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Tuesday, December 25, 2018

Information on Small Business Grants for Black Women

Black business women

Recently, American Express released a report that delves into the state of women-owned businesses. Within the report are a plethora of interesting and important statistics. They found that the number of businesses owned by women of color has grown 164% between 2007 and 2018. There are 2.4 million African-American women-owned businesses in 2018.
Women in general are pushing through boundaries and creating successful businesses in every field. For example, the basement waterproofing industry is dominated by men, but there are more women-owned waterproofing companies today than there ever was in the past. Most businesses need help, and there’s no shame in that. There are many resources that can help launch or financially aid a business throughout its progression. To give you an idea about what’s out there, we’ve compiled a quick list that contains two organizations that issue small business grants for Black women—check them out below.
  1. Minority Business Development Agency (MBDA)
MBDA is an agency of the U.S. Department of Commerce that works to grow and promote minority-owned businesses through the advancement of public and private programs, policies, and research. They’ve recently teamed up with Broad Agency Announcement to award more than $13 million for 35 projects. MBDA is definitely a good agency to look at when thinking about starting a business.
  1. WomensNet
WomensNet offers the Amber Grant. This grant honors the memory of a young woman (Amber) who was unable to fulfill her entrepreneurial goals. At the end of each month, WomensNet awards $1,000 to a different women-owned business. Then, at the end of each year, those women are eligible for the annual $10,000 Amber Grant. WomensNet looks for women with passion and a good story.

If you want to discover even more small business grants for Black women, we recommend checking out Grants.gov. With over 1,000 grants on their database, you’ll have plenty of options to choose from—but not all of them are race specific. Agencies that award grants are going to be a lot more need-based than scholarships and loans, but they’ll recognize the help you need to achieve your business-related dreams.