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Are you a black woman facing challenges getting the money you need to fund your business ideas?
Maybe you’ve come up against roadblocks because only a few people like you get the money they need from places like venture capital or small business loans. Or maybe money troubles are holding you back.
But please know you’re not alone in this journey.
Recent studies from JP Morgan show that black women are making incredible strides in starting businesses across the United States.
The country has almost 2.7 million black women-owned businesses – a truly impressive number.
But even with this exciting growth, it’s still tough for these strong women to get the money they need.
There’s something else to consider, too.
There’s a gap in how successful black women’s businesses are compared to others.
Only 3 out of 100 business owners see their businesses survive the past five years, which shows how strong and enduring they are.
But here’s the good news: there’s hope on the horizon, and help is within your reach.
In this blog, we’ll discuss the different grants made just for black women who want to start businesses.
We’ll explain who can apply for these grants and walk you through the application process. Let’s get into it.
Venture Forward: $5K Startup Grants For Black Women
The following are the available $5K startup grants for black women in the US:-
1. Pepper Startup Grant
The Pepper Startup Grant is a special $5,000 grant for Black women who own businesses.
The grant doesn’t come with any strings attached, meaning recipients can use it however they need.
Its main goal is to help Black women business owners who often face problems getting money for their businesses.
Pepper has partnered with the Startup Girl Foundation to make this grant possible.
Any Black woman business owner from any state can apply.
The grant is meant to support businesses struggling to get funding because of unfair systems.
It’s supposed to help Black women entrepreneurs overcome challenges when getting money for their businesses.
Eligibility Criteria:
- The business should be owned, controlled, or operated and managed by individuals who are Black or African-American, female, or non-binary.
- At least 50% of the business must be owned, controlled, or operated and managed by individuals who are Black or African-American, female, or non-binary.
- The type of business can be from any industry.
- Applicants are required to show dedication and a strong commitment to their business.
Application Process:
- To apply for the grant program, complete the online application form found on the Pepper website during the application period.
- The committee will assess all applications submitted within the designated period, evaluating each based on the eligibility criteria and the applicant’s genuine passion and commitment to their business.
2. SoGal’s Black Founder Startup Grant
SoGal’s Black Founder Startup Grant is a dynamic initiative extending grants to Black women and nonbinary entrepreneurs, fortifying their strides in business endeavours.
Notably, the grant amount from SoGal’s Black Founder Startup Grant is flexible, spanning from $5,000 to $10,000.
Eligibility Criteria:
- Self-identification as a Black woman or Black nonbinary entrepreneur, encompassing multiracial individuals.
- Possess a legally registered business entity.
- Intent to explore investor financing to amplify business growth, whether presently or in the future.
- Boast a scalable, high-impact concept or solution with the ambition to evolve into a billion-dollar enterprise.
Application Process:
- Applications for this program are open continuously, thereby eliminating a specific deadline.
- To initiate the application process, visit the SoGal Foundation’s official website and complete the online application form.
- The evaluation panel thoroughly examines your submission within the given timeframe, scrutinizing each against the backdrop of the eligibility criteria and your enthusiasm and commitment to their business venture. If you qualify, you’ll be contacted.
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3. Digital Undivided
The Digital Undivided Start-Up Grant program offers a $5,000 grant to choose companies accepted into the program.
Eligibility Criteria:
- To be eligible for the program, founders must be Black or Latina women entrepreneurs.
- Applicants should have a legally registered business entity.
Application Process:
- Prospective applicants should apply to the BREAKTHROUGH program, supported by JPMorgan Chase’s Advancing Black Pathways initiative.
- The selection process entails a comprehensive review of applications and an interview stage.
- The selected founders will be granted $5,000 in cash, though it’s important to note that this amount is subject to taxation.
4. Coalition To Back Black Businesses
The Coalition To Back Black Businesses (CTBBB) is a grant initiative established in 2020 to assist black-owned businesses amidst the challenges posed by COVID-19.
This program allocates $14 million in grants, accompanied by mentoring and online resources.
Here’s a breakdown of the eligibility criteria and application procedure:
Eligibility Criteria:
- Applicants must demonstrate ownership of a black-owned business.
- The business should have a workforce ranging from 3 to 20 employees.
- The business must be situated within a financially underserved community.
- Applicants are required to outline how the effects of COVID-19 have impacted their business.
Application Process:
The CTBBB grant program operates through two funding rounds across four years (2020 to 2024):
- During the autumn season, chosen applicants receive a $5,000 grant.
- In the summer, recipients of the fall grant become eligible for an additional $25,000 grant.
5. New Voices Grants
The New Voices Foundation is dedicated to empowering women of colour in their pursuit of building, expanding, and elevating their enterprises while fostering a more inclusive environment for venture creation.
Through annual pitch contests and grant initiatives, New Voices offers direct financial support to women of colour.
Each contest bestows $100,000 in cash grants, ranging from $5,000 to $25,000, complemented by comprehensive post-competition guidance, mentorship, and personalized skills development.
Eligibility Criteria:
- The company should be officially incorporated for a minimum of 3 months.
- Ownership of the company should rest with a Black woman.
- The company’s headquarters must be located within the United States.
- A minimum of one (1) employee is required.
- The business owner must be at least 25 years old.
- Evidence of customer traction and market validation is essential.
Application Process:
- Check the website to see if you are eligible.
- Gather all documents.
- Apply.
Conclusion
The challenges of accessing funding for business ventures are met with empowering solutions to uplift and propel black women-owned businesses to new heights.
The $5K startup grants discussed in this blog reveal a transformative approach to address the historical disparities black women entrepreneurs face.
Through these initiatives, a resounding message reverberates: the dreams and aspirations of black women entrepreneurs matter, and their potential is boundless.
FAQs
Eligibility extends to Black or African-American, female, or non-binary individuals. The business should be owned, controlled, or operated by eligible individuals, with at least 50% ownership, control, or operation falling under this category. Various industries are eligible.
Applying involves visiting the grant provider’s website, completing an online form, and meeting specific deadlines. Present your dedication, passion, and vision for your business in the application.
These grants empower black women entrepreneurs beyond finances. They address funding disparities, offer validation, and provide mentorship, nurturing innovation and growth in a more inclusive business environment.
