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10 Great Small Business Grants for Black-Owned Businesses

Aug 17, 2022

Eighty percent of Black-owned businesses fail within the first 18 months. That's scary. But before you think about closing up shop, remember the benefits of being a small business owner.

You get to set your own schedule, determine your own work hours, and have the freedom to innovate and grow in ways that large corporations cannot. Of course, there are the minor challenges that come with any business venture: starting up, costs money, it's hard to get funding, and competition is stiffer than ever before. That's why grants—free money from the government—are so valuable.

For Black-owned business owners who want a leg up on their competitors with little or no capital, a grant could be the difference between success and failure. And right now, there are countless grants available to you.

Reading about all of them could take months, so we compiled a list of ten that we think are the most valuable and relevant to Black-owned businesses. Let's dive in.

1. The Coalition to Back Black Businesses Grant


The Coalition to Back Black Businesses came about when a group of entrepreneurs in the Washington, D.C., Maryland, and Virginia areas saw a gap in resources for small businesses led by people of color. Its mission is to provide financial help to eligible small business owners who are working hard to grow their companies and create jobs for others but need help getting over certain hurdles.

The Coalition awards grants that are valued at $5,000 each. A select few businesses may receive $25,000 enhancement grants in Summer 2024.


To qualify, your company must be at least 51% Black-owned. The business must also have between 3 and 20 employees, including you. It also can't be a part of a large franchise (25+ corporations or 250+ stores).

2. SBA 8(a) Business Development Program


The SBA 8(a) Business Development Program helps socially disadvantaged small businesses gain a share of federal contracting dollars. The program awards 
at least 5% of all federal contracts each year.

This grant is open to businesses that are majority-owned by individuals who experience cultural bias because of their race—and whose financial circumstances were threatened as a result.

You must have a personal net worth of $750,000 or less and assets totaling no more than $6 million. Your business can either be at least 2 years old or show potential for success if it's new.

3. FedEx Small Business Grant Contest


Each year, the FedEx Small Business Grant Contest awards 12 companies with grants of up to $50,000 each. If you've been open for 6 months with under 100 employees, look into this small business funding option. The only downside is that it's a contest, so the offer isn't always available.

The FedEx Small Business Grant Contest deadline is usually within the first 6 months of the year, but the next dates for the contest have not been finalized. Visit FedEx's website to sign up for email updates so you can be on top of the next contest's start date.

4. National Employment Association for the Self Employed


The National Employment Association for the Self Employed (NASE) is a non-profit organization that provides small business grants and mentorship. The grant application process is competitive, but the organization provides funding for a variety of projects, including business start-up, expansion, and marketing. Grants of up to $4,000 are available for businesses.

To be eligible for a grant, you must be a NASE member and meet specific criteria. This includes detailed use of the proceeds of the grant and a review of your business needs.

5. The Rural Business Enterprise Grants (RBEG) Program


The Rural Business Enterprise Grants (RBEG) Program offers grants to rural small businesses. RBEG grants usually range from $10,000 to $500,000. However, there is no limit on how much the grant can pay.

For this grant, your business must earn less than $1 million per year (gross revenue), have under 50 workers, and operate in an economically challenged area.

6. Power Forward Small Business Grant for Black-Owned Businesses


The Vistaprint and Boston Celtics Shamrock Foundation administer this grant. The reward is 
up to $25,000 and will allow recipients to be featured on national co-branded platforms. They will also receive marketing and design resources.

This grant requires your business to have under 25 employees and be based in Massachusetts, Maine, and other selected areas. Applicants should be able to show how the impact of their business extends beyond its walls and what they plan to do with $25,000 in grant money.

7. Backing the B.A.R.


The Backing the B.A.R initiative is an NAACP project that provides support, education, and grants for black-owned bars, restaurants, nightclubs, and liquor stores. Each cycle, the program will award $10,000 to 35 new and growing businesses. Business owners must be at least 51% black owned with a liquor license or aspirations for one.

8. IFundWomen


If you're a Black woman who's passionate about their company, IFundWomen may give you the funding you need to thrive. The organization's grants hub provides a collection of grant opportunities organized by deadline.


Visa and IFundWomen have partnered to offer grants for Black women of up to $10,000 for their business operations. To qualify:

  • Be a woman-owned business
  • Your business must be for profit
  • You must be a U.S. citizen

9. Grants.gov


If you're looking for a government-funded, small business grant, Grants.gov is a great place to start. The site includes information about both federal and private grants for small businesses—and for individuals who want to start their own businesses.

