Key takeaways
- Grants can help Black female business owners bridge the funding gap
- Many grants are tailored to specifically help Black business owners and women business owners overcome racial biases
- Grants designed to help minority business owners overcome barriers are currently facing legal challenges
- Additional resources are available, including minority business loans and small business training programs
According to GoDaddy’s Venture Forward research, Black women are the fastest-growing group of entrepreneurs in the United States, accounting for 10 percent of total entrepreneurs. Yet more could enter the business market if they had the tools and resources to understand how to be successful.
Seventy-seven percent of Black women say they would start their own businesses if they had access to funding through business loans, seed or other funding, according to Goldman Sachs. Seventy-one percent say they would start a business if they had access to a training program.
This makes sense, as Black-owned businesses continue to be the group least likely to be fully approved for business loans, according to the Federal Reserve.
Business grants for Black women can help these entrepreneurs get the funding they need. Some grants are made especially for Black female business owners. Others are made for Black business owners, minorities, women or all business owners.
Here’s a look at some of the available grants for Black women.
Open grants for Black women
1. Wish Local Empowerment Program Grant
The Wish Local Empowerment Program Grant is part of a plan to aid in the fight against systemic racism and its impact on Black-owned businesses. This grant program accomplishes that goal by gifting $2 million in the form of $500 to $2,000 grants to shops and stores with no more than 20 employees, a U.S. brick-and-mortar location and less than $1 million in average annual revenue.
2. Publish Her Business Impact Grant
The Publish Her Business Impact Grant (BIG) has been operating since 2018 and has already issued $250,000 in grant proceeds. The program is currently running a contest for a $5,000 grant that will be awarded to a woman of color business owner. Eligible businesses have to be 100 percent woman-owned and demonstrate how they’re making a difference in the lives of others.
3. HerRise Micro-Grant
The HerRise Micro-Grant was created by the Yva Jourdan Foundation, a HerSuiteSpot non-profit that raises money through donors and sponsors. Its goal is to offer community, coaching and capital to women, including women of color, who own businesses. Every month, a female business owner receives a $1,000 micro-grant, which will help them strengthen their business and fulfill their goals of positively impacting their communities.
4. Amber Grant
The Amber Grant was founded in 1998 by WomensNet to honor Amber Wigdahl, an aspiring business owner who died when she was 19 years old. Three monthly $10,000 grants are awarded to one woman-owned business through its Amber Grant, Startup Grant and Business Category Grants. At the end of each year, the previous monthly winners also have the opportunity to win two $25,000 grants.
5. 37 Angels
Instead of a grant, 37 Angels teams up with angel investors to financially support women-owned small businesses. Every two months, eight companies have the opportunity to pitch to 37 Angels’ network of investors in person in New York. Selected businesses are awarded between $50,000 and $200,000 in funds from angel investors, with the average investment totaling $25,000.
6. National Association for the Self-Employed Growth Grant
While the National Association for the Self-Employed (NASE) doesn’t specifically offer grants for Black women, the Self-Employed Growth Grant has granted money to business owners consistently since 2006, so it’s worth mentioning. Each year, four small business owners receive a $4,000 grant to cover various business expenses, including hiring, marketing and advertising.
7. BREAKTHROUGH Grant
The BREAKTHROUGH Grant is offered by digitalundivided’s BREAKTHROUGH Program, which is sponsored by JPMorgan Chase. This program offers grants to founders looking for funding, mentorship and growth strategies to propel their businesses forward.
To be eligible, businesses must be established for at least one year with a minimum annual business revenue of $50,000 and a website or mobile app. In addition to a $5,000 grant, winners will receive a business mentor, sessions with industry leaders, access to digitalundivided’s community of entrepreneurs and post-program support.
8. Backing the B.A.R. Grant
The Backing the B.A.R. Grant is part of the initiative launched by the NAACP and Bacardi to support minority-owned businesses in the sales, hospitality and beverage alcohol service industries. This includes bars, lounges, restaurants, liquor stores and nightclubs. Businesses with a liquor license or plans to get a liquor license are eligible to receive a $10,000 grant as well as educational support and mentorship.
9. FedEx Small Business Grant
Each year, the FedEx Small Business Grant Contest issues grant money to selected small business owners nationwide. In 2024, 10 recipients were awarded grants, including a $50,000 grand prize and $20,000 second prizes. To be eligible for the grant, you must be a for-profit business in operation for at least six months, have fewer than 99 employees and have shipping needs for your business. FedEx will likely release additional eligibility specifics when the 2025 grant round opens up.
More grants for Black women: Dates to be announced
10. StartHER Grant
The StartHER Grant is a program through the Texas Woman’s University’s Center for Women Entrepreneurs that helps Texas-based women business owners fund projects and initiatives. In total, 10 new and emerging business owners will each receive a $5,000 grant.
11. Black Girl Ventures
The Black Girl Ventures Pitch Program empowers minority women entrepreneurs operating in designated cities. It offers them the opportunity to compete in a pitch competition, with first-place winners receiving a grant of $10,000, second-place winners receiving $6,000, and third-place winners taking home $2,000. BVG Pitch has already welcomed pitches from entrepreneurs in New York City and Austin and is poised to hear seven pitched in Los Angeles at the beginning of December.
12. The Coalition to Back Black Businesses Grant
The Coalition to Back Black Businesses, which includes American Express, the U.S. Chamber of Commerce Foundation, the National Black Chamber of Commerce, National Business League, U.S. Black Chambers, Inc. and Walker’s Legacy, launched its grantmaking and mentoring initiative in 2020 with the goal of supporting Black business owners impacted by COVID. Several grants — including 14 for $25,000 each — have already been awarded, as well as training and mentorship to Black-owned businesses in economically vulnerable or distressed communities.
