This year should be another great year of ‘black girl magic.’ Black women entrepreneurs running small businesses should not have obstacles such as unequal access to funding and venture capital stand in their way.
As a small business owner, you can always opt to go for a loan. However, sometimes a loan can put a strain and sometimes collapse the business if the income growth curve does not rise as fast as the repayment schedule. A grant, one that does not require repayment as long as the business meets certain mandatory obligations, can be a big break for small businesses.
Black women entrepreneurs have historically been marginalized when it comes to access to credit to start their own businesses. Innov8tiv has scoured through the internet in search of some business grant for black women entrepreneurs, and they are as follows:
#GIRLBOSS Foundation Grant – $15,000 Grant Award
This grant award for $15,000 is for individual women in for-profit businesses in industries of fashion, design, music, and the arts. The $15,000 grant is awarded twice per year. Applicants must be United States citizens of at least 18-years and older at the time of the closing date of the submission window. This grant is currently receiving applications. More details here.
Open Meadows Foundation – $75,000 Grant Award
This grant is open to women-backed organizations dealing with projects focusing on activism, political change, and empowerment initiatives targeting women and girls. Eligible organization must have limited access to funding and have a budget not exceeding $75,000.
Also as a requirement, the eligible organization must have tax-exempt status as per the 501C3 of the Internal Revenue Code (IRC), or alternatively have a fiscal sponsor with the said IRC designation.
Startups and small organization will be given priority in the review of submitted applications. More details on the Open Meadows Foundation grant, at this link.
Cartier Women’s Initiative Award
This grant targets early phase (1 to 3 years) for-profit businesses led by women. By ‘led by women’ I mean a woman (if not women) must a significant stake in the business and plays a key managerial role as either a director, CEO, or general manager.
This grant awards such businesses grants of between $30,000 and $100,000. The first place winner of $100,000 goes to seven women entrepreneurs in addition to a one-on-one business mentorship program. The second place winner bags $30,000 and will be awarded to 14 finalists with a business designed to generate revenues. Applicants must be women entrepreneurs who have reached the age of 18 and above or the legal age of majority in their country of citizenship at the closing date of the application submission. More details on this, here.
The Halstead Grant
This grant of $7,500 in cash as startup capital and $1,000 in merchandise (Halstead jewelry supply and recognition with the jewelry industry) award is for women entrepreneurs with early phase businesses (less than 3 years) within the jewelry industry.
Applicants of this award will be required to answer a series of questions such as their business goals and strategies. More details about it, here.
This award was established in honor of the young lady Amber who passed at the age of 19 before she got the opportunity to fulfill her dreams of becoming an entrepreneur. The award of $1,000 is open to any women entrepreneur operating a business in any industry. The award will be on a monthly basis.
More details on this grant, here.
You can also find useful information at this link.