Funding Opportunities Every Black Entrepreneur Should Know in 2024
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 the 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 to:
- 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 is dispensed 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.
Founders First Capital Partners
Founders First Capital Partners works with underrepresented and underserved businesses to help obtain capital funding. The organization gives inclusive companies access to funds through revenue-based funding and term loans.
Along with capital funding, each recipient receives advisory services through coaches, advisors, and an experienced team to push for growth potential.
Community Development Financial Institutions (CDFI) Fund
CDFI Fund drives to expand economic opportunities for underserved and underrepresented businesses and communities. The organization provides these businesses with the necessary growth and capacity through a network of community development lenders, investors, and financial service providers.
Multiple programs are overseen and orchestrated by the CDFI to provide resources and funding to underserved business owners. There are even opportunities for tax incentives and guaranteed bonds.
Accolade Partners
Accolade Partners provides much-needed assistance to underrepresented businesses in the technology and healthcare sectors. The venture capital fund provides multiple funding opportunities, including the Empowerment Fund for underrepresented groups.
Along with funding strategies, the group provides a comprehensive experience to provide businesses with the tools and advice to cultivate the next generation of leaders.
Apply to these funding opportunities to help your business thrive. Happy Black Business Month!
Originally published at http://adreonpatterson.net on August 8, 2024.
