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by Fundid on Aug 18, 2022 6:30:00 AM
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, we've compiled a list of 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 grant.1. Job Creators Quest Grants
Founders First is committed to increasing the number of diverse founder-led businesses generating over $1 million dollars in revenues and creating premium wage jobs. With one simple application, businesses can receive cash and a full tuition scholarship to one of our stellar accelerators. Grant money can be used as growth capital to hire or rehire premium wage jobs. Cash infusion can be used to purchase, fix or enhance equipment necessary to help you manage growth challenges and scale for the future.
A total of $100,000 will be awarded to 30 small businesses: $10,000 grant, $4,000 grant, $2,500 grants, $1,000 grants. In addition, each grant recipient will receive a tuition scholarship for one of Founders First CDC’s stellar business accelerator programs.
2. Fearless Strivers Grant Contest
The Fearless Fund invests in women of color-led businesses seeking pre-seed, seed level, or series A financing. It is is deepening its commitment to this community with the launch of the Fearless Strivers Grant Contest in collaboration with Mastercard. From February to December 2022, eleven lucky small businesses across the country will receive $10,000 grants, digital tools to help them get and sustain their business online, and Priceless one-on-one mentorship so they can continue to bolster their business. Don’t miss your chance! Complete your entry form for your chance to win.
3. Black Founder Startup Grant
The SoGal Foundation has a mission to global movement to close the diversity gap in entrepreneurship. Black women founders are the fastest growing demographic of entrepreneurs out of any throughout history. These founders are best equipped to solve some of the world’s largest unmet needs, and have a legacy of reinvesting in their communities and creating intergenerational wealth. SoGal created the Black Founder Startup Grant to support Black Women and Black Non-Binary Founders.
Awardees will also receive tactical help navigating the fundraising environment at large so that they will have a more equitable opportunity at scaling the next billion dollar idea. They will also receive lifetime “ask-me-anything” access to the SoGal Foundation and SoGal Ventures teams.
4. StartHER Grant
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 25 business owners will be selected to each receive a $5,000 grant. 2023 StartHER Grant applications will open in the fall of 2023.
5. National Association for the Self-Employed (NASE) Grant
The NASE helps female entrepreneurs in small business ventures grow by awarding up to $4,000 through the NASE Growth Grants program. Since 2006, the NASE has awarded nearly $1,000,000 to members through the Growth Grants program by providing small business grants. Grants can be used for marketing, advertising, hiring employees, expanding facilities and other specific business needs.
6. Amber Grant
WomensNet founded the Amber Grant in 1998. The grant was set up with one goal in mind: To honor the memory of a special young woman, Amber Wigdahl, who died at just 19 years old — before realizing her business dreams.
Applying is simple and takes just a few minutes to tell The Amber Grant about yourself and your business dream. No long, complicated forms to fill out. Submitting one application makes you instantly eligible for all grants related to your business. They announce the grant winners by the 23rd of the following month.
7. Wish Local Empowerment Program
Wish is dedicating a $2M dollar fund to give roughly 4,000 Wish Local small business partners financial support. The selected recipients will receive amounts between $500 - $2000. This program will only be open to Black-owned stores, to help promote equality and diversity in American business.
Editor’s Note: This post was originally published in January 2021 and has been updated for accuracy and comprehensiveness.