Although Black women are the fastest growing group of entrepreneurs in the U.S., they often lack adequate funding and resources. Block Advisors by H&R Block aims to address this issue.
The tax preparation company has recently introduced Fund Her Future, a grant program specifically designed for women-owned small businesses to help bridge the funding gap. The initiative will provide five women-owned small businesses with a total of $100,000 in funding, along with a year of small business services from Block Advisors. Applications are open until May 26, 2024, at BlockAdvisors.com/FundHerFutureGrant.
“Women-owned businesses have grown nearly twice as fast as those owned by men over the past five years,” said Jamil Khan, Chief Strategy and Small Business Officer at H&R Block, in a press release. “Despite this rapid growth, women-owned small businesses still face significant funding and support challenges compared to their male counterparts. By launching this grant program at the start of National Small Business Month, we hope to highlight and address this disparity.”
A recent survey from Block Advisors’ Small Business Resilience Series revealed that 31 percent of women started their businesses within five months of deciding to do so, which is 9% higher than men. However, women are also more likely to be denied loans than their male peers.
“Supporting small business growth is important, but we also need to ensure equal opportunities for both men and women entrepreneurs,” said Khan. “Women small business owners play crucial roles in their communities. We owe it to them to close the funding and support gaps so they can achieve their goals and make a lasting impact.”
Khan also added, “With immediate access to capital, resources, and trusted expertise, we are confident that women entrepreneurs will experience significant growth in their small businesses, benefiting their communities for years to come.”
