In recent years, Black-owned businesses have grown at the fastest pace in 30 years. However, despite growing optimism, the path to success for Black entrepreneurs is still paved with systematic barriers in 2024.
In addition to the regular pressures of running a business in this climate, Black business owners have to contend with discriminatory lending practices from banking institutions and racial prejudices from buyers – with a recent report revealing that 76% of Black business owners claim they’ve experienced racism from a customer.
In spite of these roadblocks, there are a growing number of Black-owned business grants available, designed to help close the gap and make the business landscape more diverse. If this sounds like something that might benefit you, we’ve rounded up seven grant programs that should be on your radar, including their funding amounts, eligibility criteria, and application deadlines.
Grants for Black-Owned Businesses to Apply to in 2024
There’s lots of money available to Black-owned businesses if you know where to look. Here are seven funding opportunities you should know more about if you’re serious about financially safeguarding and scaling your venture.
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1. Power Forward Small Business Grant
- For: Black-owned businesses in New England
- Grantor: Boston Celtics United, VistaPrint and NCAAP
- Amount: $25,000
The Power Forward Small Business Grant is a grant program eligible for Black-owned small businesses across New England. Program backers the Boston Celtic Shamrock Foundation, VistaPrint, and the NAACP have pooled together a total of $1.5 million to award to 59 small businesses with the aim of economically empowering Black business owners.
Grant recipients will receive $25,000 to invest in their enterprise, will be featured on national co-branded platforms, and will also receive marketing and design resources customized to their specific needs. To be eligible, applicants need to be Black-owned businesses, hire 1 to 25 employees, and be operating in Massachusetts, Maine, New Hampshire, Rhode Island, Vermont, or select areas of Connecticut.
Deadline: Rolling
2. Black Founder Startup Grant
- For: Female/non-binary Black/interracial entrepreneurs
- Grantor: So Gal Foundation
- Amount: $5,000 to $10,000
Black Founder StartUp Grant is a grant program that provides Black and multiracial female and nonbinary entrepreneurs with up to $10,000 in funding to help them scale their venture. Aside from capital, awardees will also receive tactical help to navigate the fundraising environment, giving them a more equitable opportunity to scale future ideas and “ask-me-anything” access to the SoGal Foundation and SoGal Ventures teams.
To be eligible, you need to self-identify as a Black or multiracial woman or non-binary entrepreneur, have a legally registered business, plan to seek investor financing to scale, and have a high-impact idea with the ambition to be the next billion-dollar business.
Deadline: Rolling
3. Powershift Entrepreneurs Grant
- For: Black-owned businesses
- Grantors: NAACP, Medium Rare, The Shark Group
- Amount: $25,000
Powershift Entrepreneur Grant is a grant program backed by the NAACP that aims to empower Black business owners through funding opportunities and resources. The scheme, which was launched in celebration of Black Entrepreneurs Day, makes $5o0,000 available each year for 20 eligible businesses.
In addition to receiving $25,000 to help scale their business, winners receive mentorship from Shark Tank’s Daymond John and get to join Daymond live on air during his Black Entrepreneurs broadcast. The grant is not currently accepting applicants but is likely to release more information later in the year.
Deadline: October 11th, 2024
4. NAACP and Lelsie’s Certification Boost Grant
- For: Minority-owned businesses in select states
- Grantor: NAACP and Leslie’s
- Amount: $5,000
NAACP and Lelsie’s Certification Boost Grant is a financial aid program designed to assist entrepreneurs in obtaining vital business certifications. These certifications include Minority Business Enterprise (MBE), Women Business Enterprise (WBE), and Disability-Owned Business Enterprise (DOBE), and provide businesses with powerful ways to network and secure partnership opportunities with larger corporations.
The grant program will provide funding for 17 applicants in total, to help them cover the costs of state and federal certification applications. To be eligible for this grant, your small business must be at least 51% owned by someone who identifies as African-American, be at least 51% owned by a woman, or by at least 51% owned by someone with a disability. Applicants also need to operate in the consulting or food service industries and be headquartered in Arizona, California, Florida, Georgia, or Texas. The grant is not currently accepting applicants but more information will be revealed later in the year.
Deadline: September 2024
5. U.S. Department of Commerce Minority Business Development Agency (MBDA)
- For: Small businesses run by minorities
- Grantor: Minority Business Development Agency
- Amount: Up to $350,000 for the first 10 months
The U.S. Department of Commerce MBDA is a Federal grants program designed to support the growth of minority-owned businesses across the US. The program aims to provide minority business enterprises (MBEs) with capital, business contracts, and market opportunities in the US and overseas.
To be eligible for MBDA’s grant program, your business must be owned or controlled by one or more socially or economically disadvantaged persons. The majority of business owners must also identify as racial minorities. Before you apply for the grant, you also need to register your business with SAM.gov and Grants.gov if you haven’t already.
- Deadline: Rolling
6. Galaxy Grants
- For: Female and minority business owners
- Grantor: Hidden Star
- Amount: $3,750
Galaxy Grants and financial grant scheme provided by the non-profit Hidden Star to support women and minority entrepreneurs. The program was designed to make financing more accessible to entrepreneurs who face systematic barriers to success. In addition to a payment of $3,750, eligible businesses will also gain access to important business resources and knowledge to help them build their business.
It’s completely free to apply to this assistance scheme, and it only takes 30 seconds to complete your application. Businesses only have a month before the deadline closes though, so if you’re interested we’d recommend applying as soon as possible.
Deadline: June 20, 2024
7. Community Development Financial Institutions (CDFI) Fund
- For: Businesses focused on promoting community engagement
- Grantor: The US Department of the Treasury
- Amount: Up to $2 million
The CDFI Fund is a grant program created to promote economic revitalization and community development by making capital and financial services more accessible. The fund, run by the US Department of the Treasury, is designed to support underserved people and communities and has awarded over $5.2 billion to eligible businesses in its lifespan. Aside from receiving funding, approved applicants will also receive technical assistance to help scale their organization.
The program is open to organizations seeking to become CDFI, or renew their application, as well as certified CDFI’s. Certified CDFI’s will have to reapply to renew their certification by August 1 2024, however, ahead of the general submission December 20 deadline.
Deadline: December 20, 2024
