In a business world dominated by men, starting a business as a woman and sustaining it through growth is not easy. However, finding substantial funding sources can make the journey more streamlined. Surprisingly, stats show that only 25% of women business owners seek funding to grow their businesses. In this article, you'll discover several different business grants for women of color.Why grants? Unlike small business loans where you have to pay the money plus interests back, grants don't require any repayment. You basically get money to help you cultivate the business and no repaying. Now, let us go into specifics of each.
1. Sephora Accelerate Program
It's an organization dedicated to building a community of innovative women business founders in the beauty industry across the US, Canada, Mexico, or Brazil. Besides its grants program, Sephora offers a rich culture of mentorship and bootcamp programs that help women business owners acquire skills for running successful businesses.
2. Huggies Mominspired Grant Program
This program is geared toward granting business moms who've exceptional product ideas that make parenting life more effortless. Up to 12 moms receive a total of $15,000 in funding. Eligibility is only restricted to those businesses that make parenting less stressful.
3. Kapor Capital
The organization devotes itself to businesses that are focused on closing the gaps among minority groups such as women of color or Latino communities. It is primarily tech-oriented that creates access, opportunities, and increases outcomes for minority groups.
4. National Association for the Self-Employed (NASE) Grant
The NASE helps entrepreneurs in small business ventures grow by awarding up to $4,000. More eligibility and application details can be obtained from their site.
5. 500 Women Seed Accelerator Program
This is one of those programs that expand funding by offering space, community, and mentorship programs to women business owners. It's a great way to jumpstart your business and meet other successful women in business. The amount awarded varies accordingly.
As the name suggests, it's an annual grant program that challenges American women entrepreneurs to launch innovative products and services that positively affect women and families' lives. Three winning women-owned businesses get cash prizes of $70,000 (1st place is $40,000, 2nd place is $20,000, and 3rd place gets $10,000). 2021 application guide can be found here.
7. Business Owners' Idea Café Small Business Grant
Its broad nature gives minority groups like women of color an edge to advance their companies. It offers up to $1,000 in cash prizes and $1,500 in advertisement credits to market your product and services.
8. Minority Business Development Agency
The MBDA grant looks to close the gap by offering assistance to small businesses owned by minority groups. They also provide educational resources to minority entrepreneurs. Be sure always to check their site to grab any grant opportunity.
9. The Halstead Grant
Women of color interested in or in the jewelry industry can apply for this grant program. Annually, the winner receives $75,000 in funding plus $1,000 in supplies. Also, the top five and top ten runners-up receive $500 and $250, respectively.
10. The New Voices Fund
The program is exclusively for women of color entrepreneurs. The goal is to bridge the gap between women entrepreneurs and minority women in business. The grants are awarded in the annual Essence Festival held by its founder, Richelieu Dennis of SheaMoisture haircare and skincare products.
11. Black Women's Blueprint Fund
The nonprofit organization provides women of color with resources and funding to help them thrive in their business ventures. The group focuses on grassroots efforts to combat issues such as criminal justice, education, and economic justice.
How We Can Help
Fundid is a business bank and grant marketplace platform. We provide a support for women to find essential financial resources to help grow their entrepreneurial endeavors.