Studies have shown that African American women are the most innovative and creative career women in the United States. They own 2.7 million organizations in the US and are the demographic of entrepreneurs increasing at the fastest rate.
In addition, they have the highest average education level. Further, their businesses have left an indelible mark on every sector, from fashion and beauty to technology and education.
Despite their achievements, Black women who have founded companies and served as CEOs have encountered many obstacles, the most significant of which is an absence of financial assistance.
Moreover, forty percent of African American women business owners believe having access to money is essential to expanding their businesses. However, only 19% have been granted capital. The majority have had to rely on their resources to finance their firms.
So, this is where grants for African American women come to play. When starting their businesses, black women need access to more resources to help them along the way. Hence, this article will teach you about the 15 best grants for African American Women in 2024.
Table of contents
- Where Can I Apply For Grants For African American Women?
- How Do I Apply For Grants For African American Women?
- Overview of The 15 Best Grants For African American Women in 2024
- 15 Best Grants For African American Women in 2024
- #1. HerRise MicroGrant
- #2. The SoGal Black Founder Startup Grant
- #3. AT&T Black Future Maker
- #4. FedEx Small Business Grant Contest
- #5. National Association For The Self-Employed Growth Grant
- #6. Capital One Business Program
- #7. Kinetic Black Business Support Fund
- #8. The Annuity Freedom BIPOC Small Business Grant
- #9. Fearless Strivers Grant Contest
- #10. Power Forward Small Business Grant
- #11. The Amber Grant
- #12. Coalition To Back Black Business
- #13. The New Voices Fund
- #14. Comcast RISE
- #15. Minority Business Development Agency
- Frequently Asked Questions
- Conclusion
- References
- Recommendations
Where Can I Apply For Grants For African American Women?
The best place to seek additional information or apply for African American women’s grants is your local government office or community action agency. The local government offices include the Department of Social and Human Services.
Also, search for the Local Community Action Agency in your location. They provide services for individuals with disabilities, seniors, low- and middle-income families, African Americans, and other groups.
Read Also: Grants For Women-Owned Businesses | Requirements & Application
How Do I Apply For Grants For African American Women?
To keep you in business, applying for grants may be a norm for your business regarding cash flow. This also applies to new business owners who have launched their businesses.
Indeed, knowing how to navigate the business world to get grants that meet your demands can be a game-changer in your business. Here are some tips to help you find and apply for grants for African American women:
- Know the grants you want.
- Research about it ahead of time.
- Ensure you meet the grant’s eligibility requirements.
- Provide all the application essentials.
- Apply early. This gives you a better chance of getting awarded.
Overview of The 15 Best Grants For African American Women in 2024
Below is a roundup of the best free grants for African American Women in 2024.
- HerRise MicroGrant
- The SoGal Black Founder Startup Grant
- AT&T Black Future Maker
- FedEx Small Business Grant Contest
- National Association For The Self-Employed Growth Grant
- Capital One Business Program
- Kinetic Black Business Support Fund
- The Annuity Freedom BIPOC Small Business Grant
- Fearless Strivers Grant Contest
- Power Forward Small Business Grant
- The Amber Grant
- Coalition To Back Black Business
- The New Voices Fund
- Comcast RISE
- Minority Business Development Agency
See Also: Business Grants For Women in 2024 | Requirements & Application
15 Best Grants For African American Women in 2024
This section explains the top 15 free grants available to African American women for business and other needs in 2024.
#1. HerRise MicroGrant
Top of our list of the best free small business grants for African American women in 2024 is the HerRise MicroGrant.
HerRise MicroGrant believes that the number of African American women who start businesses is rising. So, the money those women receive should also be on the rise.
Hence, this digital community gives a $500 prize to a minority woman-owned small business every month.
Furthermore, HerRise collaborates with several corporations, charities, and other funders to support women financially. Meanwhile, the recipients of the grants have put the money into various purchases, including laptops, marketing materials, equipment, and more.
#2. The SoGal Black Founder Startup Grant
The Startup Grant program is also among the small business grants for African American women in 2024. It was founded by the SoGal Foundation in partnership with several other sponsors to give cash grants of $5,000 and $10,000 to black women starting their businesses.
Additionally, recipients receive “ask-me-anything” access to the SoGal Foundation and SoGal Ventures team members for their lifetime. Also, the winners receive strategic guidance to help them locate additional financial possibilities to expand their enterprises.
