On Nov. 4, Finurah will present its inaugural one-day virtual wealth summit. We will bring together thought leaders, proven experts, and the community for lively discussions on creating generational wealth, financing and more. Get access to the Finurah Wealth Summit 2021 here and click “Going”.
It’s no secret that funding for Black startups still lags. But funding small Black businesses is not only important for the Black founders, but for the U.S. economy as well.
Discriminatory financing practices and a bias towards companies primarily operated by white males has caused the U.S. to lose out on over 1.1 million minority-owned businesses, found a 2016 report by the Center for Global Policy Solutions. As a result, the economy is sacrificing more than nine million potential jobs and a whopping $300 billion in collective national income.
Every week, Finurah presents a roundup of funding for Black-owned business startups. Here are some organizations that are offering grants and investment opportunities to Black founders.
FundBLACK Founders Offers Funding and Coaching
FundBLACK Founders was founded in 2019 and is the brainchild of Renee King, a social impact entrepreneur. King is one of the featured speakers at the inaugural Finurah Wealth Summit 2021. To combat the lack of funding for Black business owners, King brought her business development expertise to create the rewards-based crowdfunding program for Black founders.
FundBLACK Founders offers African-American entrepreneurs a personal and culturally relevant connection with a 10-week virtual coaching program to help businesspeople have successful funding campaigns. FundBLACK Founders uses the flexible funding method, where business owners keep the money they raised regardless of whether they reached their fundraising goals. Entrepreneurs can schedule a free 15-minute chat, enroll in the crowdfunding program or ask about payment plans here.
Kapor Capital Investment Invests in Black Tech Founders
Kapor Capital invests in tech founders at the beginning stage of their businesses, especially in founders who are minority and female. Kapor provides capital to businesses that close gaps in access to services, expand economic opportunity, and provide market-based solutions to social problems. Another requirement is that the business must have a diverse staff and inclusive company culture. Founders can apply for capital on a rolling basis here.
Grants Available from Black-Led Oakland Black Business Fund
The Oakland Black Business Fund is a Black-led organization that gives grants to Black-owned businesses in the California city. The fund pairs Black business owners with other African-American business owners who provide technical assistance to the entrepreneurs. The connections provide a sustainable ecosystem to help Black businesses grow. Entrepreneurs can apply for the grants year-round here.
Hustle Fund Investments: Looking for B2B, fintech, and digital health startups
The Hustle Fund primarily invests in B2B, fintech, and digital health startups at the beginning stages. The Fund invests $25,000 in the businesses. Founders can apply and pitch their business ideas at any time here.
Reign Ventures Investments for Early-Stage Startups
Reign Ventures is another early-stage venture capital firm for that focuses on Seed and Series A stage investment opportunities. Minorities and women are encouraged to apply for investment funds on their website.
WomensNet Amber Grant: A Longtime Fund
WomensNet’s Amber Grant was founded in 1998 to give grants to women business owners. Once a month, $10,000 in grants are awarded to female entrepreneurs. Interested applicants can apply here.