Having an idea, a dream or a skill is just the beginning, often the hardest part is securing funding, especially for Black and woman entrepreneurs.
Grants offer a unique advantage—they don’t need to be repaid. However, they’re highly competitive, so it’s crucial to be well-prepared.
Tips for Grant Success
- Legal Structure: It’s best if your business is organized as an LLC or corporation. Sole proprietorships are eligible, but a formal structure can provide a professional edge.
- Business Accounts: Keep finances separate by using a dedicated business checking account, as many grant providers require business banking details.
- Consistent Sales: Demonstrating steady revenue, even at modest levels, shows financial reliability.
- Solid Business Plan: Prepare a clear, written plan detailing your goals, funding usage, and growth strategy.
- Financial Documentation: Have organized profit/loss statements, tax returns, or balance sheets available.
- Clear Objectives: Specify how you’ll use the funds, focusing on targeted actions (e.g., “launching a social media campaign”).
- Show Impact: Emphasize your business’s social or environmental contributions, which many grantors value.
Top 30 Grants for Black-Owned and Woman-Owned Small Businesses
- The Amber Grant for Women
- Amount: $10,000 monthly + $25,000 annual grand prize
- Who’s eligible: Women entrepreneurs
- Why it’s worth it: Great for new businesses focused on passion over complex proposals.
- Comcast RISE Investment Fund
- Amount: $10,000
- Who’s eligible: Small businesses owned by people of color
- Why it’s worth it: Includes marketing services for added visibility.
- Cartier Women’s Initiative Award
- Amount: Up to $100,000
- Who’s eligible: Women-run, impact-driven businesses
- Why it’s worth it: Ideal for ventures with social or environmental goals.
- The Fearless Fund
- Amount: $10,000 to $20,000
- Who’s eligible: Black women-owned businesses
- Why it’s worth it: Provides both financial support and mentoring.
- Tory Burch Foundation Fellowship
- Amount: $5,000 + a one-year fellowship
- Who’s eligible: Women entrepreneurs
- Why it’s worth it: Access to business resources and mentoring.
- The SoGal Black Founder Startup Grant
- Amount: $10,000
- Who’s eligible: Black women or non-binary entrepreneurs
- Why it’s worth it: Supports early-stage startups.
- New Voices Fund
- Amount: $5,000 to $100,000
- Who’s eligible: Black women entrepreneurs
- Why it’s worth it: Addresses funding inequities for Black women in business.
- Visa She’s Next Grant Program
- Amount: $10,000
- Who’s eligible: Black women-owned small businesses
- Why it’s worth it: Includes mentorship opportunities.
- Black Girl Ventures Pitch Competition
- Amount: Up to $10,000
- Who’s eligible: Black and Brown women founders
- Why it’s worth it: Provides exposure and networking through live pitching.
- The Halstead Grant
- Amount: $7,500
- Who’s eligible: Emerging female jewelry designers
- Why it’s worth it: A niche grant for jewelry makers.
- Amount: Up to $50,000
- Who’s eligible: Small businesses
- Why it’s worth it: Includes branding and marketing support from FedEx.
- Amount: $5,000 – $25,000
- Who’s eligible: Black-owned small businesses
- Why it’s worth it: Provides mentorship and funding for community-oriented businesses.
- Amount: Up to $1 million
- Who’s eligible: Black and Latino entrepreneurs
- Why it’s worth it: Founded by Pharrell Williams, it aims to close the opportunity gap.
- Amount: $25,000
- Who’s eligible: Women entrepreneurs in beauty and wellness
- Why it’s worth it: Supports businesses with purpose in beauty and wellness.
- Amount: Varies
- Who’s eligible: Black-owned businesses
- Why it’s worth it: Offers funding and access to business networks for growth.
- Amount: $100,000
- Who’s eligible: Black women entrepreneurs
- Why it’s worth it: Helps Black women entrepreneurs build business legacies.
- Amount: $10,000
- Who’s eligible: Minority-owned businesses
- Why it’s worth it: Includes legal services to ensure compliance.
- Amount: Varies
- Who’s eligible: Black women entrepreneurs
- Why it’s worth it: Supports Black women with a $10 billion investment fund.
- Amount: $10,000
- Who’s eligible: Women of color entrepreneurs
- Why it’s worth it: Provides financial and educational resources.
- Amount: $5,000
- Who’s eligible: Black and Latinx women entrepreneurs
- Why it’s worth it: Provides funding and a 10-week business program.
- Amount: $10,000
- Who’s eligible: Women entrepreneurs making a social impact
- Why it’s worth it: Recognizes women changing their communities.
- Amount: Up to $50,000
- Who’s eligible: Black entrepreneurs
- Why it’s worth it: Ideal for businesses ready to scale.
- Amount: $50,000
- Who’s eligible: Black-owned businesses
- Why it’s worth it: Provides capital for sustainable business growth.
- Amount: Varies
- Who’s eligible: Women entrepreneurs
- Why it’s worth it: A grant hub offering continuous funding opportunities.
- Amount: $100,000
- Who’s eligible: Black women-owned businesses
- Why it’s worth it: Supports socially impactful businesses.
- Amount: Varies
- Who’s eligible: Minority-owned businesses
- Why it’s worth it: Offers financial literacy and grant resources.
- Amount: Varies
- Who’s eligible: Underrepresented founders
- Why it’s worth it: Focuses on businesses with diversity at their core.
- Amount: Varies
- Who’s eligible: Latino-owned businesses with growth potential
- Why it’s worth it: Includes mentorship and investor connections.
- Amount: Varies
- Who’s eligible: Minority-owned businesses
- Why it’s worth it: Provides access to corporate partnerships.
- Amount: Varies
- Who’s eligible: Hispanic-owned businesses
- Why it’s worth it: Offers funding and community connections.
In Conclusion
Securing a grant requires preparation. By building a strong business foundation and clear objectives, Black and woman entrepreneurs can unlock essential funding opportunities. Don’t overlook local initiatives like the Bradhurst Merchants Association if you’re in Harlem, as we support Black and woman-owned businesses in the area.