Meanwhile, the foundation issues grant continuously.
#3. AT&T Black Future Maker
AT&T desires to honor the narratives of African American women who are specially shaping the future.
Therefore, the telecoms industry is looking for individuals with forward-thinking attitudes and a desire to assist others.
Meanwhile, applicants must express their objectives through a video, or photo posted on their Instagram.
Furthermore, they will be entered into sweepstakes to win an exclusive product collection, a cash prize of $10,000, an AT&T device with 5G connectivity, and a Black Future Maker feature on the Dream in the Black website.
However, the program selects winners every month through the end of the year.
#4. FedEx Small Business Grant Contest
The FedEx Small Business Grant Contest is undoubtedly one of the best free small business grants for African American women in 2024. FedEx set up this program in 2012 to help expand small businesses.
However, the competition has awarded over $1.5 million in cash and prizes to over 100 small businesses. Each year, applications are available, with approximately 18,000 in 2024 alone.
To qualify, your business must be for-profit and in continuous operation for at least six months. Additionally, the company must have 99 employees and a FedEx account number.
Moreover, priority will be given to candidates who are already regular FedEx shippers.
Although FedEx’s prizes are not restricted to African American women, the competition’s focus on small business owners makes it an excellent opportunity for black women who have been in business for a few years.
You can register through email to receive alerts about this grant’s deadline and other possibilities.
#5. National Association For The Self-Employed Growth Grant
Since 2006, the NASE has been committed to providing African American women with awards totaling one million dollars for their small businesses.
Recipients can get up to $4,000 to help with various business needs, including advertising, hiring, and more. In addition, applicants must hand in a business plan that outlines the business’s operation and goal.
Therefore, the NASE Growth Grant is among the top free small business grants for African American women. Meanwhile, the selection committee repeats the application process every three months.
Check Out: 20 Best Grants For Black Women In The World | Requirements & Application
#6. Capital One Business Program
In collaboration with the Association for Enterprise Opportunity (AEO), Capital One started a program in 2024 to support African American women who are entrepreneurs. They offer $10,000 grants to businesses impacted by the epidemic.
Thus, Capital One Business Program is included in the best free business grants for African American women. However, funding for grant applicants comes in waves.
Further, grantees also receive free resources from Capital One’s Business Hub. These resources include networking opportunities, practical guidance from other successful business owners, and monetary reward.
#7. Kinetic Black Business Support Fund
Kinetic Business thinks that small enterprises represent a community’s livelihood. And many cities receive financial support from corporations for black-owned enterprises.
So, you can apply if you own a business in Georgia, Charlotte, North Carolina, or Lexington, Kentucky.
That way, you can be eligible for a grant of up to $2,500, a year of free internet service, and a complimentary business consultation to help you grow your businesses.
However, funds are given out to beneficiaries in a first-come, first-served fashion.
#8. The Annuity Freedom BIPOC Small Business Grant
After seeing the enormous impact COVID-19 had on black, indigenous, and African American women entrepreneurs, the CEO of Annuity Freedom launched the BIPOC Small Business Grant.
Even though the award doesn’t come with money, it can provide free marketing assistance and generate organic search traffic to support the online expansion of your business.
Additionally, the program offers free SEO planning, help, and evaluations. Recipients for this grant are chosen continually.
#9. Fearless Strivers Grant Contest
The Fearless Fund, run in cooperation with MasterCard, aims to strengthen the business acumen of fearless African American female entrepreneurs who are also leaders in their communities.
To assist them in expanding their businesses, eleven small companies from around the United States will each get a grant of $10,000, access to digital tools, and one-on-one mentoring.
#10. Power Forward Small Business Grant
This initiative has received recognition from Vistaprint, the Boston Celtics Shamrock Foundation, and the NAACP. Also, they have formed a partnership to donate one million dollars to small US-owned businesses owned by people of African descent.
Thus, it’s among the free small business grants for African American women in 2024. $25,000 will be distributed to the beneficiaries of the Power Forward Small Business grant regularly.
In addition, those awarded grants will receive individualized support with design, marketing, and national recognition.
#11. The Amber Grant
WomensNet set up the Amber Grant in 1998 to remember 19-year-old Amber Wigdahl, who tragically passed away before completing her entrepreneurial goals.