13. The Catalyst Fund Grant
The goal of the Mastercard Strive program, which is operated by Hello Alice, is dedicated to connecting small businesses with access to financial tools and capital.
The program includes business grants for Black women. Specifically, it offers The Catalyst Fund Grant, which awards several $5,000 grants to help Black entrepreneurs based in Atlanta, Birmingham, Dayton, Los Angeles, New Orleans, New York City, St. Louis, and Washington, D.C. achieve their business goals.
14. Build Your Legacy Contest
Essence and Pine-Sol have partnered to offer the Build Your Legacy Contest. Every year, a vote is held to select one Black woman entrepreneur to receive the $100,000 grant and six months of business coaching.
15. Invest in Progress Grant
The Invest in Progress Grant is available through The Boss Impact Fund, a program created by Boss Network and Sage that invests in Black women-owned businesses and provides resources to owners and founders looking to build and grow their companies. Over the next three years, the program will give out a total of $1.5 million to business owners across the country. Each grant recipient will receive $10,000, a one-year scholarship to BOSS Business University and monthly mentoring from BOSS or a selected agency.
16. Power Forward Small Business Grant
Vistaprint, the Boston Celtics Shamrock Foundation and the NAACP have partnered to offer $1.5 million to Black-owned businesses through the Power Forward Small Business Grant. Black-owned small businesses in New England can win a $25,000 grant, marketing and design resources from VistaPrint and features on co-branded platforms.
17. Founders First Job Creators Quest Grant
The Founders First Job Creators Quest Grant awards recipients a share of $30,000 and access to Founders First’s accelerator programs. Eligible business owners must identify as: Black, Indigenous, Person of Color, Women, LGBTQIA+, Military Veteran or located in a low or moderate-income area. Entrepreneurs must also operate within the Chicago counties of Cook, DuPage, Kane, Lake, McHenry or Will and are required to commit to creating one or two new high-paying jobs within the next year.
18. The Kitty Fund
The Kitty Fund was created in honor of Catherine “Kitty” Abrams Tadlock Webster, mother to Founders First’s CEO Kim Folsom. In an effort to support mom-preneurs, the Kitty Fund provides $1,000 micro-grants to 25 employer-based businesses across the nation.
19. IFundWomen Universal Grant
IFundWomen regularly partners with brands like VISA, Botox and Johnnie Walker to offer grants to women entrepreneurs and has specifically offered business grants for Black women in the past. While this funding marketplace doesn’t currently have any open grants for Black woman-owned businesses operating in the U.S., you can still fill out their IFundWomen Universal Grant Application. This way, you get into their pool and get automatically entered for any applicable grants that come up in the future.
20. Comcast RISE
Created in response to the pandemic, Comcast RISE (Representation, Investment, Strength and Empowerment) has issued $125 million in grant money to date. The program has grown and, along with a new round of funding in the form of $5,000 grants, offers coaching, mentorship, education, TV commercial production support and more.
Additional resources
Business grants are competitive. If you don’t win any of the above grants for Black women, consider other small business resources that can help you find money and support your business needs to thrive. You can also explore:
Alternatives to business grants for Black women
While there are options when it comes to business grants for Black women, not everyone can get them. Black female entrepreneurs who don’t qualify for or receive a business grant have other options to help secure financing.
Small business loan
Small business loans allow owners to borrow a large sum and pay it back over time, plus interest and any fees. These loans are available through various lenders, including banks, credit unions, online lenders and the Small Business Administration (SBA). The business owner completes an application and provides details about their business, and the lender approves or denies the application. If approved, funds are received in one lump sum and can be used to cover short and long-term business expenses.
Bankrate insight
Some lenders provide affordable and accessible loans for business owners from disadvantaged and underserved communities. Check out our guide on the best business loans for minorities for more information.
Special purpose credit programs
Special purpose credit programs empower banks to provide loans to economically disadvantaged small business owners. While not widely available, some banks like Chase and Zions Bank provide credit to business owners who typically are not eligible for loans from traditional banks.
Business line of credit
A business line of credit is another option for business owners who need to cover short-term expenses, such as inventory or payroll. Similar to a business credit card, a business line of credit is revolving, so purchases can be made up to a certain limit and interest is charged only on the amount borrowed. Once the business owner makes payments toward past loans, purchases can be made up to the limit again.
Business credit card
A business credit card is ideal for short-term expenses because it is a revolving line of credit that allows the cardholder to make purchases up to a certain limit. You can also build business credit as long as you pay your bill on time each month and keep your debt to a minimum. Additional perks typically found with business credit cards include grace periods if you pay your balance in full, discounts on business-related purchases and the chance to earn rewards that can be redeemed for travel or statement credits.
Crowdfunding
Through crowdfunding, business owners fundraise to cover various business expenses. Depending on the type of crowdfunding — donation, debt, reward or equity — donors will get something in return for their contribution, such as rewards or equity in the company.
Sites like SeedInvest and Indiegogo are great for crowdfunding, but Black Girl Ventures is an organization that offers Black women a unique crowdfunding experience. Through the BGV Pitch Program, business owners can participate in a live pitch event. They have six minutes to pitch their business and answer questions from the audience, who use the money to vote for the best pitch.
Bottom line
Black women may be the fastest-growing group of entrepreneurs in the country, but they still face many barriers when it comes to launching and growing their businesses. While many other founders turn to bank loans, credit cards or lines of credit to fund their businesses, Black business owners tend to self-fund, which can be risky. But companies and organizations that create grants for Black women entrepreneurs can give more Black-owned businesses throughout the country the chance to succeed.
