If you’re a Black entrepreneur on the lookout for startup grants – look no further – grants like the NAACP Powershift and Power Forward programs can provide $25,000 to boost your business.
Don’t forget about Leslie’s Certification Boost Grant and the Keep It Local Business Fund – they’re excellent opportunities to explore. These grants are more than just money; they’re a vital support system for Black-owned small businesses and specific sectors in the startup world.
To qualify, make sure you have a registered, scalable business with a clear focus, possibly targeting empowerment for Black women and nonbinary individuals. Taking advantage of these options can significantly help your business thrive, with broader benefits just waiting to unfold.
The TLDR:
- The NAACP Powershift and Power Forward grants offer $25,000 each to support Black entrepreneurs, while the Google For Startups Black Founders Fund provides financial assistance to Black-owned startups.
- Additionally, the Black Ambition Prize offers substantial funding to Black and Hispanic entrepreneurs, and Leslie’s Certification Boost Grant along with the Keep It Local Business Fund provide resources and funding specifically for Black business owners.
- Founders First Capital Partners specializes in revenue-based investments tailored to support Black-owned businesses.
30 Best Startup Grants for Black Founders Available in 2024:
1. NASE Growth Grants
- Year Founded: 1981
- Social Media: NASE on Twitter
- Summary: The National Association for the Self-Employed (NASE) offers Growth Grants of up to $4,000 to help micro-businesses and the self-employed grow their businesses.
- Why It Can Help Black Founders: These grants provide crucial funding to cover costs associated with marketing, advertising, hiring employees, and expanding operations, making it an excellent resource for Black entrepreneurs seeking startup capital.
2. First Nations Development Institute Grants
- Year Founded: 1980
- Social Media: First Nations Development Institute on Facebook
- Summary: The First Nations Development Institute provides grants to support Native American projects related to economic development, food security, and education.
- Why It Can Help Black Founders: While primarily for Native American initiatives, this institute’s model of funding grassroots projects can inspire similar opportunities and offer indirect support to Black founders through shared community resources and networking.
3. USDA Rural Business Development Grants
- Year Founded: 1993
- Social Media: USDA on Twitter
- Summary: These grants are designed to support technical assistance, training, and other activities leading to the development or expansion of small and emerging private businesses in rural areas.
- Why It Can Help Black Founders: Black entrepreneurs in rural areas can benefit from funding that supports business growth and job creation, helping them overcome barriers to entry and expansion.
4. Comcast RISE Investment Fund
- Year Founded: 2020
- Social Media: Comcast RISE on Twitter
- Summary: Comcast RISE (Representation, Investment, Strength, and Empowerment) provides marketing consultations, media placements, and creative production services to small businesses owned by people of color.
- Why It Can Help Black Founders: By offering valuable marketing and creative support, this fund helps Black-owned businesses increase visibility and attract customers, crucial for startup success.
5. Coalition to Back Black Businesses
- Year Founded: 2020
- Social Media: Coalition to Back Black Businesses on Facebook
- Summary: This initiative provides grants of $5,000 to Black-owned small businesses in economically vulnerable communities, along with mentorship and training.
- Why It Can Help Black Founders: The financial support coupled with mentorship helps Black entrepreneurs navigate the challenges of starting and growing a business, ensuring long-term sustainability.
6. Black Founder Startup Grant
- Year Founded: 2020
- Social Media: SoGal Foundation on Instagram
- Summary: The SoGal Foundation, in partnership with Winky Lux, Bluemercury, twelveNYC, and other sponsors, provides grants of up to $10,000 to Black women or nonbinary entrepreneurs.
- Why It Can Help Black Founders: This grant specifically addresses the funding gap faced by Black women entrepreneurs, providing essential seed money to kickstart their ventures.
7. National Minority Supplier Development Council (NMSDC)
- Year Founded: 1972
- Social Media: NMSDC on LinkedIn
- Summary: NMSDC advances business opportunities for certified minority business enterprises (MBEs) by connecting them to corporate members.
- Why It Can Help Black Founders: By facilitating connections with large corporations, NMSDC helps Black entrepreneurs secure contracts and funding opportunities that might otherwise be inaccessible.
