7 Grants for Black Business Owners

Grants for Black Business Owners

Starting a small business in the US is not easy, requiring much effort, time, and energy. Besides this, money also plays a crucial role in starting up a new business.

Many people have creative business minds, but they can’t establish their businesses due to a lack of money.

The businesses that recently collapsed or were affected didn’t get enough funds to redevelop. If you come from a minority community, i.e., black Americans, and are searching for grants to support your business, then you are at the right place.

Grants for black business owners are compiled here for minorities in the US.

Every US citizen deserves proper government support, regardless of their communities. Special grants are reserved to provide equal financial support to Black Americans.

Many other resources are available that provide low-interest loans to black business owners. Let’s find out more information about the resources available for Black Americans.

Why Black-owned Businesses Are Dying?

According to a recent survey, 8 out of 10 businesses owned by black minorities in America were shut down in the previous years.

The Pandemic is the main reason behind the downfall of the black-owned business. However, we believe that black-owned businesses are dying or have died due to a lack of funding opportunities.

Some black Americans are completely unaware of the funding opportunities, free federal grants, and zero or low-interest loans available for their small or big enterprises.

This is the reason why they have to suffer a lot. To help them give proper information, we have prepared a list of all the funding opportunities available in America.

Grants for Black Business Owners

1. Grants.gov

Grants.gov is an official government portal. This one-stop platform helps all types of Americans learn about free federal grants and other resources.

Black Americans can use the Search Bar on this official portal to find a suitable grant. This is the most effective way to find out which grants are open for them.

2. Small Business Administration Grants

The Small Business Administration i.e. SBA portal, enlists opportunities for minority-owned businesses. The list provides useful information about the resources and the grants available to them.

SBA provides quick funding opportunities to minority-owned businesses in their growth and development, which eventually help the country’s overall economy. The commission has distributed various duties to their team to provide support, including free counseling and training.

For more information about the grant opportunities, how to apply, and what documents are required, head to the official SBA page for minority-owned businesses.

3. Rural Business Development Grants

Rural Business Development Grants aim to support the development and growth of rural areas. Black-owned businesses in rural areas should apply for the USDA Rural Business Development Grants.

This program offers a grant for small businesses with fewer than 50 employees and less than $1 million in annual gross revenue.

Rural areas with less than 50,000 population are eligible for this grant. All types of businesses, small enterprises, and projects are welcome to apply for the grant.

It’s a government-funded grant. The official portal provides more information about the grant, its application procedure, and more.

4. Minority Business Development Agency

The Minority Business Development Agency (MBDA) specifically focuses on promoting the growth and competitiveness of minority-owned businesses.

This program provides funds to businesses owned by minorities in America. MBDA operates Minority Business Centers nationwide to assist minority-owned businesses in accessing capital, contracts, and markets.

The Minority Business Center portal helps you locate the nearest MBDA center, where you can access information and apply for financial aid.

This agency, exclusive for minorities, offers a variety of funding programs. Head over to the given link to learn more about the Minority Business Centers located across the US.

The same webpage provides information about the different funding opportunities available for black citizens and people from minority communities in the US.

5. Small Business Research Innovation Grants

The Small Business Research Innovation Grants i.e., SBRI grants, are offered by the US Government. This program is designed for small businesses with creative minds. The funds must be utilized for technological innovations and other improvements.

The Small Business Innovation Research (SBIR) program does not specifically allocate funds through ‘Black Business Grants, Women Business Grants, Minority Business Grants.’ Still, it encourages all small businesses to apply, with some agencies offering outreach to increase participation from minorities and women.

Learn about the application procedure and the criteria for applying for the grant from their official website.

6. National Black MBA Association Scale-up Pitch Challenge

The National Black MBA Association Scale-up Pitch Challenge was designed to support small businesses and their development.

The challenge aims to make big the bigger and they do so by organizing challenges.

This challenge helps startups collaborate with investors. Investors who find a particular startup good for their future would provide the required funds to establish the business, market it, and for other purposes.

The same portal provides additional career opportunities to the black community.

7. National Association for the Self-Employed Growth Grants

NASE provides all kinds of support to small businesses. Small businesses need helping hands for development and growth; this program is designed to do so.

It provides free access to various resources, buying power, selling power, and marketing power to small businesses, including businesses owned by black communities.

The participants would receive special training to develop and expand their businesses and $5,000 in grant money to buy technological equipment.

Since technology equipment such as computers is expected, this program offers $5,000 to establish a business with high-tech equipment.

The Bottom Line:

While various grants and resources are available to support black business owners, systemic challenges and disparities can impact access to these opportunities. Efforts are ongoing to ensure equitable access to funding and support for all business owners. There are numerous resources, free federal grants, and other resources available for black citizens to receive financial support for their businesses.

The only obstacle the black community faces is a lack of knowledge. They are not aware of such opportunities. Therefore, you and all of us need to inform them!

Interactive US Map for Small Business Grants

See Also

College Grants for Black Students

Small Business Grants for Minorities

Medical School Grants for Minorities

Grants for Minority Women

What is NIH?

FedEx Small Business Grants

IVF Grants for African American

Grants for Black Women

Current Version
January 26, 2022
Written By
Shubham Grover
March 27, 2024
Updated By
Andrea Morales G.

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