Even though there are 2 million Black entrepreneurs, they have funding deficits compared to their white counterparts. African-American entrepreneurs have an average of only $32,205 in capital, compared to white business owners who have $106,720 in available capital, according to online lender Fundera. However, there are funding options for Black business owners. Here are some grants available to African-American small business owners.
Hello Alice Small Business Growth Fund
The Hello Alice 2022 Small Business Growth Fund is giving $5,000 grants to small businesses. Hello Alice is a free online platform that helps businesses launch and grow. The businesses must have less than $1 million in revenue, be committed to diversity, and meet these other requirements. Business owners can apply until Dec. 10 here.
The David Prize For New Yorkers
Five New Yorkers will be awarded $200,000 each ($100,000 each year, for two years) by the David Prize. Anyone working New York City who presents a vision to “change our communities, our culture and our future for good, whether socially, economically, culturally, environmentally (or otherwise)” is eligible for the award. The application deadline is Dec. 21. Apply here.
COVID Relief Small Business Grants
A number of cities are offering COVID relief money for small business. Here are a few:
- Etowah County, Alabama Chamber Small Business Grants: Small business owners in Etowah County, Alabama, can get funding up to $2,500 to help improve their businesses that have been impacted by COVID-19. Entrepreneurs must meet certain requirements. Business owners can apply here.
- Grand Rapids Small Business COVID Adaptation Grant: The Michigan city is offering grants totaling up to $10,000 to small businesses affected by the pandemic. Business owners must prove losses during COVID-19 and meet other requirements. Black entrepreneurs can apply for funds here.
- Providence COVID-19 Small Business Grant Program Providence, Rhode Island is giving microgrants totaling up to $2,500 to small businesses hurt by the pandemic. The businesses must have fewer than 240 employees and meet other criteria. Entrepreneurs can apply on the grant program’s website.
Phx Biz Grants for Phoenix Business Owners
The city of Phoenix is giving eligible small businesses funds up to $15,000. African-American entrepreneurs can apply for the grant until April 15, 2022 here.
