How Grants Can Help Celebrate Black Business Month

August is National Black Business Month, an event that celebrates business accomplishments within the Black community. The month also centers on making sure policies and programs are in place to give all minorities equal opportunities in the business world.

There have been tremendous strides in the growth of Black business ownership recently. According to Pew Research Center, there were an estimated 140,918 companies in the U.S. with a majority of Black or African American ownership in 2020. This shows a 14 percent increase from the numbers in 2017. While this growth is definitely a step in the right direction, Black businesses still only account for a very small percentage (around 3%) of the total number of businesses in America.

Ensuring funding exists for startups and minority-owned businesses is a great way to elevate this number in the next few years. Grants are one type of funding source available for Black business owners and entrepreneurs. Businesses can use a grant search database, such as GrantWatch, to help narrow down their search.

Sites like GrantWatch.com, are convenient because they list thousands of available grants all in one place, saving their members time and frustration. GrantWatch has a category specifically for Black, Indigenous, and people of color or BIPOC grants. With GrantWatch, you can also find a list of 200 foundations that have given donations or grants to the BIPOC community in the past.

In honor of Black Business Month, GrantWatch has listed some of the top grants from this category to further enrich and strengthen the Black business community.

Grants to Promote Economic Opportunities for the Black Community

1. Grants of up to $20,000 and in-kind support are available to Black female business owners to foster business growth. In addition to the cash grant, select grantees will be provided with digital tools and mentorship. As a result, this should help them advance their online presence and bolster their business.
2. There are also grants available to BIPOC artists to participate in a glassmaking residency program in New York. Residents will receive funds for the purchase of supplies, accommodations, and access to shared studio space.
3. Opportunities exist for medtech startups led by Black founders to participate in an accelerator program.
4. In addition, grants are available for women-led and Black-led startups to participate in an accelerator program. Participants will receive mentorship and vendor perks and attend a reception at which they can present their companies.
5. Grants of up to $10,000 and in-kind support are open to Black women entrepreneurs to support equal opportunities in business.
6. There are also grants available to nonprofit organizations to promote economic opportunities for Black youth and young adults. 
7. Additionally, grants of $5,000 and in-kind support are open to small businesses owned by people of color for business expansion.
8. An opportunity is available for women entrepreneurs and entrepreneurs of color to participate in a business accelerator program. 

Hopefully, you’ll be able to take advantage of these funding opportunities in a positive way and celebrate National Black Business Month at the same time.

About GrantWatch

With close to 8,000 grants currently available, GrantWatch.com is the leading grant listing directory. Upgrade to a MemberPlus+ subscription to view the full grant details, including eligibility criteria and application information. For more information, you can also visit the GrantWatch FAQ page. To see the great value of all 20 of the top GrantWatch features, click here.