8. Minority Business Development Agency (MBDA)
- Year Founded: 1969
- Social Media: MBDA on Twitter
- Summary: MBDA, part of the U.S. Department of Commerce, provides grants and technical assistance to minority-owned businesses to foster growth and competitiveness.
- Why It Can Help Black Founders: MBDA offers crucial financial and technical support, helping Black entrepreneurs navigate regulatory environments and access capital.
9. Asian Women Giving Circle Grants
- Year Founded: 2005
- Social Media: Asian Women Giving Circle on Facebook
- Summary: This organization provides grants to Asian American women-led projects that use arts and culture to bring about social change.
- Why It Can Help Black Founders: While specifically for Asian American women, the model can inspire similar funding opportunities for Black women, emphasizing the importance of culturally relevant social entrepreneurship.
10. Native American Business Development Institute (NABDI) Grant
- Year Founded: 2007
- Social Media: Bureau of Indian Affairs on Twitter
- Summary: NABDI grants provide funding to support feasibility studies and business plans for economic development projects in Native American communities.
- Why It Can Help Black Founders: The principles of NABDI grants can be applied to create similar opportunities for Black founders, supporting the foundational planning necessary for successful business ventures.
11. Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs
- Year Founded: 1982 (SBIR), 1992 (STTR)
- Social Media: SBIR on Twitter
- Summary: These programs provide funding for research and development to small businesses, encouraging technological innovation and commercialization.
- Why It Can Help Black Founders: Black entrepreneurs in tech and innovation sectors can access significant funding to develop and bring new technologies to market, fostering growth and competitiveness.
12. The National Black MBA Association Scale-Up Pitch Challenge
- Year Founded: 1970
- Social Media: NBMBAA on LinkedIn
- Summary: This pitch competition offers Black MBA students and entrepreneurs the chance to win funding to scale their businesses.
- Why It Can Help Black Founders: The competition provides not only funding but also exposure and networking opportunities with investors and business leaders.
13. FedEx Small Business Grant Contest
- Year Founded: 2013
- Social Media: FedEx Small Business on Facebook
- Summary: This annual contest awards grants to small businesses, including a top prize of $50,000, along with FedEx Office services.
- Why It Can Help Black Founders: Winning this contest can provide significant financial support and services to help Black entrepreneurs grow their businesses.
14. The SoGal Black Founder Startup Grant
- Year Founded: 2020
- Social Media: SoGal Foundation on Instagram
- Summary: This grant program provides up to $10,000 to Black women or nonbinary entrepreneurs to help them launch their startups.
- Why It Can Help Black Founders: It specifically targets the funding gap for Black women entrepreneurs, providing essential seed money for startup activities.
15. The Caleb Brown Urban Entrepreneur Community Grant
- Year Founded: 2016
- Social Media: Caleb Brown on LinkedIn
- Summary: This grant supports urban entrepreneurs by providing funding and resources to grow their businesses and make an impact in their communities.
- Why It Can Help Black Founders: Black founders in urban areas can benefit from financial support and resources tailored to overcoming the unique challenges they face.
16. 8(a) Business Development Program
- Year Founded: 1953
- Social Media: SBA on Twitter
- Summary: Managed by the Small Business Administration (SBA), this program helps minority-owned businesses secure government contracts and offers business development assistance.
- Why It Can Help Black Founders: The program offers crucial support and access to government contracts, providing significant business opportunities for Black entrepreneurs.
17. Grants.gov
- Year Founded: 2002
- Social Media: Grants.gov on Twitter
- Summary: This federal portal provides a centralized location for finding and applying for government grants.
- Why It Can Help Black Founders: Black entrepreneurs can use this resource to discover various grant opportunities across multiple sectors and agencies, increasing their chances of securing funding.
18. U.S. Economic Development Administration
- Year Founded: 1965
- Social Media: EDA on Twitter
- Summary: EDA grants support economic development projects that create jobs and stimulate innovation and entrepreneurship.
- Why It Can Help Black Founders: Black entrepreneurs can benefit from funding that supports regional economic development and job creation, fostering a supportive business environment.
