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.
Comcast Rise created the Women of Color grant specifically to help women of color to grow their business. Comcast Rise understands the impact and struggle that women of color face everyday, especially running a business. In June 2020, Comcast NBCUniversal announced the development of a comprehensive, multi-year plan to allocate $75 million in cash and $25 million in media over the next three years to fight injustice and inequality against any race, ethnicity, gender identity, sexual orientation or ability.
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The Supernova Grant is here to help ambitious female entrepreneurs and women of color business owners like overcome the barriers of finding capital so you can thrive as a successful entrepreneur. When you believe in your dreams and invest in yourself, nothing can stand in your way.
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The organization devotes itself to businesses that are focused on closing the gaps among minority groups such as women of color or Latino communities. Helping to offset the financial impact of the Coronavirus (COVID-19) health crisis. These grants for minority business owners are intended to provide relief to small businesses and women- and minority-owned businesses.
The purpose of this program is to foster greater economic development activity in Texas by encouraging and enabling woman-owned small businesses to undertake new and innovative projects. A total of $50,000 (10 grant awards) is available for this round of funding.
The CoCokind Impact Foundation provides financial grants to female entrepreneurs in health, wellness, and sustainability industries who are focused on creating social impact through business. Their foundation is set up by CoCokind and managed through philanthropic ventures.
The NASE helps female entrepreneurs in small business ventures grow by awarding up to $4,000. More eligibility and application details can be obtained from their site.
7. Amber Grant
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.
The Idea Café small business grant is a perfect opportunity for female entrepreneurs looking to start and grow their businesses. 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.
The Minnesota Department of Employment and Economic Development (DEED) will oversee the Main Street Covid Relief Grants Program approved by the Minnesota State Legislature and signed by Gov. Tim Walz on June 30, 2021.
Fundid is on a mission to get women-owned businesses the funding they need to grow so that we can all close the business wealth gap. While 42% of businesses in the US are owned by women, they only account for 4% of revenue generated by private businesses. We spend our time at Fundid thinking about what the world would look like if women also generated 42% of revenue and how to get them the capital they need to make that happen. Fundid is creating new ways to get small businesses the capital they need to grow and is built from the feedback of women entrepreneurs.
Editor’s Note: This post was originally published in January 2021 and has been updated for accuracy and comprehensiveness.