32 Funding Resources for Black-Owned Businesses In 2024

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Welcome to Breaking the Blueprint - a blog series that dives into the unique business challenges and opportunities of underrepresented business owners and entrepreneurs. Learn how they've grown or scaled their businesses, explored entrepreneurial ventures within their companies, or created side hustles, and how their stories can inspire and inform your own success.

Less access to banking in Black communities and a history of discriminatory lending practices have made it harder for Black founders to secure loans or financial assistance. According to a recent study, Black founders only managed to use 1% of venture capital in 2022.

It's an unfortunate truth, but it doesn't mean that there isn't funding out there for Black founders to make use of. In this piece, discover 37 funding resources for Black-owned businesses that can help you put your best foot forward.

Table of Contents

• Small Business Loans
• Online Business Loans
• Grants
• Equity Crowdfunding
• Private Equity Firms
• Additional Resources

Small Business Loans

1. Accion Opportunity Fund

This program offers everything from mentorship programs to microloan and even a hubzone program that offers small business owners access to funding based on their needs. It connects low-income entrepreneurs, entrepreneurs of color, and women to affordable capital, educational resources, coaching, and business networks.

Applications are accepted on a rolling basis. You can apply here.

2. Business Consortium Fund Loan

Business Consortium Fund Loan programs are for minority-owned businesses that cannot lock in financing through other avenues and are certified by the U.S. Department of the Treasury. Amounts range from $500 to $50,000.

Interest rates are capped at 3%, and loan repayment terms can extend for seven years. To qualify for the Business Consortium Fund Loan, your business has to be certified with the National Minority Supplier Development Council (NMSDC) and have a vendor-supplier relationship with an NMSDC corporate member.

Applications accepted on a rolling basis. You can apply here.

3. Community Development Financial Institutions Fund

This fund is part of the U.S. Treasury Department. CDFIs are financial institutions such as banks, credit unions, loan funds, microloan funds, or venture capital providers.

These institutions provide residents and businesses loans funded by the U.S. Treasury Department to create economic opportunities in low-income communities. Head here to find a local CDFI in your neighborhood that can provide business assistance.

Check back for 2025 opportunities.

4. DreamSpring

DreamSpring is a nonprofit serving minority small business owners in 27 states. It offers four different types of loans to provide support and help you re-start and re-open your business:

• Power Line of Credit: $1K - $50K
• Small Business Loan: $1K - $250K
• SBA Community Advantage 7(a) Loan: $50K - $350K
• Commercial Real Estate Loan: $50K - $2M

Applications accepted on a rolling basis. You can apply here.

5. HerSuiteSpot

HerSuiteSpot is a digital platform for women of color entrepreneurs to get business training, coaching, and funding support. It offers multiple funding opportunities, including two microgrants:

• HerRise: $1k for women of color entrepreneurs with less than $1M in gross revenue
• Hustler's MicroGrant: $1K for woman of color with a small business

HerRise applications must be submitted by 11:59pm on the last day of the month, Hustler's applications accepted on a rolling basis.

6. Funding Circle

Funding Circle is a small business loan provider that offers small business loans in the US and UK. It's committed to DEI, making it a great opportunity for minority entrepreneurs. There's no specific industry requirement, as it has previously supported bakers and filmmakers alike.

You can apply for loans between $25K - $500K, and typically receive results in as little as 2 days.

Applications accepted on a rolling basis. You can apply here.

Online Business Loans

1. Fast Break for Small Business

Legal Zoom has partnered with the NBA, WNBA, and NBA G League to offer a grant opportunity for Black entrepreneurs to take advantage of.

150 small businesses that have been in operation for up to three months can receive $10K business grants and a LegalZoom product of up to $500 value. New businesses can receive up to $500 in LegalZoom products.

The 2024 deadline is September 13th, 2024 at 8 p.m. ET. You can apply here.

2. BlueVine

BlueVine is an online banking platform with short-term loan options and lines of credit. It's a flexible system that you can make work for your specific business needs. Both funding opportunities have standard requirements for things like credit scores and revenue/income minimums.

• Bluevine Line of Credit: Credit line up to $250K
• Business Term Loan: Lump sum of up to $500K

Applications accepted on a rolling basis. You can apply here.

3. OnDeck

This alternative lender offers loan options for those who need a company that will work across a broader credit spectrum. It offers two funding offers for borrowers with a minimum personal credit score of 625 and $100K it revenue:

• OnDeck Line of Credit: $6K - $100K

• OnDeck Term Loan: $5K - $250K

Applications accepted on a rolling basis. You can apply here.

Grants

1. iFundWomen

iFundWomen (iFW) is a funding resource specifically for women entrepreneurs. Its Universal Grant Program is a debt-free resource for you to use to start or support your business. When you apply, you're matched with one of its corporate partners.

iFW Universal Grant applications accepted on a rolling basis. You can apply here.

It also offers a standard SBA 7(a) loan (which requires repayment) through a partnership with Newly, offering up to $500K to small business applicants. You can apply here.

