Black History Month: Funding and business assistance opportunities for Black entrepreneurs
Small business owners know that one of the greatest barriers to success is a lack of access to capital. For Black business owners, this challenge is heightened, with large banks approving just 29% of loans sought by Black-owned small businesses compared to 60% of loans sought by white-owned small businesses. This is why it is critical that Black-owned small businesses are supported in order to build an equitable economy. In honor of Black History Month, we have compiled a list of funding and business assistance opportunities geared toward Black entrepreneurs.
Boss Impact Fund
Accepting applications through February 24
The BOSS Network is partnering with Sage to support Black women entrepreneurs through funding and mentorship. This three-year program will help Black women achieve their goals and successfully start their new business.
SoGal’s Black Founder Startup Grant
Accepting applications on a rolling basis
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.
Amazon’s Black Business Accelerator
Accepting applications on a rolling basis
Amazon's Black Business Accelerator is a grant program aimed to address historical, manifest imbalances by growing and advancing equity for Black-owned businesses. The program offers financial assistance, business education & mentorship, and marketing & promotional support.
Fedex Small Business Grant Contest
Accepting applications through February 21
By entering the 2023 FedEx Small Business Grant Contest, you have a chance to do even more and set your sights on even bigger goals. Fedex is awarding 10 grand prizes and support for you to discover what’s next for your business.
USBC/Grubhub Restaurant Grant Program
Accepting applications beginning February 6; available in select cities
The U.S. Black Chambers and Grubhub are partnering to offer grants to Black-owned restaurants and culinary-based businesses so they can seize business opportunities and address current challenges.
Tech for Black Founders
Accepting applications through February 19
Braze is partnering with Amplitude, Branch, mParticle and Radar to help Black founders accelerate growth and build sustainable businesses. Grant awardees will receive free access to Braze’s customer engagement platform.
Southern Smoke Foundation
Accepting applications on a rolling basis
Southern Smoke is a nonprofit organization working to put dollars into the pockets of food and beverage workers. Funding is available to those employed by or owning a restaurant or bar and facing unforeseen circumstances that can’t be covered by insurance.
Fast Break for Small Business
Accepting applications through February 17
Legal Zoom has teamed up with the NBA, WNBA and NBA G league to assist communities by helping small business owners. $10k grants and free Legal Zoom products are available to Black-owned small businesses.