19. USDA Value Added Producer Grant
- Year Founded: 2002
- Social Media: USDA Rural Development on Twitter
- Summary: This grant program helps agricultural producers enter into value-added activities related to processing and marketing their products.
- Why It Can Help Black Founders: Black entrepreneurs in agriculture can access funding to enhance the value of their products, increasing profitability and market reach.
- Year Founded: 2013
- Social Media: StreetShares Foundation on Facebook
- Summary: This award provides grants to veteran-owned small businesses to help them start or grow their enterprises.
- Why It Can Help Black Founders: Black veteran entrepreneurs can benefit from financial support tailored to their unique experiences and needs, helping them achieve business success.
21. The Halstead Grant
- Year Founded: 2006
- Social Media: Halstead on Facebook
- Summary: This grant is awarded to emerging jewelry designers, providing funding and support to help them launch their businesses.
- Why It Can Help Black Founders: Black jewelry designers can access financial support and industry exposure, helping them bring their creative visions to life and grow their businesses.
22. Fast Break for Small Business
- Year Founded: 2021
- Social Media: LegalZoom on Twitter
- Summary: Sponsored by LegalZoom and the NBA, this grant program provides financial assistance and services to small businesses.
- Why It Can Help Black Founders: Black entrepreneurs can benefit from the combination of funding and legal services, helping them navigate business challenges and legal requirements.
23. Fearless Strivers Grant
- Year Founded: 2020
- Social Media: Fearless Foundation on Instagram
- Summary: This grant program supports Black women entrepreneurs with funding and mentorship to help them grow their businesses.
- Why It Can Help Black Founders: It specifically targets Black women, providing crucial financial support and mentorship to address unique challenges and promote business success.
24. GrantWatch
- Year Founded: 2010
- Social Media: GrantWatch on Facebook
- Summary: GrantWatch is an online platform that lists various grant opportunities for nonprofits and small businesses.
- Why It Can Help Black Founders: Black entrepreneurs can use this resource to discover a wide range of grant opportunities tailored to their specific business needs and sectors.
25. Eileen Fisher Women-Owned Business Grant
- Year Founded: 2004
- Social Media: Eileen Fisher on Twitter
- Summary: This grant supports women-owned businesses that focus on social or environmental change, providing funding and resources.
- Why It Can Help Black Founders: Black women entrepreneurs with socially or environmentally conscious businesses can access funding to support their mission-driven ventures.
26. The Red Backpack Fund
- Year Founded: 2020
- Social Media: Spanx by Sara Blakely Foundation on Instagram
- Summary: Created by the Spanx by Sara Blakely Foundation, this fund provides grants to female entrepreneurs to help them through the COVID-19 crisis.
- Why It Can Help Black Founders: Black women entrepreneurs affected by the pandemic can receive financial support to sustain and grow their businesses during challenging times.
27. Cartier Women’s Initiative
- Year Founded: 2006
- Social Media: Cartier Women’s Initiative on LinkedIn
- Summary: This international program provides funding, mentorship, and networking opportunities to women entrepreneurs worldwide.
- Why It Can Help Black Founders: Black women entrepreneurs can access significant financial support and global networking opportunities, helping them scale their businesses internationally.
28. Girlboss Foundation Grant
- Year Founded: 2014
- Social Media: Girlboss on Instagram
- Summary: This grant supports female entrepreneurs in the creative industries, providing funding and exposure to help them grow their ventures.
- Why It Can Help Black Founders: Black women in creative fields can access funding and industry exposure, helping them turn their creative passions into successful businesses.
29. Tory Burch Foundation Fellows Program
- Year Founded: 2009
- Social Media: Tory Burch Foundation on Facebook
- Summary: This program provides women entrepreneurs with a $5,000 grant, a year-long fellowship, and access to business education and networking opportunities.
- Why It Can Help Black Founders: Black women entrepreneurs can benefit from financial support, mentorship, and networking, helping them overcome challenges and grow their businesses.
30. Amber Grant
- Year Founded: 1998
- Summary: This grant awards $10,000 each month to women entrepreneurs to help them launch and grow their businesses.
