Don’t miss your chance to receive funding from these grants and venture capital funds specifically for Black-owned businesses.
As part of our ongoing series of blogs celebrating National Black Business Month, we’ve compiled a list of grants and funds that support Black-owned businesses. All the grants on this list are either recurring or still open at the time of publication, so be sure to apply soon.
1. NAACP Keep It Local Business Fund
Unsurprisingly, the National Association for the Advancement of Colored People (NAACP) has several grants for Black-owned businesses. They have several grants every year. Examples of grants that have closed applications include Back The B.A.R., a grant created in partnership with Bacardi for Black-owned restaurants and bars. The Power Forward Small Business Grant was created in partnership with the Boston Celtics and committed one million dollars for Black-owned businesses in New England.
But don’t worry, there are still many that are open. Created by the NAACP, Nextdoor Kind Foundation, and Hello Alice, the Keep It Local Business Fund was created with the intention of strengthening small businesses that are strengthening their communities.
Who’s Eligible? – Any Black-owned business that aspires to improve their community
How Much? – They’ve committed a total of $100,000 to be given out in one-time $5,000 grants. Beneficiaries will also participate in 1-2 events with fellow grant recipients, receive ad credits on the Nextdoor Platform, and receive access to trainings.
Application Deadline – September 1st, 2023
2. NAACP and Leslie’s Certification Boost Grant
Another one of the many grants provided by the NAACP, the Certification Boost Grant is meant to provide funding specifically for obtaining certifications. These certifications, including the Minority Business Enterprise (MBE) help establish connections with other certified businesses and provide valuable networking opportunities.
Who’s Eligible? – Businesses that are at least 51% Black-owned and operated, have a principal office in a HUBZone, and be headquartered in Arizona, California, Georgia, or Texas
How Much? – $5,000
Application Deadline – September 8th, 2023
3. Coalition to Back Black Business Enhancement Grant
The Enhancement Grant was created to help Black-owned businesses that suffered due to the COVID-19 pandemic. The pandemic did untold damage to businesses as a whole, but Black businesses were hit especially hard. The Coalition to Back Black Business is helping to sustain the recovery for years after the pandemic.
Who’s Eligible? – Black-owned businesses in economically vulnerable communities that were harmed by the COVID-19 pandemic and employ between three and 20 people
How Much? – $25,000
Application Deadline – Applications for 2024 grants open this August
4. Wish Local Empowerment Program
Wish Local is a shopping app where customers can ship items to local small businesses where they then pick them up. Those businesses receive some compensation and additional foot traffic. Wish Local clearly has plenty of incentive to support small businesses and this grant is geared towards Black-owned small businesses.
Who’s Eligible? – Black-owned small businesses with less than 20 employees, less than one million dollars in annual revenue, and a brick-and-mortar location.
How Much? – Between $500 and $2,000
Application Deadline – Rolling
5. National Black MBA Association Scale Up Pitch Challenge
The National Black MBA Association is a network of Black professionals. Despite what their name might suggest, you don’t need an MBA to be the beneficiary of some of the programs they provide.
The Scale Up Pitch Challenge is a competition that encourages people to “Make Big Ideas Bigger” by submitting pitches for scalable startups. Ten semi-finalists present their pitches at the Nationa Black MBA Association annual conference, with three finalists all receiving prizes. In addition, the exposure from competing and pitching in person can lead to investors even if you don’t win.
Who’s Eligible? – Black small business owners looking to take their companies to the next level
How Much? – 1st Prize: $50,000, 2nd Prize: $10,000, 3rd Prize: 7,500, People’s Choice Award: $1,000
Application Deadline – Yearly (2023 deadline was August 4th)
6. U.S. Small Business Administration
The Federal government has countless grants for all small businesses and plenty specifically for those that are minority-owned. One such program is the HUBZone program, providing funds for historically underutilized business zones.
Who’s Eligible? – Depends on the specific grant
How Much? – Depends on the specific grant
Application Deadline – Depends on the specific grant
7. Kinetic Business by Windstream Black Business Support Fund Grant
Kinetic Business’s Black Business Support Fund is for small, Black-owned businesses that meet their requirements.
