10 Resources for Funding Black-Owned Startups
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Are you thinking of starting a business but need the capital to get started?
If you’re a Black-owned startup, there are a wealth of resources to help you tackle those early stages of getting a business off the ground.
Check out the following resources that can help you obtain the funding and resources you need to grow your business.
Minority Business Development Agency (MBDA)
As part of the U.S. Department of Commerce, MBDA is dedicated to serving businesses operated by U.S. minority business enterprises (MBEs) by connecting members to capital access, contracts, and markets. Their vision is “economic prosperity for all American business enterprises.” Accordingly, MBDA offers a variety of programs, resources, and services to help minority entrepreneurs thrive in a competitive market.
Black Business Association (BBA)
Founded in 1970 in Los Angeles, the Black Business Association (BBA) is the oldest minority business organization in California. The 501(c)(3) non-profit organization is committed to advocating for better policies and opportunities for African Americans and other minority business owners. Members can access contracting opportunities, tools, and resources to build their businesses.
Black Founders’ mission is to “increase the number of successful black entrepreneurs in technology.” Additionally, the organization is helping to foster tech entrepreneurship and economic growth amongst the Black community. Black Founders hosts events, conferences, and HBCU Hackathons for college students and shares many resources and tools with its members.
IFundWomen of Color (IFWOC) was created to provide debt-free capital to minority and women-owned businesses through “crowdfunding and business grants, expert business and fundraising coaching, and intros to lucrative connections.” The organization helps its entrepreneurs gain the funding and additional resources needed to grow a successful and sustainable business.
Amazon’s Black Business Accelerator
This program, led by Amazon, acts as a “hub” of resources that Black entrepreneurs can access to grow their businesses. The program, free to certified Black-owned businesses in the United States with a Professional Seller account, offers mentorship, business development, training, and educational resources.
Black Business Alliance (BBA) is a 501(c)(6) non-profit membership organization that “seeks to empower, guide, promote, enhance, collaborate, and grow small and medium-sized black and minority businesses.” BBA members can access capital, events, outreach, training, technical assistance, and networking opportunities.
Coalition to Back Black Businesses
This organization is a grantmaking and training initiative to help provide financial support to Black-owned businesses recovering from the effects of COVID-19. Coalition to Back Black Businesses is headed by the U.S. Chamber of Commerce Foundation, partnering with businesses and organizations like Shopify, American Express, National Business League, and many more.
Currently, the organization offers $5,000 grants to eligible black-owned businesses that complete the application process (now closed for the 2022 application period).
Hello Alice Black Business Center
As part of a collaboration with the National Association for the Advancement of Colored People (NAACP), Hello Alice’s Black Business Center is designed to help locate new funding opportunities, such as grants and lending partners, to help new or seasoned Black entrepreneurs grow their businesses. In addition, they also offer guides on becoming a certified minority business, content creation, and applying for grants.
Small Business Administration 8(a) Business Development Centers (SBDCs)
Led by the U.S. Small Business Administration, Small Business Administration 8(a) Business Development Centers (SBDCs) “provide counseling and training to small businesses, including working with the SBA to develop and provide informational tools to support business start-ups and existing business expansion.” In addition, the centers offer advice and technical assistance to small business owners nationwide.
Use this website to find a local SBDC near you.
Black Connect is a non-profit organization aiming to eliminate the racial wealth gap faced by Black Americans. “We empower our members with a diverse range of ideas, tools, and resources that support professional and economic development.” With memberships starting at $20 a year, small business owners can get access to the tools and resources to lead successful and profitable businesses that can help the economic growth of Black communities.