The lack of access to capital remains that main obstacle for Black would-be entrepreneurs. Finurah wants to empower Black-owned businesses and help you get your ventures off the ground in the first place. Here is our weekly roundup of some funding opportunities for African-American entrepreneurs.
Project Entrepreneur
Project Entrepreneur, a program by investment banking firm UBS, is reaching out to Black female startups. Its Democratizing the Friends & Family Round program, in partnership with online startup platform Hello Alice, will provide $25,000 grants to Black female business owners. The 30 selected founders also receive virtual coaching from business leaders. The application process ends on Nov. 10. African-American female entrepreneurs can apply for the grant on the Hello Alice website.
Rural Business Development Grants
Rural Business Development Grants provides technical assistance and training to rural businesses all year. The Rural Business Development Grants must be used for projects that benefit rural towns. Some examples include creating rural business incubators or programs for community economic development.
Black Americans are the largest population of color in the rural lowland South, according to the Brookings Institution.
There’s no maximum grant amount. However, grants are limited to 10 percent of the national grant’s annual funding amount. Business owners can apply on a rolling basis on the U.S. Department of Agriculture’s state websites.
National Association for the Self-Employed Growth Grants
The National Association for the Self-Employed Growth Grants are open to NASE members on a rolling basis. Entrepreneurs can apply to be a member and apply for the grant on the organization’s website. Membership in the NASE is $11.95 a month. Grants are $4,000 for entrepreneurs who have a specific business need.
Female Founders Fund Grant
Female Founders Fund wants to change the fact that women only receive 2.7 percent of venture capital funding from investors. The Female Founders Fund invests in the range of $500,000-$750,000 on a rolling basis. Black female entrepreneurs can apply on a rolling basis by emailing the Female Founders Fund.
Flatirons Development Fund
Flatirons Development has a fund for Black and female startup founders. Flatirons provides three months of product development and design resources. In return for the mentorship and investment to prepare a business for other investors, Flatirons receives $50,000 worth of equity in the business. Tech founders can apply year-round for the fund here.