The platform also offers tips on how to apply for different grants and funding opportunities, as well as information about what types of grants are available in certain industries or regions of the country (such as rural areas).

10. Amber Grants For Women


The Amber Grant Foundation provides grants to women-run businesses. The foundation awards monthly grants of up to $10,000 each to help female entrepreneurs launch their businesses.


Grants can go up to $25,000 and are funded by the Amber Grant Foundation and its supporters. Once you apply for a grant, you'll have to pay a $15 application fee before they review your business idea.

Ways to Know a Grant Is Worth Pursuing


Sometimes, grants can feel like you're asking for a handout. You might think you've failed as a business owner if you need help to get your company off the ground. It's not that cut and dry.


Grants are based on merit, so you won't be accepted if your idea is not feasible or well-thought-out. So receiving a grant is actually an enormous accomplishment. But if you're still unsure about it, here are three ways to know if a grant is worth pursuing:

Your Business Is Impacting Your Community


If your business is having a positive impact on your community, this can be a key to getting a small business grant.

For example, if you are creating environmentally friendly products or working with local farmers and food producers to create more sustainable methods of production, a grant can help you assist your neighborhood even more.


Community impact can be measured in many ways. If you help create jobs for local people, that's something worth noting! If your company hires people who have struggled with unemployment or poverty before, it's a necessity in your community and deserves a reward.

You Have a Sound Business Plan


If you have a sound business plan, a grant application may be easier for you than for others.

A business plan is a document that describes a company's future, business goals, and how it plans to achieve them. It also shows investors or lenders what they can expect from their investment in your company. A well-
written plan can help you attract grant programs that believe in the same things as you do.

When writing your business plan, include:

  • A description of what your company does (and why people should care)
  • An analysis of the market where you operate
  • Financial statements showing past performance, projected targets, and assumptions about future growth
  • Explanation of your business's unique selling point
  • Partnerships and shareholders
  • How much funding is needed
  • Areas where your business can improve (i.e., why funding is necessary)


Empower Your Small Business


We hope this article has shed some light on the grant opportunities that are available to help Black-owned businesses grow and flourish. The more successful enterprises we have, the stronger our community becomes.


Black business owners have a lot of work to do in order to combat the racial disparities they continue to face. Stay informed of the opportunities for Black entrepreneurs by reading our blog. You'll find a wealth of information on navigating the world of Black business.


