Black business owners currently make up a small fraction of business owners in the United States. As success or failure for any entrepreneur is directly impacted by their ability to access capital, we’re sharing a list of programs, grants, and resources available for Black business owners. These initiatives empower Black business owners and entrepreneurs by providing access to capital, expertise, and professional networks to connect with like-minded entrepreneurs and individuals.
Visa has partnered with IFundWomen to launch a grant for Black women-owned businesses. Ten recipients will be awarded $10,000 and coaching support to help them expand their business and support their communities.
Applications are currently being accepted until July 31.
Black Founders creates an ecosystem that stimulates tech entrepreneurs and fosters economic growth for Black business owners. Black Founder’s “Gust” system connects Black-owned startups who are currently raising money and actively looking for investors with a collection of investors around the world. The organization also connects business owners with networking, workshops, conferences, and hackathons.
Black Women Connect
Black Women Connect is an online hub for Black female entrepreneurs and business owners. It provides a social and professional network for career-oriented and driven individuals. When you sign up, you will gain access to career opportunities, business building, and networking.
Black Enterprise is a website and magazine that provides Black business owners with information about minority business news, trends, and education, as well as opportunities to network with other Black entrepreneurs. Black Enterprise focuses on supplying resources and articles targeted to the specific needs of Black business owners, with content geared towards small business news and financial growth.
Code2040 is a nonprofit organization that aims to mobilize participation and ensure success from Latinx and Black innovators in the tech community. Code2040 works to break down inequality in the tech industry by hosting a variety of programs and mentorship for tech professionals and college students that are working towards career development.
JPMorgan Chase Advancing Black Pathways (ABP)
As part of Chase’s commitment to empowering Black-owned businesses towards economic success, the Advancing Black Pathways initiative provides capital, technical support, and pathways for businesses to establish and grow their business. ABP also provides financing options to invest in company growth through access to working capital and cash, capital expenditures, and commercial real estate purchases.
PayPal Empowerment Grant
PayPal and AEO launched a grant to provide up to $10,000 to more than 1,000 Black-owned businesses. The grant is aimed to help businesses recover from the impacts of COVID-19 and civil unrest.
Applications are now closed, but you are encouraged to join the newsletter for future updates on the program.
More Small Business Resources
- Six Steps to Take If COVID-19 Shuts Down Your Business
- Leading a Small Business Through a Recession: Five Best Practices
- How to Get an SBA Disaster Loan (COVID-19)
- Unemployment Benefits and the CARES Act
- What is the $10,000 SBA EIDL Grant?
- Getting Through COVID-19: A Financial Game Plan for Small Businesses
- The Coronavirus Relief Bill: Every Benefit for Small Businesses