August is Black Business Month, and I found some funding sources that should be on your radar as an entrepreneur or business owner. So, here are a few funds and grants every Black entrepreneur should apply for over the next year!
Black Founders Fund
After seeing the toll COVID-19 took on Black-owned businesses, Google established the Startups Black Founders Fund in 2020. The fund offers startups across the African diaspora the chance to find funding sources for their operations. The business must be in Africa, Brazil, Europe, and the United States. The tech brand seeks to strengthen communities and create generational change along with capital.
Receiving funds for your business is just the start since Black Founders Fund offers ongoing mentorship, Google Cloud credits, and help with product support in every stage of their startup journey. Recipients become part of the founder network after being in the program for a year.
Keep It Local Business Fund
The NAACP and the Nextdoor Kind Foundation partnered with the financial resource Hello Alice to create the Keep It Local Business Fund. The fund awards 20 U.S.-based small business owners of color microgrants to help grow their businesses. The grant program seeks to help entrepreneurs strengthen and support their communities at a local level.
NAACP Powershift Grant
In conjunction with Daymond John’s virtual business conference Black Entrepreneurs Day, John teamed up with the NAACP to provide Black entrepreneurs across the U.S. a chance to win $25,000 to help them grow and scale their businesses. Along with the monetary reward, each recipient gets the opportunity for:
- Mentorship from Daymond John
- Joining John for a live on-air chat during the Black Entrepreneurs Day broadcast
The Coalition to Back Black Businesses Grant Program
The Coalition to Back Black Businesses is a multi-year initiative shepherded by American Express, the U.S. Chamber of Commerce Foundation, the National Black Chamber of Commerce, the National Business League, U.S. Black Chambers, Inc., and Walker’s Legacy to help support Black small business owners and the communities recover from the COVID-19 pandemic. These partners work together to provide huge grants, mentoring/coaching for small business owners, and online resources to empower those in distressed communities.
Funding dispenses in two parts. The first part consists of $5,000 grants distributed to selected applicants in the Fall. A select group will receive $25,000 enhancement grants the following Summer. In between the grant selection, recipients will participate in the mentorship program.
SoGal Black Founder Startup Grant
SoGal Foundation teams with multiple sponsors, including bluemercury, Twilio, and Walmart.org’s Center for Racial Equity, to help Black women or nonbinary entrepreneurs progress their businesses. The grants ranged from $5,000 to $10,000 in cash to several awardees.
Along with monetary compensation, each awardee will receive help navigating the fundraising world to help them turn their small business into the next billion-dollar idea. They will also receive access and mentorship from the SoGal Foundation and SoGal Ventures teams.
Apply to these funding opportunities to help your business thrive. Happy Black Business Month!