By site-4_kaFg 23 Jan, 2023
Do you want to know influential Black entrepreneurs? Read this article to discover the top 10 influential Black entrepreneurs! Black business is booming! More than 3.1 million businesses have Black owners in the United States. The majority of these businesses are small, and some have only one employee. Yet Black entrepreneurs are getting millions of dollars and running massive corporations. If you're looking to start a business, you should examine a few entrepreneurs and model yourselves after them. Who are the major Black entrepreneurs in the arts, technology, and business sectors? How did their careers start, and what companies have they created? How much money have they raised? Answer these questions, and you can join the legions of Black professionals throughout the United States. Here are 10 great Black entrepreneurs. 1. Young Paris Milandou Badila, better known as Young Paris, was born in Paris in 1988. From a young age, he became interested in music, and he began a music teaching career in New York when he was 17. Young Paris's career took off in 2016 when he signed with Jay-Z's ROC Nation. He released his debut album that year, combining Afrobeat with rap and hip-hop. His second album, Blood Diamond, became popular in Africa and has more than five million streams on Spotify. Young Paris went on to join the fashion scene. He is currently an ambassador for the Council of Fashion Designers of America, working with elites like Anna Wintour. In addition to fashion, Young Paris has produced artworks for NFTs and the Metaverse. He is outspoken about his hopes for Black designers and artists to join the Metaverse, as he thinks NFTs have high potential return. 2. Kimberly Bryant Kimberly Bryant was born in 1967 in Memphis. She excelled in mathematics and science at an early age, and she went to college with plans to be a civil engineer. However, Bryant grew interested in personal computers, and she became an electrical engineer instead. After working for electrical companies, she switched to a career in pharmaceuticals and business. She became an entrepreneur in 2011 when she founded Black Girls CODE. Black Girls CODE is an educational organization that provides classes to young Black women in afterschool and summer programs. Black Girls CODE became a fast success, opening 15 chapters across the United States. In 2014, it received a $50,000 grant from Microsoft. In 2018, the organization partnered with Lyft, allowing drivers and users to donate to the organization. 3. Jason Njoku Jason Njoku was born in London in 1980. He moved to Nigeria when he was 12 years old and went to the University of Manchester where he studied chemistry. After he graduated, he started a magazine for students called Brash Magazine. He then tried launching a series of businesses, but none of them succeeded. He moved back into his mother's home and developed the idea of a distribution business for movies in Nigeria. In 2010, he launched NollywoodLove, a YouTube channel that would post Nigerian movies online. He received $3 million for the project from the venture capital fund Tiger Global. In 2011, he launched a video-on-demand movie platform called iROKO. The platform became extremely popular, and Njoku has raised tens of millions of dollars for it. Njoku has also started Spark, an investment vehicle for internet start-ups in Nigeria. The company has invested in dozens of companies, helping Black professionals throughout the country. 4. Jessica O. Matthews While a student at Harvard, Jessica O. Matthews and a classmate launched a product called SOCCKET. SOCCKET was a soccer ball that stores kinetic energy as people kick it around. Users could then attach the ball to lights and power them for three hours. The product was successful, and Matthews founded a company called Uncharted Power to handle its production. Matthews served as CEO of Uncharted Power, guiding it to three consecutive years of doubled gross profit margins. In 2016, the company was valued at $57 million. She raised $7 million in funding for the project, making her one of the few Black female entrepreneurs to have raised $1 million in funding. Matthews has also worked on infrastructure projects. She serves as the executive director of KDDC, which develops hydropower dams in Nigeria. 5. Ryan A. Williams Ryan A. Williams was born in Baton Rouge in 1988. At 13, he founded his first company, a sports apparel organization. He went to Harvard where he founded the Veritas Financial Group, which helps students become more financially literate. While at Harvard, he became interested in real estate technology. After graduating, he worked at Goldman Sachs and Blackstone and then founded his own company, Cadre. Cadre is a financial technology company that users can use to invest in real estate. The company intends to make the real estate market similar to the stock market, as investors can select individual transactions to make. Cadre has received tens of millions of dollars in funding, including from Harvard University. In 2021, the company sold three buildings for more than $310 million, making it one of the largest ever online real estate transactions. He also works as a public speaker, educating people on financial literacy. 6. Paul Judge Dr. Paul Judge began his entrepreneurial career with CipherTrust, an email security company. The company was sold in 2006 for more than $270 million, and Dr. Judge transitioned to Purewire, a web security company. In 2011, Dr. Judge co-founded Pindrop Security. The organization helps companies stay safe during phone calls. Pindrop acquired more than $100 million in funding between 2012 and 2016. In 2014, Dr. Judge co-founded TechSquare Labs, a company-building studio. The organization has invested in dozens of technology companies, many of them run by Black entrepreneurs in 2022. Dr. Judge also serves as Managing Partner for Panoramic Ventures, an organization that funds technology companies in the Southeast. He focuses on funding projects run by overlooked founders, including students and entrepreneurs of color. 