Grants for Black Business Owners
Starting a small business in the US is not easy as it requires a lot of 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 due to lack of money, they can’t establish their business.
The businesses that were recently collapsed or affected didn’t get enough funds to redevelop. If you come from a minority community i.e. black Americans and 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 citizen of the US deserves proper support from the government irrespective of their communities. To provide equal financial support to Black Americans, special grants are reserved.
There are many other resources 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 are shut down in the previous years.
The Pandemic is the main reason behind the downfall of the black-owned business. However, what we believe here is that the black-owned businesses are dying or have died due to a lack of funding opportunities.
Over 70% of black Americans are completely unaware of the funding opportunities, free federal grants, 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 for them in America.
Grants for Black Business Owners
Grants.gov is an official government portal. This one-stop platform helps all types of people living in America to avail the benefits of free federal grants and all the other resources available for them.
Black Americans can search for a suitable grant from this official portal using the Search Bar. This is the most effective way to find out the grants open for them.
2. Small Business Administration Grants
The Small Business Administration i.e. SBA portal enlists some opportunities for minority-owned businesses. The list provides useful information about the resources and the grants available for 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 for the grant, what types of documents are required, head over to the official SBA page for minority-owned businesses.
3. Rural Business Development Grants
Rural Business Development Grants are designed for the communities that live in rural areas including the black minorities. Black-owned businesses in rural areas should apply for the USDA Rural Business Development Grants.
This program offers a grant of $10,000 – $500,000 to businesses established in rural areas including agricultural businesses.
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 will give you more information about the grant, its application procedure, and more.
4. Minority Business Development Agency
The Minority Business Development Agency i.e. MBDA is yet another government-backed agency designed to support the minorities of the country.
This program provides funds to businesses operating in America by minorities. Special Minority Business Centers are established by the government for locals.
Minority Business Center portal helps you locate the nearby MBDA center to avail the information and to apply for financial aid.
A variety of funding programs are offered by this agency exclusive for minorities. Head over to the given link to know more about the Minority Business Centers located across the US.
The same webpage lets you know about the different funding opportunities available for black citizens as well as other people that come 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 Research Innovation portal also provides special funds to minorities including the black community through Black Business Grants, Women Business Grants, Minority Business Grants, etc.
Get to know about the application procedure and the criteria to apply 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 are doing so by organizing challenges.
This challenge helps startups to collaborate with investors. Investors who find a particular startup good for their future would provide the required funds to establish the business and for marketing and 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 and 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 get special training to develop and expand business as well as $5000 grant money to buy technological equipment.
Since technology equipment such as computers etc. is common, this program offers $5,000 to establish the business with high-tech equipment.
The Bottom Line:
Black business owners have the same opportunities as white business owners in America. There are numerous resources, free federal grants, and other resources available for black citizens to receive financial support for their businesses.
The only obstacle that the black community is facing is a lack of knowledge. They are not aware of such opportunities available to them. For that reason, they need to be informed by you and all of us!