Here are some grants, programs, agencies and other resources dedicated to helping black-owned businesses in the U.S. UU. More than 2.5 million black-owned businesses operate in the United States. Most of these are small businesses, and up to 75% of them say they have difficulty obtaining funding or other initial resources.
There are several well-known resources available to help black-owned companies obtain the initial capital they need to start their businesses. Among the most valuable resources are the following. The Minority Business Development Agency (MBDA) is a government agency led by the U.S. Provides expert advice and promotion to minority-owned businesses looking to grow and expand to new markets, including global markets.
The agency's 27 business centers help minority business owners secure capital and find strategic partners. In addition, its Enterprising Women of Color program advocates for minority women entrepreneurs and promotes programming to help them move forward. The Small Business Administration seeks to give disadvantaged small businesses at least 5% of each year's federal hiring money. To this end, it cancels certain contracts for the SBA's 8 (a) business development program.
Once a small business is accepted into this program, it can compete for contracts managed by the program. Other available resources include guidance from SBA business opportunity specialists, mentoring and creating joint ventures through the Mentor-Protected Program, business training, executive development, and assistance on management, technology and marketing issues. This investment fund, which was originally an offshoot of the Stanford Black Alumni Summit, was created to connect black angel investors with black entrepreneurs in the field of technology. The boutique fund invests from the start in high-growth technology start-ups.
Black Angel Tech Fund offers mentoring and growth opportunities through its international support network. A variety of grants, scholarships, and scholarships are available to help black entrepreneurs and small businesses move forward. Sometimes black entrepreneurs can also benefit from training and other informational resources. Here are some organizations that provide that type of support:.
As an offshoot of Operation HOPE, the Small Business Empowerment Program helps entrepreneurs in marginalized communities get the training they need to launch their start-ups, and offers two business training programs. Its eight- and 12-week programs include personal development, training in basic business concepts, financial advice and access to professional services. The 12-week program also connects budding minority entrepreneurs to a network and other resources. The National Black Chamber of Commerce is a non-profit organization dedicated to empowering black communities and businesses through entrepreneurship.
The organization provides small business resources to its 100,000 members, creates networks between black business owners, promotes international black trade, and consults with government entities on diversity in various projects. Black Chambers (USBC) works with black chambers of commerce and other business-related organizations in the U.S. It offers educational webinars and podcasts on various business topics, provides training for entrepreneurs, and connects black entrepreneurs with sources of capital. The NAACP, known for its decades of work on civil rights, also promotes education by prioritizing students' professional and university preparation.
It provides resources on asset creation and financial planning, among other economic initiatives, through its Department of Economics, and partners with several other non-profit organizations and government agencies to bring education and financial services to black communities. Small businesses thrive when they can connect to a larger network that provides resources, opportunities for growth and synergy. Take a look at some of the organizations dedicated to providing connections and networks in the black business community. Many consumers want to sponsor black-owned businesses, but they may not always be sure how to find them.
Support Black Owned seeks to respond to that need by developing a directory of black-owned businesses in the U.S. Businesses can only be on the list if they are at least 50% owned by blacks. While posting ads is free, premium services are available at a price to better promote and advertise black-owned businesses. Directories can be searched by type of company or by state in which the companies are located.
Organized and funded by the MBDA, Capital Pathways is an organization that organizes workshops for minority entrepreneurs to access training and development in 10 cities in the U.S. It seeks to connect minority business owners to each other. Workshop topics include credit counseling, entrepreneurship, business lending, and more. Capital Pathways also connects minority entrepreneurs with lenders, investors and contractors to help them finance and expand their businesses.
The National Minority Provider Development Council (NMSDC) is a member organization that connects minority-owned businesses with other businesses that want to buy their products and services, including schools and universities, healthcare companies, and thousands of privately-owned businesses. Its Business Consortium Fund offers financing and business advice. The goal of the NMSDC is to increase business opportunities for minority-owned businesses, in part by helping them to integrate into public and private sector supply chains. The National Black MBA Association (NBMBAA) is a non-profit organization that supports black entrepreneurs entering the business world, providing advice and mentoring to 20,000 members of 40 local chapters in the U.S.
Chapters organize networking events and other programs to boost members' careers. Leadership and professional development programs include webinars, business case competitions, conferences, and presentation challenges. In addition, the association houses a knowledge center for black professionals. There are also specialized resources available for black women entrepreneurs.
Check out a couple of organizations dedicated to advocating and connecting black women entrepreneurs. Black Women Connect is an online community for business-oriented black women. The organization provides forums for black female entrepreneurs to connect and establish networks as they start and develop their businesses. The organization announces events of interest to its population and provides connectivity to social networks on a variety of topics.
Black Women Enterprises (BWE) is a New York-based organization that provides services to black women business owners, seeking to eliminate barriers that stand in their way to success. The organization is an information-sharing center and organizes meetings, networking events and workshops to help educate and promote the careers of black women. Among the programs that BWE sponsors are workshops on business plans to help women create comprehensive business plans, technical certification assistance for companies that need to apply for certification from New York City or the state, procurement workshops for companies that want to do business with the U.S. The government and a series of business workshops.
In addition, the organization offers personalized business advice. These are just a fraction of the many ways black business owners can connect to business resources. In addition to these general groups, you can find groups for start-ups in specific industries, such as technology, as well as organizations focused on different age groups. If your company is SBA 8 (a) certified, you can access even more resources.
Find the organizations that best fit your needs. Connecting with other black business owners locally and across the country can help them support each other and promote their business. Federal assistance is available for minority businesses from several agencies. The Small Business Administration connects minority-owned small businesses to federal contracts through its 8 (a) certification program and also provides other resources.
MBDA, part of the Department of Commerce, helps connect minority businesses to capital. Additional federal grants and financial assistance are available through the Department of Agriculture, the EPA, the Department of the Interior, and NASA. There are several types of certifications available, including SBA and NMSDC certifications. In addition, some states and cities offer certifications for minority businesses.
Each agency has its own qualification requirements and certification steps. Check with the agency that provides the certification you are interested in for more details. Get the fastest information, worry-free services, and expert support you need. Do you need money to grow your business? Learn about the 18 grants available to finance women-owned businesses and where to apply for them.
Many experts advise women-owned businesses to start researching scholarships at the state level. The requirements for state grants may not be as stringent and there may be more options than with federal funding. Each state will have a state website with a business section detailing the grants available for small businesses for women and minority businesses. Many states also have grant programs for women-owned businesses in traditionally male fields, such as construction.
So, start with your state's website and check the available options. Loans are a classic way to finance your business and build credit, but grants can help fill any gaps. Unlike loans, grants don't have to be repaid, meaning they can help provide capital without increasing your company's debt burden. In addition, many women-owned businesses find that it is more difficult for them to obtain traditional funding opportunities than their male counterparts, which can make grants an even more important source of funding.
Angel investors are people with high net worth who invest their own money in new companies in exchange for stocks or convertible debt (not to be confused with venture capitalists, who invest other people's money, usually grouped in investment companies, large corporations and other funds). New Media Ventures is an initial fund and a national network of angel investors that focuses on entrepreneurs and activists seeking innovative approaches to progressive change. These improved grants for minority women allowed them to get their lucky angels in the form of investors and mentors. With its business experience in learning and development, Washington had organized the predecessor of Black Gems, a six-week virtual meeting called All Things Money, in which they met Shante Williams, an angel investor based in Charlotte.
While the agency itself doesn't issue grants directly, it does organize grant competitions every year that are funded by angel investors. .