Black-owned businesses often face specific challenges in securing financial support. Whether you’re starting a new business or looking to expand, grants can provide financial assistance without incurring debt. Here are five grants tailored for minority-owned firms, as recommended by Grantwatch and Nerdwallet.
Brown Girl Jane X Shea Moisture Grant
Brown Girl Jane and Shea Moisture have partnered to support women-owned beauty brands, awarding grants between $10,000 and $25,000 to Black and women-owned beauty businesses. To qualify, the business must be registered in the United States and have been in operation for at least one year.
Corporate Counsel Women of Color Grant
The Corporate Counsel Women of Color is offering $2,500 grants to women of color entrepreneurs. Eligible businesses must be legally registered, for-profit entities in the United States, established on or before Jan. 1, 2020, and the entrepreneur must be at least 18 years old. Grants will be awarded in January 2025. The organization also provides mentorship for emerging business owners; visit the CCWC website for more information.
Global D-Prize Competition
The Global D-Prize Competition supports businesses addressing social issues such as poverty. According to the organization, “We award startup grants of up to $20,000 to entrepreneurs launching new organizations. We believe the world needs more social impact organizations and we seed for-profit ventures.” This grant is available to U.S. and international businesses, with a deadline of Nov. 3, 2024.
Wish Local Empowerment Program
The Wish Local Empowerment Program offers grants from $500 to $2,000 for struggling Black-owned businesses. To qualify, businesses must be Black-owned with at least 20 employees and have a physical location in the United States.
HerRise Microgrant
The HerRise Microgrant initiative supports women-owned businesses by awarding a $1,000 grant each month. Eligible businesses must be at least 51% woman-owned, registered in the U.S., and have less than $1 million in gross revenue. Grant applications close on the last day of each month.
For more information on grants for Black-owned businesses, visit the U.S. Small Business Administration.
