2021 has quickly become an unprecedented year of opportunity for Black and Brown small business owners looking to leverage grants and other corporate dollars to grow and scale their business. Over the last year, corporations have been intentional about driving dollars into diverse communities, announcing large scale financial investments all with the goal of closing economic gaps and advocating for equity.
These investments will not solve issues of racial injustice in our society but they have been proven to boost our local economies, create jobs and provide new opportunities for partnership between local diverse businesses and corporate America.
A new trend has also emerged, as corporations are funneling their investments directly to Black women business owners.
According to Forbes.com, Black women make up 42% of new women-owned businesses-three times their share of the female population-and 36% of all Black-owned employer businesses. Despite the events of 2020, Black women entrepreneurs continue to be the fastest growing population of business owners yet are still largely underfunded.
What’s at stake is pretty clear: Black women business owners risk decades of worth of economic progress due to the pandemic, economy and racial injustice.
And that’s just not acceptable.
As part of our mission to empower Boss Women entrepreneurs, we want to share six grant opportunities that center Black women, business and capital. Go get your money, sis:
1. One Million Black Women: In March, Goldman Sachs Group, Inc. (NYSE: GS) announced a new investment initiative of more than $10 billion to advance racial equity and economic opportunity by investing in Black women. In partnership with Black women-led organizations, financial institutions and other partners, Goldman Sachs will commit $10 billion in direct investment capital and $100 million in philanthropic capital over the next decade to address the dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic. The initiative, One Million Black Women, is named for and guided by the goal of impacting the lives of at least 1 million Black women by 2030.
Learn more about One Million Black Women, here.
2. She’s Next Grant Program for Black Women Owned Businesses: Visa is continuing to take action and remove the disproportionate barriers faced by Black women founders by offering $10,000 and a one-year IFundWomen Annual Coaching Membership to 60 Black women-owned businesses across six (6) key cities in the U.S. Applications are open through April 16, 2021.
For more information, visit: ifundwomen.com.
3. 3R’s – Recovery, Rebuild, Resilience: 1863 Ventures launched the 3Rsprogram to empower Black founders through an online curated business development curriculum, business coaching, and monetary grants. The program helps Black businesses navigate the short-term uncertainty of the pandemic, while reevaluating their business models, pivoting where necessary, setting a targeted growth strategy, and executing with a clear roadmap.Through its partnership with Capital One, 1863 Ventures is providing 100 Black businesses incorporated in the District of Columbia with curated online business development content, $5,000 grants and 3-months of business coaching.
Learn more, here.
4. Build Your Legacy: Essence + Pine-Sol partnered to offer a $100,000 Legacy Award to help champion Black women and the entrepreneurial spirit. This award will also include 6 months of business coaching with Nicole Walters. To enter, you must have a registered business (LLC, Inc., etc).
For more information, visit: essence.com/yourlegacy
5. Black Founder Startup Grant: SoGal Foundation has teamed up with Winky Lux, bluemercury, twelveNYC, and other sponsors to make a small step towards progress by providing several $10K and $5K cash grants to Black women or nonbinary entrepreneurs. Awardees will also receive tactical help navigating the fundraising environment at large so that they will have a more equitable opportunity at scaling the next billion dollar idea. They will also receive lifetime “ask-me-anything” access to the SoGal Foundation and SoGal Ventures teams.
Learn more about this grant, here.
6. Power Forward Small Business Grant: The Power Forward Small Business Grant program aims to create a lasting impact through the economic empowerment of Black-owned small businesses across New England. Through a joint commitment of $1 million, Vistaprint and the Boston Celtics are teaming up with the NAACP to award transformative grants of $25,000 on a rolling basis. Through this initiative, grant recipients will have opportunities to be featured on national co-branded platforms along with receiving marketing and design resources customized to their specific needs to help their business grow and thrive.
Get more details, here.