Starting and growing a business in the United States can be tough for black entrepreneurs.
They face unique challenges in getting their businesses off the ground and making them thrive.
To help with this, there are special grants called Black Founder Startup Grants.
These grants are financial boosts specifically made to support black entrepreneurs as they set up and expand their businesses.
This blog will highlight all the different grants that black people in the United States can get.
These grants are important because they give the money and resources that black entrepreneurs need to overcome the tough parts of running a business.
Top 10 Black Founder Startup Grants: Navigating Challenges, Fostering Success
Below are the available grants for black founders:-
1. SoGal Foundations’ Black Founder Startup Grant
The Black Founder Startup Grant, provided by the SoGal Foundation and various sponsors, offers grants of up to $10,000 to Black and multiracial women and nonbinary entrepreneurs.
This initiative is accessible to entrepreneurs with a legally registered business intending to pursue investor financing for scalability, either presently or in the future.
Eligible candidates must self-identify as Black women or Black nonbinary entrepreneurs, possess a business with the potential for high-impact and scalability to become a billion-dollar enterprise, and have their business legally registered.
2. Harlem Capital
Harlem Capital provides a fellowship initiative that extends capital, resources, and mentorship to underestimated founders, specifically catering to Black entrepreneurs.
This program aligns with Harlem Capital’s overarching mission to transform the landscape of entrepreneurship through investments in a diverse range of founders.
3. The Google For Startups Black Founders Fund
This is an initiative designed to assist Black-led startups by providing comprehensive support.
This includes a non-dilutive capital injection of $150,000, access to up to $100,000 in Google Cloud credits, mentorship, and overall support throughout the business.
The fund’s primary goal is to enhance economic opportunities for promising Black startup founders, catalyze the growth of Black-led startups, encourage innovative solutions, and generate wealth within these communities.
4. The Backstage Capital Accelerator
This is a program that invests $100,000 in startups founded by women, people of color, and/or members of the LGBTQ+ community, taking a 5% equity share in return.
Since 2015, Backstage Capital has invested over $20 million in 200 startups led by founders from diverse backgrounds.
The program runs for three months and provides valuable insights from experienced entrepreneurs, investors, and leaders in education.
5. The Fearless Fund
This is an organization that offers funding at various stages (pre-seed, seed, and Series A) specifically for businesses led by women of color, including Black women entrepreneurs.
The organization’s goal is to address the disparity in venture capital funding for women of color founders who are building scalable and aggressively growing companies.
One of the initiatives by the Fearless Fund is the Women of Color Grant Program, conducted in collaboration with the Tory Burch Foundation.
This program provides grants of $10,000 and $20,000 to 75 small businesses owned by women of color.
6. The BLCK VC Fellowship
The BLCK VC Fellowship is a six-month program specifically designed for early-stage Black entrepreneurs.
This initiative offers participants mentorship, access to resources, and a significant $100,000 investment to support their startups.
Through the fellowship, entrepreneurs receive exposure to seasoned investors, gaining insights into crucial aspects of investing such as what investors look for, deal structuring, and the responsibilities of board members or observers.
7. The New Voices Fund
This is a foundation committed to assisting women of color entrepreneurs, including Black women, in growing their businesses.
The foundation provides financial support and expertise through various means, including access to funding, leadership development, skill enhancement, and networking opportunities offered at events like entrepreneurial summits, accelerators, bootcamps, grants, mentoring, coaching, and more.
8. The Black Ambition Prize
This initiative provides funding and prizes to early-stage startups led by Black and Latinx entrepreneurs in the technology, healthcare, and consumer products and services sectors.
To be eligible, ventures must have demonstrated progress in their business concept and have raised no more than $1 million in dilutive funding.
Additionally, the Black Ambition mentor program is available to connect founders with a supportive community of mentors and fellow entrepreneurs, offering valuable assistance to Black and Hispanic entrepreneurs.
9. The Black Innovation Alliance (BIA)
The objective of this grant is to diminish the racial wealth gap by ensuring equitable access to resources, knowledge, and opportunities for Black entrepreneurs, tech founders, and creative technologists.
10. The National Black MBA Association (NBMBAA)
This association supports Black entrepreneurs by offering scholarships and grants for higher education and business endeavors.
Through the NBMBAA Graduate Scholarship Program, students with outstanding academic performance, strong leadership potential, and community engagement can receive financial aid for tuition.
These scholarships, ranging up to $5,000, are available to both undergraduate and graduate students.
Conclusion
The burdens of running a startup without adequate financial resources as a black founder has become easier with these black founder grants.
It is essential to carefully review the eligibility criteria and application processes before applying for any of these grants.
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FAQs
No, Black Founder Grants support both new and existing businesses led by Black entrepreneurs.
Yes, each grant program has its own set of eligibility criteria, often focused on supporting underrepresented entrepreneurs.
Some grant programs may consider applications from non-profit organizations that align with their mission of supporting Black entrepreneurship.
