business grants to black women see below.
List of 6 Grants for African Black Women to Start a Business
Minority Business Development Agency (MBDA)
MBDA is an agency of the US Department of Commerce that works to grow. And promote elite-owned businesses by promoting public and private programs, policies and research. They recently partnered with the Broad Agency Notice to award more than $ 13 million for 35 projects. MBDA is definitely a good agency to consider when you are considering starting a business.
The Amber Scholarship is provided by WomensNet. This scholarship honors the memory of a young woman (Amber) who was unable to meet her business goals. At the end of each month, WomensNet donates $ 1,000 to a different women-owned business. Then, at the end of each year, those women are eligible for the $ 10,000 annual Amber grant. WomensNet is looking for women with passion and a good story.
For more small business grants for black women, we recommend checking out Grant.gov. With more than 1,000 grants in its database, you will have many options to choose from, but not all of them are breed specific. Grant-giving agencies will be much more need-based than scholarships and loans, but they will recognize the help you need to achieve your business-related dreams.
Amber Grant Program
The Amber Grant was introduced to help women achieve their business dreams. Each month, one winner receives a $ 500 grant and at the end of the year, one of the twelve winners receives an additional $ 1,000. There is also an opportunity to obtain additional angel investors and mentors. The application only requires a brief introduction of your business or idea.
Federal grant programs
To find grants through the federal government, their grant database website, Grant.gov, is a great place to start. Many of the business grants offered go to nonprofits that help businesses in their communities and to organizations and businesses that do business with the federal government as contractors.
Another area where African American women business owners should consider is the federal government’s Elite Business Development Agency, which has local offices across the country and can help business owners find local sources of grants.
State and local grants
When looking for local business grants, African American women can start with their state grant office. These offices list all federal, state, and local grant opportunities in the state for everything from housing and education to business. Business owners can find their state office through a link on the website of the US Economic Development Administration Many state and local grants go to companies that will provide jobs and promote economic growth for industries in that state.
There are also similar grants for state and local governments and those offered by the federal government that are awarded to companies that can work with the state or local government as contractors.
New Voices Fund
The New Voices Fund provides capital and expert advice to women of color who want to start a business, grow their existing business, or establish a community business. With over $ 100 million in the fund to be awarded, there is a reasonable chance that applicants with a sound business plan will be approved.
Before you go, I hope this above article small business grants for black women is helpful and beneficial for you.