Grants for Black-owned businesses are pivotal during the pandemic. Fifty-eight percent of African-American entrepreneurs feel distressed about the financial health of their businesses, found a study from the Federal Reserve Bank of New York. However, there are grants that can help Black businesses. Here are some funding options:
Fearless Fund from Mastercard
The Fearless Fund from Mastercard invests in businesses led by women of color. The companies must also be in their early stages, have $100,000 in revenue and meet other requirements. The fund gives $250 to 500,000 checks as part of equity investment in Black-owned establishments. Black female business owners can apply here.
Launch with GS from Goldman Sachs
Goldman Sachs has launched a $500-million initiative to provide funding to minority-owned businesses. Launch GS is investing particularly in businesses in the fintech, enterprise software, consumer and health-care sectors. Business owners applying for grants must also have less than $5 million in revenue and less than 10 percent in earnings growth. Entrepreneurs can apply for grants here.
MM Catalyst Fund from Mass Mutual
The MM Catalyst Fund from Mass Mutual is a total $25 million investment in Black-owned businesses in Boston. Mass Mutual is giving funds in the range of $250,000 to $2 million to entrepreneurs. African-American business owners can apply on the fund’s website.
Kinetic by Windstream Small Black Business Support Fund
Windstream Communications is offering grants to small Black-owned businesses in Georgia, Lexington, Kentucky and Charlotte, North Carolina. Winners of the grant receive $2,500, free Kinetic by Winstream Internet for a year and free business advice. Applicants must have establishments with fewer than 25 employees and meet other requirements. Applicants can call (866) 445-5930 for more information.
The Halstead Grant gives a $7,500 cash grant to jewelry makers. Applicants must answer 15 qualifying questions as part of the process.The deadline for the application is Aug. 1, 2022. Jewelry makers can download grant applications from the Halstead Grant website.