Key takeaways
- Grants can help Black female business owners bridge the funding gap
- Many grants are tailored to specifically help Black business owners and women business owners overcome racial biases
- Grants designed to help minority business owners overcome barriers are currently facing legal challenges
- Additional resources are available, including minority business loans and small business training programs
According to GoDaddy’s Venture Forward research, Black women are the fastest-growing group of entrepreneurs in the United States, accounting for 10 percent of total entrepreneurs. Yet more could enter the business market if they had the tools and resources to understand how to be successful.
Seventy-seven percent of Black women say they would start their own businesses if they had access to funding through business loans, seed or other funding, according to Goldman Sachs. Seventy-one percent say they would start a business if they had access to a training program.
This makes sense, as Black-owned businesses continue to be the group least likely to be fully approved for business loans, according to the Federal Reserve.
Business grants for Black women can help these entrepreneurs get the funding they need. Some grants are made especially for Black female business owners. Others are made for Black business owners, minorities, women or all business owners.
Here’s a look at some of the available grants for Black women.
Open grants for Black women
1. Wish Local Empowerment Program Grant
The Wish Local Empowerment Program Grant is part of a plan to aid in the fight against systemic racism and its impact on Black-owned businesses. This grant program accomplishes that goal by gifting $2 million in the form of $500 to $2,000 grants to shops and stores with no more than 20 employees, a U.S. brick-and-mortar location and less than $1 million in average annual revenue.
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To complete the online application, business owners must provide details about their business and qualifications for the program. Selected businesses are required to join Wish Local, a program that partners e-commerce marketplace Wish with small businesses, which allows them to sell their products on Wish.
2. Publish Her Business Impact Grant
The Publish Her Business Impact Grant (BIG) has been operating since 2018 and has already issued $250,000 in grant proceeds. The program is currently running a contest for a $5,000 grant that will be awarded to a woman of color business owner. Eligible businesses have to be 100 percent woman-owned and demonstrate how they’re making a difference in the lives of others.
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Applications are typically open between June and August, though dates for 2025 have not been announced. If you get chosen as one of the 10 qualifiers, be ready to submit a two-minute video about your business. This video will be shown to the public as Publish Her collects votes to determine the grant winner.
3. HerRise Micro-Grant
The HerRise Micro-Grant was created by the Yva Jourdan Foundation, a HerSuiteSpot non-profit that raises money through donors and sponsors. Its goal is to offer community, coaching and capital to women, including women of color, who own businesses. Every month, a female business owner receives a $1,000 micro-grant, which will help them strengthen their business and fulfill their goals of positively impacting their communities.
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The online application is currently open on the HerSuiteSpot website. Each round of applications closes on the last day of the month, and winners get announced at the next HerSuiteSpot First Friday Mixer. You will need to pay the $15 administrative fee when you submit your application.
4. Amber Grant
The Amber Grant was founded in 1998 by WomensNet to honor Amber Wigdahl, an aspiring business owner who died when she was 19 years old. Three monthly $10,000 grants are awarded to one woman-owned business through its Amber Grant, Startup Grant and Business Category Grants. At the end of each year, the previous monthly winners also have the opportunity to win two $25,000 grants.
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The application for the Amber Grant is available online. Applicants must submit personal and business details and a $15 application fee. One application can be completed, and it will apply to all eligible grants related to your business. Grant winners are announced by the 23rd of the next month.
5. 37 Angels
Instead of a grant, 37 Angels teams up with angel investors to financially support women-owned small businesses. Every two months, eight companies have the opportunity to pitch to 37 Angels’ network of investors in person in New York. Selected businesses are awarded between $50,000 and $200,000 in funds from angel investors, with the average investment totaling $25,000.
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To apply, businesses must register for a Gust account. They will then complete a 20-minute call with 37 Angels to determine if they are a good fit. Businesses are encouraged to submit applications at least two weeks before the upcoming pitch forum, which occur every two months.
6. National Association for the Self-Employed Growth Grant
While the National Association for the Self-Employed (NASE) doesn’t specifically offer grants for Black women, the Self-Employed Growth Grant has granted money to business owners consistently since 2006, so it’s worth mentioning. Each year, four small business owners receive a $4,000 grant to cover various business expenses, including hiring, marketing and advertising.
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This grant is open to any business owner, though you must be a NASE member in good standing. Additionally, you must provide details about their business and how the grant will be used when completing the online application. Grant applications are reviewed quarterly.
