Top 10 Business Grants for Black Women Entrepreneurs in 2024
As Black women entrepreneurs continue to reshape business landscapes, securing funding is essential to scaling their ventures. In 2024, various grants, designed to meet specific needs, are available to support these businesswomen, whether they are just starting or looking to expand. This guide offers an overview of funding opportunities specifically crafted for Black women entrepreneurs, including resources for African American women, single mothers pursuing business ideas, and options for those exploring business loans.
Business Grants Made for Black Businesswomen
The following grants offer tailored financial support to help Black women navigate the challenges of entrepreneurship. These funds are designed to boost growth, provide networking opportunities, and create pathways to sustainable success.
HerRise Micro-Grant
HerRise Micro-Grant provides financial assistance to women of color by offering monthly grants to assist with basic business expenses. This micro-grant supports Black female entrepreneurs by providing essential resources for covering daily operational costs. The grant is designed to be highly accessible, with monthly awards of $500 aimed at creating a strong business foundation for women of color.
The Freed Fellowship
The Freed Fellowship is a unique grant program offering monthly financial support to early-stage Black businesswomen entrepreneurs. In addition to a $500 monthly grant, recipients gain access to a mentorship network, which helps them build business acumen and navigate industry challenges. Freed Fellowship provides a well-rounded package of funding and guidance, empowering Black women as they pursue business ventures.
Wish Local Empowerment Program Grant
Wish, a major e-commerce platform, established the Wish Local Empowerment Program Grant to support women-owned small businesses with financial aid, free training, and marketing exposure on their platform. This initiative is highly effective for entrepreneurs seeking to expand their reach and strengthen their presence in the competitive digital marketplace. Additionally, it opens up pathways to free grants for Black women who wish to grow within the e-commerce sector.
Corporate Counsel Women of Color Grants
The Corporate Counsel Women of Color (CCWC) offers grants specifically for Black female lawyers and those aiming to develop their businesses in the legal industry. This grant program provides annual awards that cover legal education and training, as well as funds for business development. CCWC’s commitment to diversity in the legal profession allows Black female entrepreneurs to gain both financial support and training, paving the way for successful legal practices.
NAACP Backing the B.A.R. Grant
The NAACP’s Backing the B.A.R. (Build, Advance, and Rise) grant program is an ideal fit for Black women aiming to create sustainable business models. The initiative awards grants to both established and emerging Black-owned businesses, prioritizing those that have a strong community focus. Besides financial assistance, recipients benefit from the NAACP’s extensive mentorship network and resources aimed at fostering economic growth in African American communities.
The Amber Grant Foundation
The Amber Grant Foundation has long been a significant source of support for women in business, including Black female entrepreneurs. This foundation awards $10,000 monthly grants, with a yearly grand prize of $25,000, giving recipients both startup capital and recognition. The Amber Grant is one of the more accessible funding sources, with a simple application process and a mission to honor women’s entrepreneurial spirit, including single Black mothers working to start their own businesses.
Glossier Grant Program
The Glossier Grant Program is designed to promote diversity within the beauty industry, offering grants specifically to Black women-led beauty brands. These grants provide both financial resources and publicity, enabling businesses to scale their operations and expand their reach. With Glossier’s industry reputation, recipients gain visibility in a competitive market, making this program highly beneficial for beauty entrepreneurs looking to create an impact.
NASE Growth Grants
The National Association for the Self-Employed (NASE) offers Growth Grants of up to $4,000, assisting entrepreneurs with business expenses. Black women can leverage these grants to cover a range of costs, from marketing to equipment purchases. The NASE Growth Grant provides a robust support system for businesses aiming to enhance their operations without taking on traditional business loans.
National Black Business Pitch
The National Black Business Pitch is an annual competition that awards grants to innovative Black-owned businesses. In addition to financial support, recipients gain significant media exposure and access to a network of potential investors. This grant empowers Black women to showcase their business ideas and build valuable connections in the process, further solidifying their market position.
Galaxy Grant
The Galaxy Grant offers $750 monthly awards to Black women-owned businesses, focusing on funding for those who may not qualify for traditional grants. The Galaxy Grant program provides accessible, no-strings-attached grants that help women cover everyday business costs. Its aim is to create immediate financial relief, making it especially helpful for early-stage entrepreneurs and single Black mothers seeking business funding.
Financial Empowerment Through Business Grants
In 2024, Black women entrepreneurs have access to diverse grant options tailored to their unique business needs. These funding opportunities, from HerRise Micro-Grant to Galaxy Grant, allow Black businesswomen to access essential resources for growing their ventures and overcoming financial barriers.
Whether through a one-time grant or a continuous funding program, each option brings unique benefits that can help Black women entrepreneurs succeed without solely relying on traditional business loans.