2. Shea Moisture

Shea Moisture offers $1M grants annually to small, Black-owned businesses across the health and beauty sector. It also offers education, access to additional resources, and mentorship for entrepreneurs. Its two main grant programs are:

• Brown Girl Jane, grants for Black and women-owned beauty and wellness businesses in the U.S. Grants are between $10K - $25K. Applications open Fall 2024, and you can apply here.
• The Next Black Millionaires grants $100K to black-owned businesses in the U.S. Check back for 2024 application dates.

3. Hello Alice

Hello Alice's Democratizing the Friend & Family Round grant aims to help women of color overcome the early stage funding gap that they often face. The program is $25K in grants and mentorship to 20 NYC-based female founders of color.

Check back for 2024 opportunities.

4. FedEx Small Business Grant Program

FedEx launched its annual small business grant contest in 2012, and has given approximately $1.5 million in cash prizes since then.

There's a $50K grand prize for one business, and $20K for the nine others. Winners are also matched with a mentor and can receive $1K in print credit at FedEx.

Check back for 2025 opportunities.

5. Grants.gov

Grants.gov, a federally operated website, offers more than 1,000 funding opportunities for entrepreneurs, including those owned by minority owners. You sign up on the website, and search for available grants provided by federal agencies, including the U.S. Small Business Administration and the Department of Commerce.

6. Ladies Who Launch

Ladies who launch is a small business grant and mentorship program for women and non-binary small business owners in the consumer packaged goods industry. It aims to remove barriers to access that often prevent these groups from succeeding in the form of $10K cash grants, and 6th month education and mentorship opportunities.

Check back for 2025 opportunities.

7. National Association for the Self-Employed Growth Grants

National Association for the Self-Employed (NASE)'s Growth Grant offers its members business grants of up to $4K. Funds can be used for business growth functions, from marketing and hiring to expanding facilities.

Applications are accepted on a rolling basis, and will be reviewed the following quarter. For example, applications submitted in July, August, and September, are reviewed in October. You must be a good-standing member for three months prior to applying, and you can apply for the next round here.

8. Sage BOSS Impact Fund

Sage BOSS Impact Fund is committed to breaking barriers for Black women entrepreneurs, with a $1.5 Million total commitment. It also offers training, mentorship, and network opportunities.

Check back for 2025 opportunities.

9. Small Business Growth Fund

Hello Alice and the Global Entrepreneurship Network (GEN) joined forces to create the Small Business Growth Fund to provide four small businesses with $25,000 in funding.

10. The Coalition to Back Black Businesses

This private small business grant is a joint effort between corporations like American Express, ADP, AIG Foundation, Altice USA, Down, and the S&P Global Foundation.

Businesses that qualify will receive $5,000 in grants and mentorship, and training. Only a select amount of entrepreneurs will be tapped for their $25,000 enhancement grants.

Check back for 2024/2025 information.

11. The American Dream Awards

The American Dream Awards celebrate small businesses that embody the contemporary American Dream with their inventive solutions, remarkable community contributions, and dedication to sustainable business practices. Open to all for-profit businesses in the United States, these esteemed awards offer recipients a comprehensive package, including $1,000 in funding, entry to a small business accelerator, media exposure, and additional benefits. Don't hesitate to submit your application for one or more of the listed categories that resonate with your business's strengths and values.

Check back for 2024/2025 information.

Equity Crowdfunding

1. Kiva

This lending program is a nonprofit made with nontraditional borrowers in mind, and it's an online lending hub that connects entrepreneurs to crowdsourced lending.

2. StartEngine

Both startups and investors can use this platform to find their perfect match, focusing on small business owners who wish to maintain control of their capital.

Private Equity Firms

1. Collab Capital

If you're looking to build a sustainable, innovative business, Collab Capital is the investment fund for you. The platform is geared toward supporting Black founders.

2. Harlem Capital Partners

Based in New York City, this program has set a goal to invest in more than 1,000 diverse founders over 20 years, focusing on companies that intend to disrupt traditional business standards by solving important problems.

3. Hustle Fund

This venture capital fund is geared toward early-stage startups within B2B software, fintech, and digital health industries. They not only invest in seed rounds, but they've got your back in pre-seed too.

4. Kapor Capital

Calling all diverse tech-driven companies who aim to close the opportunity gap. This impact investment fund is committed to investing in diverse entrepreneurs currently making strides toward creating large-scale social impact.

5. Humble Ventures

This is a private equity firm that invests in both diverse founders and organizations.

6. New Media Ventures

This is a seed fund and a national network of angel investors whose main priorities are entrepreneurs and activists who aim to create innovative approaches to causing progressive change.

7. Oakland Black Business Fund

For Black-owned businesses based in Oakland, California, this investment platform provides grants and investments to organizations with a goal of addressing gaps in access to capital and real estate.

Additional Resources

1. Chambers of Commerce

These organizations offer training and resources to help promote the interests of local businesses.

2. Farm Aid

This platform is a nonprofit organization offering an annual grant program that funds family farms and rural service organizations. In 2022, Farm Aid assisted Black and other minority farmers and groups working to demand change for racial justice and social equity.

3. SCORE

Completely run by a network of volunteers, this organization has provided resources like education and mentorship to small business owners since 1964.

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