7. BREAKTHROUGH Grant
The BREAKTHROUGH Grant is offered by digitalundivided’s BREAKTHROUGH Program, which is sponsored by JPMorgan Chase. This program offers grants to founders looking for funding, mentorship and growth strategies to propel their businesses forward.
To be eligible, businesses must be established for at least one year with a minimum annual business revenue of $50,000 and a website or mobile app. In addition to a $5,000 grant, winners will receive a business mentor, sessions with industry leaders, access to digitalundivided’s community of entrepreneurs and post-program support.
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These business grants for entrepreneurs are currently offered periodically to different geographies. You can apply for the grant program starting in August through September. You must be able to commit to two, five-hour virtual mentoring sessions per week for three weeks.
8. Backing the B.A.R. Grant
The Backing the B.A.R. Grant is part of the initiative launched by the NAACP and Bacardi to support minority-owned businesses in the sales, hospitality and beverage alcohol service industries. This includes bars, lounges, restaurants, liquor stores and nightclubs. Businesses with a liquor license or plans to get a liquor license are eligible to receive a $10,000 grant as well as educational support and mentorship.
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The application opens on April 15 and runs until May 24. Business owners must have or be seeking a liquor license and will need a Hello Alice account to apply.
9. FedEx Small Business Grant
Each year, the FedEx Small Business Grant Contest issues grant money to selected small business owners nationwide. In 2024, 10 recipients were awarded grants, including a $50,000 grand prize and $20,000 second prizes. To be eligible for the grant, you must be a for-profit business in operation for at least six months, have fewer than 99 employees and have shipping needs for your business. FedEx will likely release additional eligibility specifics when the 2025 grant round opens up.
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Applications generally open early in the year, so start checking back on the website above in January 2025 for details on the next FedEx Grant Contest.
More grants for Black women: Dates to be announced
10. StartHER Grant
The StartHER Grant is a program through the Texas Woman’s University’s Center for Women Entrepreneurs that helps Texas-based women business owners fund projects and initiatives. In total, 10 new and emerging business owners will each receive a $5,000 grant.
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Grant applications are currently closed and dates are to be announced for the 2025 grant application year. Once opened, business owners can apply online. The application includes questions about the business and the project the grant will fund.
11. Black Girl Ventures
The Black Girl Ventures Pitch Program empowers minority women entrepreneurs operating in designated cities. It offers them the opportunity to compete in a pitch competition, with first-place winners receiving a grant of $10,000, second-place winners receiving $6,000, and third-place winners taking home $2,000. BVG Pitch has already welcomed pitches from entrepreneurs in New York City and Austin and is poised to hear seven pitched in Los Angeles at the beginning of December.
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To apply, founders must complete an application online. During the pitch competition, each founder gets three minutes to pitch their business idea and another three minutes to answer any questions from the audience, who will then vote for the winner. Applications aren’t currently being accepted, so you will need to check back to see when the competition opens for 2025.
12. The Coalition to Back Black Businesses Grant
The Coalition to Back Black Businesses, which includes American Express, the U.S. Chamber of Commerce Foundation, the National Black Chamber of Commerce, National Business League, U.S. Black Chambers, Inc. and Walker’s Legacy, launched its grantmaking and mentoring initiative in 2020 with the goal of supporting Black business owners impacted by COVID. Several grants — including 14 for $25,000 each — have already been awarded, as well as training and mentorship to Black-owned businesses in economically vulnerable or distressed communities.
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Moving forward, grants will most likely total $25,000 each. Applications are currently closed, and the coalition has not announced whether future grants will be offered. The last cohort was awarded $25,000 each in 2023.
13. The Catalyst Fund Grant
The goal of the Mastercard Strive program, which is operated by Hello Alice, is dedicated to connecting small businesses with access to financial tools and capital.
The program includes business grants for Black women. Specifically, it offers The Catalyst Fund Grant, which awards several $5,000 grants to help Black entrepreneurs based in Atlanta, Birmingham, Dayton, Los Angeles, New Orleans, New York City, St. Louis, and Washington, D.C. achieve their business goals.
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The application period closed March 31, 2023. To date, Hello Alice has not released any information about future Catalyst Fund Grants. If these grants reopen and the criteria is the same, Black business owners with 51% or more equity in a for-profit business.
14. Build Your Legacy Contest
Essence and Pine-Sol have partnered to offer the Build Your Legacy Contest. Every year, a vote is held to select one Black woman entrepreneur to receive the $100,000 grant and six months of business coaching.
