Studies show that black women are the most dynamic business owners in the country. In addition to having the highest levels of education, they are the fastest-growing group of entrepreneurs and control 2.7 million enterprises in the United States, according to a J.P. Morgan report.
Their businesses have imprinted on every sector, including tech, education, and the beauty and fashion industries.
Despite their triumphs, Black women founders and CEOs have faced numerous obstacles, with a lack of funding topping the list.
According to a LinkedIn post, 40% of Black women company owners feel that access to money is essential for expanding their enterprises. However, only 19% have obtained funding; thus, most have to raise money independently.
This article will list the 25 best grants for black women worldwide, carefully read through.
Table of contents
- What Are Grants?
- How Can Black Women Apply For Grants?
- 20 Best Grants For Black Women In The World
- 1. The Amber Grant
- 2. IFundWomen Universal Grant
- 3. Cartier Women’s Initiative Awards
- 4. SoGal Black Founder Startup Grant
- 5. Fearless Strivers Grant Contest
- 6. Grants.gov
- 7. Program for Investors in Microentrepreneurs (PRIME)
- 8. FedEx Small Business Grant
- 9. Halstead Grant
- 10. Zions Bank Smart Women Grants
- 11. National Association for the Self-Employed Growth
- 12. National Association of Black Accountants (NABA)
- 13. National Association for the Self-Employed Growth Grants (NASE)
- 14. Minority Business Development Agency
- 15. National Black Nurses Association (NBNA)
- 16. Black Women’s Blueprint Fund (BWBF)
- 17. The SF Women’s Entrepreneurs Fund
- 18. The Red Backpack Fund
- 19. The New Voices Fund
- 20. We the Culture Grant
What Are Grants?
Grants are sums of money given by an individual or group to another party so they may use them to finance a particular project, activity, nonprofit, or facility. These monetary amounts can be in the hundreds to thousands of dollars range, depending on the situation.
Grants are regularly given to people, corporations, higher education institutions, or charity groups. A grant could come from the government, a foundation, a trust, or even a for-profit organization. The essential component of this technique is giving financial support.
The majority of grants contain some restriction or regulation that outlines who is eligible to receive the funding, and the vast majority of funds are awarded for promoting or supporting particular activities. Grants are given out to encourage or support specific activities.
What Are The Requirements Needed To Apply For Grants?
Prospective grant recipients must submit not only applications but also grant proposals to be considered for the grant. The individual or organization providing the grant money is given a document known as a grant proposal.
In this document, you detail the particular job or project for which you intend to use the grant funds and explain why you should be awarded the grant.
You can be obliged to repay the funds if you cannot finish the work or project on schedule or lose your eligibility for the award before the deadline.
For example, if you receive a grant to finish a course but later decide you don’t want to, you will no longer be eligible for the grant and might have to repay it.
Except for financial aid for educational expenses, The United States federal government does not give gifts to private individuals.
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How Can Black Women Apply For Grants?
The grant application process can be time-consuming and discouraging if you have not successfully obtained a grant for several years despite submitting many proposals.
It cannot be easy to find grants to apply for, but doing so can result in significant financial advantages for Black women. If you are eventually given the funds you require, you can put the money to good use.
Your chances of being chosen for the position you are applying for will increase the more applications you submit.
Each grant application has a specified format, which you must adhere to when creating your application. Determining whether or not you are eligible to submit a grant application and be given one is crucial.
You will waste a lot of time and money on the application process if you are not legally eligible for a particular source of funding because you will not be able to get the prize.
If you have already decided to apply on behalf of your company or as an individual, ensure you verify your eligibility. Where you are not sure, you should apply either way.
Lastly, black women considering applying for business grants need to be aware of the deadlines associated with each application.
20 Best Grants For Black Women In The World
Here’s a list of the top 20 grants for black women in the world:
- The Amber Grant
- IFundWomen Universal Grant
- Cartier Women’s Initiative Awards
- SoGal Black Founder Startup Grant
- Fearless Strivers Grant Contest
- Program for Investors in Microentrepreneurs (PRIME)
- FedEx Small Business Grant
1. The Amber Grant
The Amber grant was created in memory of black teenager Amber Wigdahl, who, at the age of 19, dreamed of founding her own business.
Although Amber passed away before she could pursue her dream, the grant established in her honor helped several young women accomplish their dreams of entrepreneurship.
The Amber Grant gives monthly winners $500 to help minority women achieve their dreams of starting their enterprises. One of the twelve monthly winners will also get an additional $1,000 at the end of the calendar year. Since 1998, this grant has been in operation and is still active today.
