Just 1% of Black Business Owners obtain business loans in their first year.
Comparatively, 7% of white-owned firms get business loans in their first year.
Black-owned businesses now more than ever require access to capital and funding in the face of a pandemic that has pushed our economy into freefall. Browse this list of grants specifically created to help fund minority owned businesses in the United States.
Let us know if there are more grants that we need to add, or if you have had any positive experiences with applying for any of the grants listed below.
The NAACP has partnered with different organizations in order to provide these grants:
Keep It Local Business Fund
NAACP x Bacardi: Backing The B.A.R.
NAACP x Bacardi: Backing the B.A.R Grant Recipients
NAACP x BeyGOOD: Black Owned Small Business Impact Fund Grant Recipients
Powershift Entrepreneur Grant Recipients
2021 NAACP x Bacardi: Backing the B.A.R Grant Recipients
The U.S. Department of Commerce, Minority Business Development Agency (MBDA) is the only federal agency solely dedicated to the growth and global competitiveness of minority business enterprises.
10 grand prize winners will each receive $30,000, plus:
$1,000 print credit at FedEx Office®
Access to FedEx Premier Customer Service
Sustainable Packaging Consultation
Digital Sales Consultation
20% off SEO Monthly Plan with Higher Visibility
Mentor matching with Entrepreneurs' Organization, and much more!
NASE supports small businesses on a daily basis by offering benefits, centralized purchasing power, and direct access to experts that were previously only available to major firms. Grants can be used for marketing, advertising, hiring employees, expanding facilities and other specific business needs.
You could receive up to $4,000 for your small business through the NASE Growth Grants program.
The National Black MBA Association® (NBMBAA) started in 1970 to help Blacks coming into the corporate sector, largely for the first time, share experiences and insights to help make the journey easier.
Since 2017, NBMBAA has hosted the Scale-Up Pitch Contest as a way to continue this tradition into the next generations of businessmen and businesswomen.
Last year's competitors were awarded over $65,000 total in cash prizes:
1st Prize: $50,000
2nd Prize: $10,000
3rd Prize: $7,500
People’s Choice Award: $1,000
If the above beta test link does not work, click here.
The SBIR and STTR programs fund a diverse portfolio of startups and small businesses across technology areas and markets to stimulate technological innovation. Check out their website for more information over how to apply for funding and check eligibility requirements.
Did you learn about any new grants? Have you heard of some of these organizations before reading this? Let us know in the comments!
Thanks for reading.