7. Binta Brown Binta Brown began her career as a legal clerk to Supreme Court Justice Antonin Scalia. She then served as a corporate advisor and public policy aide. In 2014, Brown founded her first company, Fermata Entertainment, an artist development firm. In 2016, Brown co-founded the Music Lab, an after-school program to teach high schoolers about music and open mic performances. The Music Lab became popular, and Brown has since dedicated her career to the music industry. She has worked with artists like Chance the Rapper and advises several music companies on diversity and legal matters. 8. Yetnebersh Nigussie Yetnebersh Nigussie was born in Ethiopia in 1982. She lost her eyesight when she was five, and her parents sent her to a school for the blind. Yetnebersh was an extremely successful student, chairing several clubs. In the mid-2000s, Yetnebersh became involved in AIDS activism. She received awards for her work and used her fame to start dozens of organizations. She co-founded the Ethiopian Center for Disability and Development, funding companies in Africa. In 2016, Yetnebersh joined Light for the World, an NGO that fights for disability rights. She continues to work for Light for the World and several human rights organizations. 9. DeMaurice Smith DeMaurice Smith began his career as a trial lawyer. He then worked in the U.S. Attorney's office and with the Department of Justice, arguing cases in the U.S. Court of Appeals. In 2009, Smith was elected to become the executive director of the National Football League Players Association. Smith has worked with NFL owners to raise money for players and improve player safety. Smith has since expanded his portfolio to cover many operations in football. He founded a venture capital company that lets players use their name, image, and likeness rights to make money. He also partnered with the NFL and MLB to create a trading card company currently valued at more than $1 billion. 10. Larry Lawson Larry Lawson worked as a producer at CBS News. His work included reporting on Princess Diana's death, which was viewed by millions of people. In 2008, Lawson became a senior news director at NESN. He produced digital tools and handled millions of dollars in operating budgets, helping expand network viewership by 40%. In 2021, Lawson joined the Black News Channel. He launched the organization's streaming platform and created production tools to streamline operations. Influential Black Entrepreneurs in America Black entrepreneurs affect every sector of the American economy. Major entrepreneurs in the arts include Young Paris, Jason Njoku, and Binta Brown. Black technological entrepreneurs include Kimberly Bryant, Jessica O. Williams, and Dr. Paul Judge. Many entrepreneurs like DeMaurice Smith and Larry Lawson started their careers outside of business and then successfully transitioned into it. Other entrepreneurs like Yetnebersh Nigussie and Ryan A. Williams combine their efforts with charity work. Whatever business you want to start, you can get help and inspiration for it. RISE Urban Nation helps support Black entrepreneurs and business leaders. Contact us today.
18 Sep, 2022
Do you want to know influential Black entrepreneurs? Read this article to discover the top 10 influential Black entrepreneurs! Black business is booming! More than 3.1 million businesses have Black owners in the United States. The majority of these businesses are small, and some have only one employee. Yet Black entrepreneurs are getting millions of dollars and running massive corporations. If you're looking to start a business, you should examine a few entrepreneurs and model yourselves after them. Who are the major Black entrepreneurs in the arts, technology, and business sectors? How did their careers start, and what companies have they created? How much money have they raised? Answer these questions, and you can join the legions of Black professionals throughout the United States. Here are 10 great Black entrepreneurs. 1. Young Paris Milandou Badila, better known as Young Paris, was born in Paris in 1988. From a young age, he became interested in music, and he began a music teaching career in New York when he was 17. Young Paris's career took off in 2016 when he signed with Jay-Z's ROC Nation. He released his debut album that year, combining Afrobeat with rap and hip-hop. His second album, Blood Diamond, became popular in Africa and has more than five million streams on Spotify. Young Paris went on to join the fashion scene. He is currently an ambassador for the Council of Fashion Designers of America, working with elites like Anna Wintour. In addition to fashion, Young Paris has produced artworks for NFTs and the Metaverse. He is outspoken about his hopes for Black designers and artists to join the Metaverse, as he thinks NFTs have high potential return. 2. Kimberly Bryant Kimberly Bryant was born in 1967 in Memphis. She excelled in mathematics and science at an early age, and she went to college with plans to be a civil engineer. However, Bryant grew interested in personal computers, and she became an electrical engineer instead. After working for electrical companies, she switched to a career in pharmaceuticals and business. She became an entrepreneur in 2011 when she founded Black Girls CODE. Black Girls CODE is an educational organization that provides classes to young Black women in afterschool and summer programs. Black Girls CODE became a fast success, opening 15 chapters across the United States. In 2014, it received a $50,000 grant from Microsoft. In 2018, the organization partnered with Lyft, allowing drivers and users to donate to the organization. 3. Jason Njoku Jason Njoku was born in London in 1980. He moved to Nigeria when he was 12 years old and went to the University of Manchester where he studied chemistry. After he graduated, he started a magazine for students called Brash Magazine. He then tried launching a series of businesses, but none of them succeeded. He moved back into his mother's home and developed the idea of a distribution business for movies in Nigeria. In 2010, he launched NollywoodLove, a YouTube channel that would post Nigerian movies online. He received $3 million for the project from the venture capital fund Tiger Global. In 2011, he launched a video-on-demand movie platform called iROKO. The platform became extremely popular, and Njoku has raised tens of millions of dollars for it. Njoku has also started Spark, an investment vehicle for internet start-ups in Nigeria. The company has invested in dozens of companies, helping Black professionals throughout the country. 