Furthermore, WomensNet gives a minimum of $30,000 in grant money to beneficiaries who most effectively meet the criterion for receiving funds. Additionally, the Amber Grant awards $10,000 monthly and $25,000 annually.
The following grants are made accessible continually: the non-profit grant, the marketing grant, business category grants, and mini-grants.
Also Read: 10 Best Grants for Fire Departments in 2024 | Application Guide
#12. Coalition To Back Black Business
The Coalition to support black business is a multi-year program co-founded by the US Chamber of Commerce Foundation and nine other companies and organizations.
Over $14 million in grants, training, and other resources will be available for over four years to support and advance the growth of small businesses owned by African American women.
Applications for the annual program’s $5,000 grants are accepted beginning in the fall of each year. In addition, it will award a chosen group of applicants enhancement grants of $25,000 to be used the following summer.
Therefore, Coalition To Back Black Business deserves a spot on our list of small business grants for African American women.
#13. The New Voices Fund
Richelieu Dennis, the founder of the cosmetics company—SheaMoisture, announced the launch of the $100 million New Voices Fund.
Her aim was to avail financial resources to existing and aspiring African American women who belong to a minority group.
Since then, the company specializing in cosmetics has established several programs and grants, including; Women Color of E-Lab, Social Justice Coalition, Next Black Millionaire Fund, Brown Girl Jane, and The Black Business Relief Fund.
#14. Comcast RISE
Comcast is helping minority small businesses improve their digital equity and funding access.
It also provides African American women and others access to digital tools and financing opportunities.
Hence, its objective is to help local small businesses work to improve the communities based on their location.
#15. Minority Business Development Agency
Finally, the Minority Business Development Agency made it to our list of small business grants for African American women in 2024. The United States Government provides funding for the Minority Business Development Agency.
However, this organization’s primary mission is to advance the economic well-being of specific communities, focusing primarily on minorities and the likes of African American women.
The training is geared toward people who are either in the process or have recently launched their businesses. Additionally, the Agency awards to different communities if they have sound business strategies.
To receive grants, enthusiastic business owners must apply to the proper program.
Frequently Asked Questions
When African-American women want to start their business or require funding to advance their existing business, they face several obstacles. First, they need help locating sources of financial assistance.
To assist such women in standing on their feet, we provided a list of grants available to black women. All members of underrepresented groups, including black women, are eligible to apply for these grants.
African American women also get grants through crowdfunding. And this includes raising money for primarily commercial endeavors from many individual investors through web-based and social networking platforms.
Crowdfunding websites raise money for social causes, charities, ideas, disaster relief, events, etc. This idea or concept helps raise money for black women or those starting their first business. It also supports fundamental social and cultural reasons.
Considering the advantages of grants for African American women is essential because when no other funding sources are available, grants will provide financial investment so that new initiatives, goods, or services can be launched or expanded.
Unlike loans, you don’t have to repay them. Additionally, they don’t ask the owners to give up any equity in the company, which is excellent.
If the funds are utilized as the funding agency intended, the company will not be in any legal jeopardy.
Grants also enhance the brand’s prestige, visibility, status, and credibility. On the other hand, grants offer a potential avenue for favorable media coverage and marketing opportunities.
Regardless of your location as a black farmer, here is another funding alternative you can pursue for financial assistance: the Black Girl Dream Fund. It is a program that gives grants worth $100 million to black women launching and growing their businesses.
Minority women can get grants and scholarships through the Congressional Black Caucus Spouses. They have multiple scholarships and grants for minority women that they can quickly apply for. So, if you are an African American woman doing full-time studies, you can apply. The program empowers African Americans to perform significantly financially.
These fellowships and grants are available to black women who want to further their education in the physical sciences and those who want to get a doctoral degree. Thus, grant beneficiaries will receive a spending allowance of $200,000 to use throughout their grant period.
Conclusion
Women have potent mindsets, and as a result, they are more capable of successfully running their businesses than men. Thus, the scenario shows that the proportion of female entrepreneurs in the United States rapidly expands.
When compared to white women, African American women have fewer alternatives available to them. And that’s why they are constantly looking for tools to help them get financial support.
The list above of grants for African American women provides financial support to black women to assist them in achieving their educational or professional goals.
Further, these programs give them access to various extra business prospects, mentors, and funding options, among many other advantages.
References
Recommendations
