As Black people continue to fight for social justice, calls for equitable investment within the entrepreneurial ecosystem have followed close behind.
In a bid to tackle the long-standing issues of economic disparities and lack of access to capital amongst Black American communities, several corporations have decided to roll up their sleeves and get intentional with their backing of Black-owned businesses.
Black creators, founders, and owners are now able to use this pivotal period of systemic change as a way to leverage support and capital for their businesses.
Whether you’re just starting out or looking to scale, we encourage you to check out our list of grant/funding opportunities for Black businesses. We’ll be updating the list as more funding opportunities are announced.
1. PayPal has pledged $530 million to support Black businesses, strengthen minority communities, and fight economic inequality, divvying out short-term, medium-term, and long-term investments.
These initiatives include:
- A $10 million empowerment grant fund for Black-owned businesses that have been impacted by COVID-19 or by the recent civil unrest. Direct support to cover expenses related to stabilizing or reopening the business will be given to business owners. (This program is currently paused due to an overwhelming amount of applications, so be sure to join the mailing list as PayPal works to address the growing need.)
- $500 million commitment economic opportunity fund to support Black and minority-owned businesses and help drive financial health in these communities.
Startups and investment funds are invited to express interest here.
2. The Local Initiatives Support Corporation (LISC), has been partnering with companies like Verizon, Lowe’s, Sam’s Club, and Truist Bank to create ongoing rounds of Small Business Relief Grants for entrepreneurs of color and women-owned businesses that have been affected by COVID-19. Click here to apply.
3. Glossier has released a $500,000 grant-initiative for Black-owned beauty businesses, offering capital, advisory support, and amplification. Black beauty entrepreneurs based in the U.S. can apply for grants of up to $10K, $30K, and $50K depending on your current business stage.
Check out the application here and keep in mind that the deadline is July 3, 2020. Read the official terms and conditions and FAQ for the application process.
4. Hennessy has established a $3 million Small Business Recovery Initiative titled “Unfinished Business.” They will be providing direct relief via capital to businesses that have been disproportionately impacted by COVID-19. Applications will launch here on June 22nd.
5. Resonance, a platform that works to create sustainable, on-demand fashion production has announced an initiative, titled Be Resonant. This program aims to support up to 10 creators of color to build and launch their own sustainable fashion brands by August 2020. Resonance will provide up to $50,000 cash per creator, and will fund the manufacturing process as well. This company eliminates the idea of inventory, which is why they are able to offer such a quick collection development turnaround.
Check out their recent feature on Vogue and click here for more information about this initiative. Application deadline is June 30th.
6. ITAL/C, a creative studio based in Los Angeles, CA is offering two Black-owned businesses their design and project services free of charge. This is typically worth anywhere from $20,000-$100,000 depending on the scale of the business.
This design grant is offered only to locals in the LA area, and requires an emailed outline on what sort of design and branding services you are looking for. Deadline is July 1st and applicants will be notified of a decision by July 15. Extra information and email for interested applicants is located here.
7. TruLocal, a Black-owned meat delivery company, is offering an Equal Opportunity Business Grant in the amount of $10,000 split between two Black founders of small businesses. To qualify, your business must be at least 50% Black-owned or founded and you must submit a short video discussing how the $5,000 would help your business grow.
The deadline for this grant is June 26th and winners will be announced on July 3rd. Click here to submit your application.
8. Fashion label Pyer Moss created a relief fund for women and minority businesses that have been negatively impacted by COVID-19. They are awarding grants of different amounts to businesses in need and all you have to do is fill out a quick form. Apply here.
9. The Doonie Fund makes micro investments of $100 to Black women entrepreneurs. Click here to apply.
10. SoGal is aiming to increase the amount of Black women entrepreneurs that receive venture capital funding through offering a Black Founder Startup Grant. This grant is perfect for a Black woman or Black nonbinary entrepreneur who is planning to scale and holds a high-impact solution to be “the next billion dollar business.” Applications are rolling and grantees are chosen at random. Apply here.
11. The Bumble Fund has teamed up with Hello Alice to create a round of applications for women entrepreneurs with diverse backgrounds, experiences, and perspectives. This fund prioritizes early seed investments, averaging between $25-$50K depending on the needs of the business. Whether you receive a financial investment or not, every Bumble Fund applicant will receive mentoring and support, so this is definitely an opportunity to take advantage of! Click here to create an account and join the community.
12. Hello Alice is offering $10,000 grants on a rolling basis to Black-owned small businesses that have been impacted by COVID-19. Click here to learn more about the grant process and here to submit an application!
13. Startup funding platform, IFundWomen, has launched several grant opportunities for Black women-owned businesses. Scroll through their list here.
If you’re feeling overwhelmed by the deadlines to a few of these or feel they don’t align with your business initiative, no worries! There are plenty more grants and rounds of funding on the way. Keep your eyes peeled for these opportunities, coming soon:
Netflix Pledges $5M to Support Black Creators, Youth, and Black-owned Businesses
SoftBank launches $100M+ Opportunity Growth Fund to invest in founders of color
Bank of America Announces $1 Billion/4-Year Commitment to Support Economic Opportunity Initiatives
Apple, YouTube Each Plan $100 Million Initiatives to Target Racism
Don’t have a business but want to support your Black peers who do? Be sure to signal-boost their platforms on your social media, buy Black products/services, and share this article with them!