Who’s Eligible? – Black-owned businesses with less than 25 employees
How Much? – Varies
Application Deadline – Rolling
8. SoGal Foundation Black Founder Startup Grant
The SoGal Foundation is a platform for diverse entrepreneurs with 50 chapters around the world. Their Black Founder Startup Grant funds Black women and nonbinary business owners, helping them to accomplish their goals and achieve more representation among business leaders.
Who’s Eligible? – Black women and Black nonbinary entrepreneurs
How Much? – $5,000 – $10,000
Application Deadline – Rolling
9. Google Black Founders Fund
Google’s Black Founders Fund began in 2020 and has been providing Black-owned businesses with sizable grants as well as the immense wealth of resources that Google has at its disposal.
Who’s Eligible? – Companies with at least one Black founder and a tech-driven, scalable product
How Much? – Up to $150,000, along with networking, mentorship, and leadership training opportunities
Application Deadline – Rolling
10. BOSS Impact Fund
The BOSS Network is a platform for Black women professionals. BOSS stands for “Bringing Out Successful Sisters,” so it should come as no surprise that they have grants to help Black women entrepreneurs and business owners.
This program is about “preparing these entrepreneurs to build scalable, growth-aggressive companies.” Less than 1% of businesses that receive venture capital are owned by Black women, and the BOSS Impact Fund is looking to change that.
Who’s Eligible? – Black women business owners and entrepreneurs
How Much? – $10,000 and one year of mentoring
Application Deadline – Rolling
11. Amazon Black Business Accelerator
One of the largest corporations in the world is spreading some of the wealth to Black-owned businesses. The Black Business Accelerator is a program that provides several resources for Black entrepreneurs to get their businesses off the ground and grow them in a variety of areas.
Who’s Eligible? – Any Black entrepreneur that has an Amazon Professional Sellers account, physical products, and has uploaded a valid minority-owned business registration to their account.
How Much? – Up to $3,000 in advertising credits, $500 in credit to assist with operational costs, access to business education and webinars, and much more.
Application Deadline – Rolling
12. New Voices
The New Voices Foundation is an organization for Black-women-owned businesses that has donated $2.62 million to 206 companies since its inception. By joining this organization, you’ll have the opportunity to participate in pitch competitions that reward cash prizes to be reinvested back into your business.
Who’s Eligible? – Black women business owners
How Much? – $5,000 – $25,000 along with coaching and mentoring
Application Deadline – Rolling
13. Backstage Capital
Backstage Capital is a venture capital fund that invests in companies with women, POC, and LGBTQ+ founders. They’re striving to increase the amount of capital given to these groups, which is currently only at 10%.
Who’s Eligible? – Women, POC, and LGBTQ+ business owners
How Much? – Varies
Application Deadline – Rolling
14. Black Girl Ventures National Beauty Pitch
The 2023 National Beauty Pitch is a large-scale pitch competition for beauty brands owned by Black and Brown women.
Who’s Eligible? – Black and Brown business owners in the beauty industry
How Much? – Coaching, mentoring, donations from audience members with a chance for an additional $10,000
Application Deadline – September 2nd, 2023
15. Black Angel Tech Fund
The Black Angel Tech Fund is a venture capital fund that’s the “antidote to the 2% problem in Silicon Valley.” They invest in Black-owned tech companies early and often. If your tech company is just starting out and you could use funds for operational costs, then get in contact.
Who’s Eligible? – Black-owned tech businesses
How Much? – Varies
Application Deadline – Rolling
16. Black Tech Nation
“A Black-led fund for Black- and diverse-led startups,” Black Tech Nation is a venture capital fund that has funded Black-owned startups in education, finance, e-commerce, and more.
Who’s Eligible? – Black-owned tech companies
How Much? – Varies
Application Deadline – Rolling
17. Fearless Strivers Grant Initiative
In collaboration with MasterCard, the Fearless Fund has dedicated its Strivers Grant Initiative to businesses owned by Black women.
Who’s Eligible? – Black-women-owned businesses
How Much? – $20,000, digital tools, mentorship
Application Deadline – September 30th, 2023
18. Goldman Sachs One Million Black Women
Goldman Sachs’ One Million Black Women initiative is a $10 billion (with a B) investment into Black-women-owned businesses. This is given through several different grants and initiatives like BlocPower, which expands access to the internet in low-income communities, and Collab Capital which invests in early-stage Black businesses.
Who’s Eligible? – Depends on the specific grant
How Much? – Varies
Application Deadline – Depends on the specific grant
