Entrepreneurship is a demanding and liberating experience. Entrepreneurship presents several unique problems for the two million Black American business owners in the United States. One of the most significant challenges is access to capital. Seeking financing is an option, but it can also come with monthly payments that have the potential to disrupt a business’ long-term profits. In addition, high interest rates can make it difficult to repay a loan, further hurting a business’ credit and cash flow.
Accelerators, challenges, local organizations, and grant programs are all present to support entrepreneurs with free funding that does not need to be repaid. In addition, these funding sources often come with mentoring, a network of peers and professionals, and other resources.
This week’s edition of Finurah Funding Friday highlights accelerators, challenges, and grants geared to microbusinesses.
EforAll Accelerator Program
The EforAll Accelerator Program is a one-year program providing training, mentorship, and a professional network for entrepreneurs. Business owners, nonprofit leaders, and people interested in launching a business are eligible to apply. Learn more here. Applications are due by May 12.
Wells Fargo Innovation Challenge
Entrepreneurs should always be ready to think outside of the box. After all, this is how you can remain prepared to meet challenges in your business. The Wells Fargo Innovation Challenge provides entrepreneurs with the opportunity to present a problem in the financial industry and provide a solution accessible to many people. Wells Fargo awards seven prizes of $50,000 each, with a grand prize of $250,000. Learn more here. Apply by May 13.
Jobber Grants For Home Service Businesses
If you run a home-based business or have plans to open a business in your home, you are eligible to apply for grant awards ranging from $2500 to $15,000. Business owners must be 18 years or older, residing in the United States and Canada, with the exclusion of Quebec. Learn more here. Applications are due by May 26.
Riverside County Relief Grants
For-profit businesses located in Riverside County, California, are eligible to apply for grants up to $2500. Businesses must have generated less than $50,000 in 2019 and have less than five employees. Funds can meet payroll obligations, provide working capital, purchase personal protective equipment and pay other expenses such as rent/mortgage or vendor invoices. Interested businesses can learn more here. Apply by June 30.
Dream Big Awards
If you’ve been operating your business in the United States for at least one year with less than 250 employees or generating less than $20 million for 2020 and 2022, you can receive a grant of $25,000. Learn more here. Apply by July 8.