Amber Grant enables women to acquire the resources required for success by providing them with the support of mentors and investors. To apply, all you need is a concept; you don’t even need financing or an established firm to be considered.
This is an excellent choice if you want grants to start a business explicitly geared toward women entrepreneurs. Businesses based in The United States of America and Canada are eligible to apply.
2. IFundWomen Universal Grant
IFundWomen is a grant marketplace that provides funding and mentoring for women-owned and operated businesses.
You only need to submit a single application because IFundWomen will automatically compare your application to the database whenever one of our enterprise partners adds a grant. If your company is a match, an application invite will be sent to you.
This program provides incentives for $25,000 to individuals who present practical business proposals. In addition, they provide 100 shadow businesses with enough resources to last for 100 days.
3. Cartier Women’s Initiative Awards
Cartier provides financial assistance through grants to nine different women-owned businesses in other parts of the world each year.
The Cartier Women’s Initiative Awards program aims to encourage early-stage businesses by focusing on various challenges related to social and economic development and the environment.
First-place winners receive grants totaling $100,000, second-place winners receive grants totaling $60,000, and third-place winners receive grants totaling $30,000. Additionally, winners are given access to executive coaching and various training programs.
4. SoGal Black Founder Startup Grant
The SoGal Foundation seeks to “narrow the diversity gap in entrepreneurship and venture capital” globally. Black women are given grants as part of their mission to help them pursue their entrepreneurial goals.
In partnership with SoGal, Twilio, Winky Lux, twelve NYC, and blue mercury, select the winners of their $10,000 and $5,000 scholarships.
Awarded individuals also receive lifetime access to the SoGal Foundation personnel and assistance with fundraising, with a focus on investor finance. You can submit your application through the website anytime because SoGal accepts applications on a rolling basis.
5. Fearless Strivers Grant Contest
Mastercard and the Fearless Fund are co-organizers of a contest called the Fearless Strivers Grant Contest. The competition’s winners are Black women business owners, and they each earn a $10,000 prize.
Additionally, winners will receive one-on-one mentorship from a Mastercard small-business mentor who will walk them through the process and access digital tools to help them start and maintain their enterprises online.
To qualify for this small business grant, your company must have no more than fifty employees and three million dollars in yearly revenue. Your company must also be based in the United States.
Grants.gov hosts a database of federally funded awards, including small business grants. This database is a great place to start if you’re looking for free money, even though these prizes aren’t just for women-owned businesses.
To apply, you must obtain your company’s Unique Entity ID and register to transact business with the US government on the System for Award Management website (a 12-character alphanumeric identifying number).
You can search for grants using several criteria, including the industry you work in and the federal agency funding them.
7. Program for Investors in Microentrepreneurs (PRIME)
Even though the SBA oversees several different grant programs, it only occasionally gives small firms access to direct grant money.
However, the Small Business Administration (SBA) offers federal grants to these groups through the PRIME programs so that they can give training, technical support, and mentoring to underprivileged microentrepreneurs.
These financial aids enable the organizations to offer these services to microbusiness owners.
This grant for lack women is open to profit and non-profit organizations irrespective of their nature. Preference is usually given to organizations that seek to assist small businesses.
8. FedEx Small Business Grant
FedEx actively assists new businesses and small enterprises. In addition to the various grants they fund in collaboration with other companies and organizations, they host a grant competition with substantial awards.
They annually award prizes of up to $50,000 to ten small businesses. In 2022, there was a total prize pool of around $300,000. Prize winners also receive money that they can use to purchase FedEx Office print and business services.
To apply for the FedEx Small business Grant, you need to complete an application that requests a detailed explanation of how you intend to use the grant.
9. Halstead Grant
The Halstead Grant is an annual award given to emerging silver jewelry makers. Candidates also need to submit their creative portfolios and answer 15 business-related questions.
The experience is intended to assist jewelry business owners in developing a plan to launch their ventures. The $7,500 cash grant and accompanying benefits comprise the ultimate prize. The deadline date of application is May 1st.
10. Zions Bank Smart Women Grants
This organization provides funding through its Smart Women Grants program. Zions Bank started this initiative as an extension of its commitment to giving minority women the resources they need to turn their business ideas into successful enterprises.
The microgrants are given to those in Utah and Idaho who work to empower women or directly assist women from underserved and low-income communities.
Zions Bank has provided 82 microgrants worth more than $235,000 to deserving people and their organizations since 2004. Zions Bank eventually funded six of the 56 women in Utah and Idaho who applied for awards this year.