- Why It Can Help Black Founders: Black women entrepreneurs can receive crucial seed funding to start their ventures, providing financial support to turn their business ideas into reality.
What are Some Key Grants for Black Entrepreneurs in 2024?
Numerous grants are up for grabs to support Black entrepreneurs aiming to kickstart or expand their businesses. The NAACP Powershift and Power Forward grants dish out $25,000 each to uplift Black-owned small businesses. Or a guaranteed startup business loan can help as well.
Moreover, Leslie’s Certification Boost Grant and the Keep It Local Business Fund offer vital funding and resources to fuel growth in minority business sectors. These grants serve as a lifeline for your entrepreneurial journey.
Eligibility and Application Tips
Now that you know about the main grants available, let’s talk about how you can qualify and apply for them effectively. Make sure to highlight your potential for growth and how well your goals align with investor financing.
| Requirement | Description | Tip |
|---|---|---|
| Self-Identification | Identify as Black | Make this clear in your application |
| Business Status | Registered business | Confirm your registration status |
| Scalability | Idea must be scalable | Emphasize your growth possibilities |
| Financing Goals | Seeking investor funding | Clearly state your financial needs |
| Target Demographic | Focus on Black women, nonbinary | Highlight your unique perspective |
Following these steps can help you break through funding barriers and improve your chances of success.
Highlighted Success Stories
As we look into startup grants for Black founders, it’s truly inspiring to see how significant funding has empowered entrepreneurs to bring their innovative ideas to life and scale their businesses.
The Black Ambition Prize, Harlem Capital, and Google For Startups Black Founders Fund have collectively supported over 160 Black and Hispanic entrepreneurs, providing them with the resources they need to succeed.
In addition, Backstage Capital and Fearless Fund are making a difference by focusing on underrepresented founders, especially women of color, and bridging critical funding gaps in the entrepreneurial landscape.
Additional Financial Resources
- In addition to the success stories mentioned earlier, there are more financial resources available to help Black-owned businesses grow and thrive.
- Check out Grants.gov for federal grant opportunities and consider revenue-based investments from Founders First Capital Partners. IFundWomen of Color provides debt-free capital, especially beneficial for women-owned businesses and minority entrepreneurs.
- Keep an eye out for specialized funds like Accolade Partners, which focus on technology investments for underrepresented groups.
Networking and Support Opportunities
There are plenty of networking and support opportunities out there to help your Black-owned business thrive.
You can check out the National Black MBA Association’s Scale-Up Pitch Challenge or explore Black Girl Ventures, a platform specifically for Black and Brown women entrepreneurs.
You could also take part in the National Black Business Pitch or go for the Black Ambition Prize by Pharrell Williams, which is aimed at creative Black and Hispanic business owners.
Very Common Questions & Some Answers
What Is the Black Founder Startup Grant $10000?
You qualify for a $10,000 grant designed to help businesses grow. This grant provides valuable mentorship, networking opportunities, and assistance with financial management. Explore the application process and read about successful stories to grasp the full impact of this opportunity.
What Is the Black Founders Fund?
The Black Founders Fund gives out grants to address equity gaps and funding disparities in entrepreneurship. You’ll receive mentorship, expand your network, and gain resources to navigate challenges in the business world. Check out the eligibility criteria and application details for a successful application.
What Is the Google Grant for African Startups?
The Google Grant for African Startups provides generous funding, mentorship, and resources to help you grow in tech industries, effectively manage finances, and explore market opportunities through successful partnerships. Check your eligibility and submit your application today for a chance to scale your startup!
Final Thought on Black Founder Startup Grants in 2024
You have the tools to fuel your entrepreneurial journey with targeted grants designed for Black founders. Remember, each grant has specific requirements, so tailor your applications carefully.
Find motivation in the stories of successful black entrepreneurs who’ve turned their ideas into reality. In addition to grants, explore other financial resources and dynamic networks to support your growth.
Seize these opportunities to build, thrive, and contribute to a community rooting for your success. Your startup vision is important—let’s bring it to life!