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Applications have closed, and the website has not announced any future grant dates. In the past, this contest has run from March to April, with a winner being announced by July. Check back on the website in early 2025 for more information about next year’s grant. For more information about grant eligibility and future application periods, sign up for Pine-Sol’s newsletter.
15. Invest in Progress Grant
The Invest in Progress Grant is available through The Boss Impact Fund, a program created by Boss Network and Sage that invests in Black women-owned businesses and provides resources to owners and founders looking to build and grow their companies. Over the next three years, the program will give out a total of $1.5 million to business owners across the country. Each grant recipient will receive $10,000, a one-year scholarship to BOSS Business University and monthly mentoring from BOSS or a selected agency.
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The 2024 application period has closed, and no future grant application dates have been announced.
16. Power Forward Small Business Grant
Vistaprint, the Boston Celtics Shamrock Foundation and the NAACP have partnered to offer $1.5 million to Black-owned businesses through the Power Forward Small Business Grant. Black-owned small businesses in New England can win a $25,000 grant, marketing and design resources from VistaPrint and features on co-branded platforms.
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To apply, your business will have to be based in Massachusetts, Maine, New Hampshire, Rhode Island, Vermont or select areas of Connecticut. The current grant cycle is closed, but business owners can apply online when the application period re-opens.
17. Founders First Job Creators Quest Grant
The Founders First Job Creators Quest Grant awards recipients a share of $30,000 and access to Founders First’s accelerator programs. Eligible business owners must identify as: Black, Indigenous, Person of Color, Women, LGBTQIA+, Military Veteran or located in a low or moderate-income area. Entrepreneurs must also operate within the Chicago counties of Cook, DuPage, Kane, Lake, McHenry or Will and are required to commit to creating one or two new high-paying jobs within the next year.
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Applications for 2024 are now closed, and the website has not been updated to announce future application deadlines.
18. The Kitty Fund
The Kitty Fund was created in honor of Catherine “Kitty” Abrams Tadlock Webster, mother to Founders First’s CEO Kim Folsom. In an effort to support mom-preneurs, the Kitty Fund provides $1,000 micro-grants to 25 employer-based businesses across the nation.
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Business owners can typically pre-register online. The website doesn’t announce the application deadline for 2025, but the 2024 deadline ended in April. You may want to reach out to [email protected] with questions about upcoming grants.In addition to identifying as a mom and having a staff of at least two, to be eligible for this grant, businesses must have an annual revenue of no more than $5 million.
19. IFundWomen Universal Grant
IFundWomen regularly partners with brands like VISA, Botox and Johnnie Walker to offer grants to women entrepreneurs and has specifically offered business grants for Black women in the past. While this funding marketplace doesn’t currently have any open grants for Black woman-owned businesses operating in the U.S., you can still fill out their IFundWomen Universal Grant Application. This way, you get into their pool and get automatically entered for any applicable grants that come up in the future.
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Fill out the Universal Application linked above. IFundWomen says it should take ten minutes or less.
20. Comcast RISE
Created in response to the pandemic, Comcast RISE (Representation, Investment, Strength and Empowerment) has issued $125 million in grant money to date. The program has grown and, along with a new round of funding in the form of $5,000 grants, offers coaching, mentorship, education, TV commercial production support and more.
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While applications for 2024 have closed, you can likely expect this grant to return. It expanded its reach in the last round of grant funding. In 2023, business owners were eligible if they had been operating for at least three years, had fewer than 100 employees and operated from Baltimore, the Detroit area (Macomb County, Oakland County, Wayne County and Washtenaw County), the Memphis area (Shelby County), the Philadelphia area (Philadelphia County) or the Portland area (Multnomah County).
Additional resources
Business grants are competitive. If you don’t win any of the above grants for Black women, consider other small business resources that can help you find money and support your business needs to thrive. You can also explore:
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The Department of Health and Human Services (HHS) manages this website, which includes a system that stores and organizes more than 1,000 federal grants that award more than $500 billion each year.
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Under the United States Department of Commerce, the Minority Business Development Agency (MBDA) is an agency that was founded with the goal of helping minority-owned businesses succeed. Beyond offering its own grants, the MBDA also has business centers tailored to help women of color get financing and other support for their companies.
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If you create a Professional selling account with Amazon and go through the process to certify your business as Black-owned, you get access to resources tailored to support your store’s success. Some of those resources include a $500 credit to use for start-up and operational costs and advertising credits.
