As women-owned businesses continue to grow, one of the significant obstacles they face is unequal access to funding and venture capital. While most people seek business loans, small business grants provide the capital needed to start or grow a business. Also, grants do not need to be paid back as long as the requirements and obligations are met. The following small business grants for black women entrepreneurs provides them with the capital to take their startup or established business to the next level.
5 Small Business Grants for Black Entrepreneur Women in 2019
Cartier Women’s Initiative Award
Grant Amount: $100,000 and $30,000
Cartier Women’s Initiative Award is an annual business grant for early phase (1 to 3 years) for-profit, women-led businesses. Women must have a significant stake in the business in the role of director, general manager, or CEO.
The first place winning package awards seven women entrepreneurs with $100,000 in prize money and one-on-one personalized business mentoring.
The second place winning package, awarded to 14 finalists, includes $30,000 in prize money. The women-owned or women-led business must be designed to generate revenue.
Eligible applicants must be women entrepreneurs 18 years of age or the legal majority age in the country of citizenship at the close date of the application submission.
Application submission opens June 2019 for 2020 award.
The Halstead Grant
Industry: Jewelry Design
Grant Amount: $7,500 cash award and $1,000 in merchandise
The Halstead Grant is for women entrepreneurs in the early phase (less than 3 years) of business in the jewelry industry. This annually awarded grant includes $7,500 for startup capital, $1,000 of Halstead jewelry supplies, and recognition in the jewelry industry.
The grant application process requires applicants to answer a series of questions regarding their business goals and strategies. All applicants receive feedback from the judges about their business plan
Application deadline is Aug. 1st.
#GIRLBOSS Foundation Grant
Industry: Design, Fashion, Music, the Arts, etc.
Grant Award: $15,000
The #GIRLBOSS Foundation Grant is for individual for-profit women business owners in industries of design, fashion, music, and the arts. The grant of $15,000 is awarded twice a year.
Eligible applicants must be United States citizens and at least 18 years of age or older at the time of the closing date of application submission.
Business entities, organizations, or companies are not eligible.
Application submission is currently open.
Grant Amount: $10,000
The Amber Grant was established in honor of a young lady named Amber. Amber passed away before she had an opportunity to fulfill her dream of being an entrepreneur at the age of 19. This grant of $1,000 is awarded to women entrepreneurs in any industry monthly. The 12 grant winners get a chance to win a $10,000 grant funds for their business.
Eligible applicants must be U.S. or Canadian citizens and 18 years of age at the close date of application submission. An application fee of $15 is required.
Application submission is currently open.
Open Meadows Foundation
Industry: Non-Profit programs benefiting Women and Girls
Grant Award: $75,000
The Open Meadows Foundation wants to change the world! The $2,000 grant is awarded twice a year to women-backed organizations with projects focused on “activism, political change, and empowerment directed by and benefiting women and girls.” The organization must have limited access to funding and an operational budget of less than $75,000.
Eligible applicants must have tax-exempt status under 501C3 of the Internal Revenue Code (IRC) or a fiscal sponsor with this IRC designation. Small and startup organizations are given priority in the application review process.
Deadlines for grant proposals via email are 12:00 midnight EST on Feb. 15 and Aug. 15.
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Tarra Jackson is the author of “Financial Fornication” and a freelance writer and media personality, contributing on a range of business and financial topics. She is also a guest financial contributor for the Rickey Smiley Morning Show and Al Jazeera News.