4. Jessica O. Matthews While a student at Harvard, Jessica O. Matthews and a classmate launched a product called SOCCKET. SOCCKET was a soccer ball that stores kinetic energy as people kick it around. Users could then attach the ball to lights and power them for three hours. The product was successful, and Matthews founded a company called Uncharted Power to handle its production. Matthews served as CEO of Uncharted Power, guiding it to three consecutive years of doubled gross profit margins. In 2016, the company was valued at $57 million. She raised $7 million in funding for the project, making her one of the few Black female entrepreneurs to have raised $1 million in funding. Matthews has also worked on infrastructure projects. She serves as the executive director of KDDC, which develops hydropower dams in Nigeria. 5. Ryan A. Williams Ryan A. Williams was born in Baton Rouge in 1988. At 13, he founded his first company, a sports apparel organization. He went to Harvard where he founded the Veritas Financial Group, which helps students become more financially literate. While at Harvard, he became interested in real estate technology. After graduating, he worked at Goldman Sachs and Blackstone and then founded his own company, Cadre. Cadre is a financial technology company that users can use to invest in real estate. The company intends to make the real estate market similar to the stock market, as investors can select individual transactions to make. Cadre has received tens of millions of dollars in funding, including from Harvard University. In 2021, the company sold three buildings for more than $310 million, making it one of the largest ever online real estate transactions. He also works as a public speaker, educating people on financial literacy. 6. Paul Judge Dr. Paul Judge began his entrepreneurial career with CipherTrust, an email security company. The company was sold in 2006 for more than $270 million, and Dr. Judge transitioned to Purewire, a web security company. In 2011, Dr. Judge co-founded Pindrop Security. The organization helps companies stay safe during phone calls. Pindrop acquired more than $100 million in funding between 2012 and 2016. In 2014, Dr. Judge co-founded TechSquare Labs, a company-building studio. The organization has invested in dozens of technology companies, many of them run by Black entrepreneurs in 2022. Dr. Judge also serves as Managing Partner for Panoramic Ventures, an organization that funds technology companies in the Southeast. He focuses on funding projects run by overlooked founders, including students and entrepreneurs of color. 7. Binta Brown Binta Brown began her career as a legal clerk to Supreme Court Justice Antonin Scalia. She then served as a corporate advisor and public policy aide. In 2014, Brown founded her first company, Fermata Entertainment, an artist development firm. In 2016, Brown co-founded the Music Lab, an after-school program to teach high schoolers about music and open mic performances. The Music Lab became popular, and Brown has since dedicated her career to the music industry. She has worked with artists like Chance the Rapper and advises several music companies on diversity and legal matters. 8. Yetnebersh Nigussie Yetnebersh Nigussie was born in Ethiopia in 1982. She lost her eyesight when she was five, and her parents sent her to a school for the blind. Yetnebersh was an extremely successful student, chairing several clubs. In the mid-2000s, Yetnebersh became involved in AIDS activism. She received awards for her work and used her fame to start dozens of organizations. She co-founded the Ethiopian Center for Disability and Development, funding companies in Africa. In 2016, Yetnebersh joined Light for the World, an NGO that fights for disability rights. She continues to work for Light for the World and several human rights organizations. 9. DeMaurice Smith DeMaurice Smith began his career as a trial lawyer. He then worked in the U.S. Attorney's office and with the Department of Justice, arguing cases in the U.S. Court of Appeals. In 2009, Smith was elected to become the executive director of the National Football League Players Association. Smith has worked with NFL owners to raise money for players and improve player safety. Smith has since expanded his portfolio to cover many operations in football. He founded a venture capital company that lets players use their name, image, and likeness rights to make money. He also partnered with the NFL and MLB to create a trading card company currently valued at more than $1 billion. 10. Larry Lawson Larry Lawson worked as a producer at CBS News. His work included reporting on Princess Diana's death, which was viewed by millions of people. In 2008, Lawson became a senior news director at NESN. He produced digital tools and handled millions of dollars in operating budgets, helping expand network viewership by 40%. In 2021, Lawson joined the Black News Channel. He launched the organization's streaming platform and created production tools to streamline operations. Influential Black Entrepreneurs in America Black entrepreneurs affect every sector of the American economy. Major entrepreneurs in the arts include Young Paris, Jason Njoku, and Binta Brown. Black technological entrepreneurs include Kimberly Bryant, Jessica O. Williams, and Dr. Paul Judge. Many entrepreneurs like DeMaurice Smith and Larry Lawson started their careers outside of business and then successfully transitioned into it. Other entrepreneurs like Yetnebersh Nigussie and Ryan A. Williams combine their efforts with charity work. Whatever business you want to start, you can get help and inspiration for it. RISE Urban Nation helps support Black entrepreneurs and business leaders. Contact us today.
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