by Paul Harrys Nov 27, 2021Share On:
Are you a black, in the US, and have constantly and unbearably struggled to get barely enough to get your business going? Are you about to throw in the towel on your relentless search for that seeming ray of hope that could be the source of the revival and revitalization of your small-scale business? Well! Look no further, as a variety of means, their limitations and their respective in-depth explanations would be dually treated and dealt with in the so much anticipated paragraphs to come.
Regardless of race, black business owners should already come to terms with the reality of how difficult it could be to raise grants or capital for businesses they own. Over time, there have been quite a handful of challenges including racial profiling whilst the police brutality against blacks even makes situations all the more gloomy for black business owners. However, when it comes to matters related to securing capital to commensurate the growth of a business, loans would always be an option but small business grants seem best because they are a type of finance for small business that require no payback.
Additionally, contained in this article are highlights of such grants for black business owners in the year 2021. Free grants are available to black business owners, female-owned businesses, black business owners in the UK, and how to qualify for these grants. Furthermore, everyone that falls into the above categories is strongly admonished to take advantage of these grant programs, to easily commensurate the growth of their businesses. Go for Gold!
FUNDING AND GRANTS FOR SMALL BLACK-OWNED BUSINESSES
There are a lot of grants for black business owners, but not exclusively for them necessarily. Further mentioning, there are a whole lot of other funding choices outside. Loans, investors, and crowdfunding are all feasible options. The government, as well as some other charitable private organizations, want to provide you with grants and funds to kick start your business ideas. Though very competitive and barely enough to constitute something to fund a business on their own, grants could be a great way to supplement some other business funding. And they are still worth being applied for. There’s nothing the applicant stands to lose except maybe just a minute fraction of their time. Highlighted below are some grants that can be applied for;
1. FACEBOOK SMALL BUSINESS GRANTS PROGRAM FOR BLACK-OWNED BUSINESSES
Facebook is supposedly said to have set up a $100m grant – in cash and Facebook ad credits, purposely for small businesses and in response to the economic meltdown brought about by the COVID-19 Pandemic. Its Grants for Small Black-Owned Businesses was also launched Under this commitment. The program intends to see to the keeping up and strengthening of the small business workforce. Therefore, helping the said individuals with their rents, as well as assisting businesses in connecting with a lot more customers and supporting the progress of these businesses.
Applications are currently open for small black-owned businesses that meet the eligibility criteria.
2. THE MINORITY BUSINESS DEVELOPMENT AGENCY (MBDA)
The Minority Business Development Agency (MBDA) is an agency operated by the US Department of Commerce. The agency is dedicated to helping minority-owned businesses access the resources they need to grow and succeed. The agency gives out grants to both men and women. Grant competitions remain dynamic and flexible.
An agency of the Department of Commerce issues out grants. As implied above, they show support to minority-owned businesses in the United States. They in fact provide grants and loan programs such as the Minority Business Enterprise Inner City Innovation Hub Grant, the Entrepreneurship Education Program for Formerly Incarcerated Persons Grant, and the Enterprising Women of Color Grant.
Besides, Feel free to check out all the grants listed with MBDA with just a click on the web for eligibility information. You can also visit the MBDA’s website for information on all current opportunities.
3. THE CARTIER SCIENCE AND TECHNOLOGYPIONEER AWARD AND FELLOWSHIP
The Cartier Science and Technology Pioneer award was established in the year 2021. This award recognizes three women entrepreneurs of impact at the forefront of scientific and technological innovation. It is open to women entrepreneurs from every country. The award highlights solutions built around peculiar, protected, or irreproducible technological and scientific advances.
The winner is awarded a grant of $100,000. Each remaining finalist receives a grant of $30,000. The organization also offers a fellowship program which is an educational program engineered towards the 24 fellows selected each year. The program aims to equip the said fellows with the necessary skills required for the growth of their businesses. In addition, the program helps to build their leadership capacity by drawing upon the experience and expertise of an array of academics, practitioners, industry experts, and entrepreneurs.
The fellowship isn’t exactly a grant. But while it’s not a monetary award, the mentoring and networking opportunities could be worthwhile to apply for.
4. INDIAN AFFAIRS
For black business owners who also have Native American heritage, it doesn’t stop there. There is more available via the Bureau of Indian Affairs. Businesses owned by Native Americans can get finance for small business the federal government through the Indian Affairs branch. An individual can fill out an application for up to $500,000, but business entities and tribal enterprises may apply for more.
Potential borrowers can apply with any lending institution, they just have to use the application for Indian Affairs. There are additional requirements if you use the funds for construction, renovation, or refinancing. In general, you must supply a list of collateral, a credit report, and an analysis of business operations.
HOW TO QUALIFY FOR BLACK-OWNED BUSINESS GRANTS
Grants are a great way to access funding without a repayment obligation. Black business owners who qualify for these grants could potentially grow their business without taking on unnecessary debt.
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