Starting a business is a challenging task, and it can be even more difficult for black founders who often face unique obstacles and barriers to success. However, there are a variety of grants and funding opportunities available specifically for black entrepreneurs. One such opportunity is the Black Founder Startup Grant, which provides funding and resources to help black founders get their businesses off the ground.
The Black Founder Startup Grant, sponsored by the SoGal Foundation with Winky Lux, Bluemercury, twelve NYC, Twilio, Walmart.org’s Center for Racial Equity, and other organizations, offers financial support to Black and multiracial women and nonbinary Black entrepreneurs. The grant provides up to $10,000 in funding to eligible applicants who have a legally registered business and plan to seek investment to grow their company. The application process is ongoing, allowing entrepreneurs to apply at any time.
Grantor: So Gal Foundation
Deadline: None. Rolling
To be eligible for the Black Founder Startup Grant, applicants must meet the following criteria:
- Black woman or Black nonbinary entrepreneur (inclusive of multiracial Black women and multiracial Black nonbinary folks)
- Possess a scalable, high-impact solution or concept with the goal of becoming a billion-dollar business.
- Have a clear go-to-market strategy
- Have a legally registered Business
How to Apply
The application process for the Black Founder Startup Grant is relatively straightforward. Interested applicants must submit an online application, which includes a detailed business plan and a pitch deck. Additionally, applicants will need to provide information on their team, their product or service, and their go-to-market strategy.
The selection committee will review all applications and select a group of finalists who will be invited to pitch their business to a panel of judges. The judges will then select the winners of the grant, who will be announced at a ceremony.
The Power Forward Small Business Grant Program provides financial assistance to block-owned small businesses in order to help them grow and thrive
What the Grant Provides
The Black Founder Startup Grant provides winners with a cash prize, as well as access to a variety of resources and support. These resources include mentorship, networking opportunities, and access to funding from venture capital firms and angel investors.
The grant also provides winners with office space and a variety of other perks, such as legal and accounting services. This allows winners to focus on growing their business rather than worrying about the day-to-day logistics.
The Black Founder Startup Grant is a valuable opportunity for black entrepreneurs looking to start or grow their businesses. By providing funding, resources, and support, the grant can help black founders overcome the unique obstacles and barriers they face in the startup world. If you are a black entrepreneur, we highly recommend applying for this grant.
Waqar Hussain is the founder of The Business Goals. He writes about entrepreneurial strategies and is an SEO consultant by profession. He is a B.Com, GDM, and an MBA from the Australian Institute of Business.