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CFDIs are financial institutions with a dedication to helping individuals and business owners in underserved communities. Plus, the federal government has a CDFI Fund that helps those institutions offer funding and services to their clients. A loan through a CDFI generally has relaxed eligibility requirements than one through a traditional lender.
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To qualify as a Minority Depository Institution, the institution has to have more than half of its stock owned by “socially and economically disadvantaged individuals.” In other words, the people making decisions at these institutions usually understand the hurdles Black women face in scaling their businesses, and they may be able to tailor products and services to support you.
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The U.S. Small Business Administration (SBA) backs loans for small businesses, including ones geared toward historically disadvantaged communities. That includes SBA microloans to help business owners who can’t qualify for other types of SBA loans. There is also the SBA 8(a) Business Development Program, which supports historically disadvantaged business owners.
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Several different Chambers of Commerce that operate nationally can help you here. For one, the U.S. Black Chambers, Inc. provides resources and programs specifically tailored to support Black business owners. Plus, the National Black Chamber of Commerce and the U.S. Chamber of Commerce are behind the Coalition to Back Black Businesses mentioned above, and they offer other resources and programs for minority-owned businesses.
Alternatives to business grants for Black women
While there are options when it comes to business grants for Black women, not everyone can get them. Black female entrepreneurs who don’t qualify for or receive a business grant have other options to help secure financing.
Small business loan
Small business loans allow owners to borrow a large sum and pay it back over time, plus interest and any fees. These loans are available through various lenders, including banks, credit unions, online lenders and the Small Business Administration (SBA). The business owner completes an application and provides details about their business, and the lender approves or denies the application. If approved, funds are received in one lump sum and can be used to cover short and long-term business expenses.
Bankrate insight
Some lenders provide affordable and accessible loans for business owners from disadvantaged and underserved communities. Check out our guide on the best business loans for minorities for more information.
Special purpose credit programs
Special purpose credit programs empower banks to provide loans to economically disadvantaged small business owners. While not widely available, some banks like Chase and Zions Bank provide credit to business owners who typically are not eligible for loans from traditional banks.
Business line of credit
A business line of credit is another option for business owners who need to cover short-term expenses, such as inventory or payroll. Similar to a business credit card, a business line of credit is revolving, so purchases can be made up to a certain limit and interest is charged only on the amount borrowed. Once the business owner makes payments toward past loans, purchases can be made up to the limit again.
Business credit card
A business credit card is ideal for short-term expenses because it is a revolving line of credit that allows the cardholder to make purchases up to a certain limit. You can also build business credit as long as you pay your bill on time each month and keep your debt to a minimum. Additional perks typically found with business credit cards include grace periods if you pay your balance in full, discounts on business-related purchases and the chance to earn rewards that can be redeemed for travel or statement credits.
Crowdfunding
Through crowdfunding, business owners fundraise to cover various business expenses. Depending on the type of crowdfunding — donation, debt, reward or equity — donors will get something in return for their contribution, such as rewards or equity in the company.
Sites like SeedInvest and Indiegogo are great for crowdfunding, but Black Girl Ventures is an organization that offers Black women a unique crowdfunding experience. Through the BGV Pitch Program, business owners can participate in a live pitch event. They have six minutes to pitch their business and answer questions from the audience, who use the money to vote for the best pitch.
Bottom line
Black women may be the fastest-growing group of entrepreneurs in the country, but they still face many barriers when it comes to launching and growing their businesses. While many other founders turn to bank loans, credit cards or lines of credit to fund their businesses, Black business owners tend to self-fund, which can be risky. But companies and organizations that create grants for Black women entrepreneurs can give more Black-owned businesses throughout the country the chance to succeed.
Frequently asked questions
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Small business loans are available to women to start a business along with other resources. This includes grants, loans for underserved communities, business credit cards, business lines of credit or crowdfunding.
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The SBA provides training and funding that can assist women and minorities. This includes the Women-Owned Small Business Federal Contract Program and 8(a) Business Development Program. The SBA also offers business loans that are meant to help underserved communities like minorities, women and veterans, such as its SBA microloans.<br /><br />The SBA also offers business loans that are meant to help underserved communities like minorities, women and veterans. For more information, check out:
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The federal government does not directly provide grants to start a business. But it does award grants to organizations that provide grants and additional resources to businesses. For more information, you can search grants.gov, a database of federal government grants.
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