11. National Association for the Self-Employed Growth
This non-profit trade group offers $4,000 growth grants to small businesses that can be used for various purposes, including advertising, marketing, and even hiring new employees.
You must provide proof that you have been a NASE member in good standing for at least three months to be eligible for this grant. For yearly members, the application process is available all year round.
Growth Grants are given at the NASE’s sole discretion.
12. National Association of Black Accountants (NABA)
NABA empowers black business leaders with a platform to get engaged and inspired to excel in business.
Throughout its history, the organization has contributed more than $8 million to deserving students furthering their education in various business-related fields. Initially, the organization’s main focus was on uplifting women of color.
All donations made to the National Association of Black Accountants were dispersed among those deemed to be most deserving in the form of scholarships.
Being a member of an ethnic minority is one of the qualifications candidates must fulfill to qualify for funding from the organization. The applicant must also be enrolled in an academic program at the time of application.
By adding a new name to the list, the National Association of Black Accountants (NABA) has expanded the number of grants available to black women.
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13. National Association for the Self-Employed Growth Grants (NASE)
With this incentive, black women can launch their firms and become successful owners. In addition to providing them with cash support, the award will pay for the costs associated with buying crucial office supplies and equipment like computers and printers.
To advance in business, the award covers the price of hiring part-time staff and any additional marketing supplies needed to operate a business successfully. You’ll be able to advance the situation as a result of this.
14. Minority Business Development Agency
This program from the U.S. Department of Commerce’s MBDA assists women and people of color in launching and growing their businesses. It provides financial help to aspiring businesspeople and those just starting.
15. National Black Nurses Association (NBNA)
Black women who are either interested in the nursing profession or are presently studying or plan to start such a program soon can apply for grants, scholarships, and fellowships from the National Black Nurses Association (NBNA). This organization is both owned and administered by black people.
16. Black Women’s Blueprint Fund (BWBF)
This non-profit group encourages women to join if they are interested in developing businesses or organizations that deal with economic justice, education, police violence, and the criminal justice system.
By providing funding options specifically suited to their needs, an emphasis is made on supporting black women business owners.
17. The SF Women’s Entrepreneurs Fund
The Fund offers mini-grants of up to $5,000 to San Francisco-based small businesses run by black women for initiatives and improvements that would fundamentally change the company’s capacity to expand.
It was created to support collaboration between female entrepreneurs and local technical assistance providers and to enhance the small business climate for women in San Francisco.
The program’s primary goal is to support women who want to start new businesses in various sectors. You must meet the requirements to be eligible for this grant.
18. The Red Backpack Fund
The SPANX by Sara Blakely Foundation offered $5 million to female entrepreneurs after Covid-19 to aid in the revival and rebuilding of their businesses. Additionally, they collaborated with Global Giving to establish The Red Backpack Fund.
Each receiver received a $5,000 gift, the same amount Sara Blakely used to create Spanx 20 years ago. Because our culture is based on small enterprises, we understand what it’s like to begin small and have big goals.
19. The New Voices Fund
Richelieu Dennis, the founder of Shea Moisture, sponsors this grant for black women. This grant seeks to remove the gender gap in entrepreneurship while simultaneously expanding the number of opportunities available to minority women interested in acquiring additional information regarding new trends in the financing of businesses run by women.
It also focuses on helping them overcome some of the obstacles that typically arise when pitching an idea and getting money approved. To be more precise, “overcoming some of the challenges that commonly present themselves” is used.
20. We the Culture Grant
Meta, formerly known as Facebook, has made it one of its primary assignments to make it possible for founders and creatives of color to access the resources and funding required to bring their next big idea to life.
This program aims to assist lack entrepreneurs in establishing functional enterprises on Facebook and Instagram while
They will also get access to tools for learning and growth and assistance for their goods if they are chosen to receive money under the We the Culture project.
The program aims to help Black entrepreneurs establish successful enterprises on Facebook and Instagram while giving them access to one-of-a-kind possibilities for partner management and community development.
FAQs On Best Grants For Black Women
Use Grants.gov, a free, official website, to look for grants or to apply for one. For application forms or grant information, commercial websites may charge a fee.
Black Girl Ventures (BGV) aims to help Black and Brown’s women access funding opportunities to grow their businesses.
The duration for the application of grants varies per grant.
It could seem as though grants for black women are hard to come by. However, by applying for the available grants listed in this article, you can rest assured that the funding needed to expand your business in due time will come by.
- blog.hubspot.com – 11 Grants for Black Women
- aofund.org – 11 Business Grants for Black Women Entrepreneurs and 5 Places to Find More
- nerdwallet.com – Business Grants for Black Women