Funding & Business Resources for Black Entrepreneurs
The United States has seen a growth in Black-owned businesses over the past three decades, with over three million Black-owned businesses and counting. But considering there are about 33 Million Small Businesses in the U.S., three million is a drastically small piece of the market share pie. There’s always work to be done to ensure these Black entrepreneurs receive the opportunities they deserve, especially since Black Americans are underrepresented among U.S. entrepreneurs, and the COVID-19 pandemic disproportionately affected Black-owned businesses.
We believe getting resources in front of the right people can start valuable conversations and collaborations. With that, we’ve put together a list of websites that provide general guidance, funding programs, and community organizations for Black business owners looking to start their own ventures:
- Black Enterprise: A digital media outlet that covers business, investing, and wealth-building topics for Black entrepreneurs, with networking events and campaigns supporting Black-owned businesses during Black Business Month.
- Black Girl Ventures: Supports Black and Brown woman-identifying founders with access to community, capital, and training, including a Shark Tank-style pitch competition.
- JP Morgan Chase Advancing Black Pathways: Offers capital, technical support, and pathways for Black businesses with an initial commitment of $30 billion by 2025.
- Black Business Association: Advocates for improved access to contracting and procurement opportunities for Black-owned businesses.
- Black Founders: Empowers entrepreneurs with advice, mentorship, and funding, with a focus on technology entrepreneurship.
- Black-Owned Business Directories: Platforms like Blax, Official Black Wall Street, We Buy Black, and Support Black Owned make it easy to find Black-owned businesses in various categories.
- Black Owned Everything: Curates and promotes products from Black-owned businesses via a popular Instagram account.
- Coalition to Back Black Businesses: Aims to provide $10 million in grants, training, and resources to Black-owned businesses through 2023, including $5,000 grants and mentorship opportunities.
- Black Business Alliance: Promotes and grows small and medium-sized Black and minority businesses through economic development, workshops, networking, and access to capital.
- Minority Business Development Agency: Offers guidance on funding, contracts, and export readiness for minority-owned businesses.
- National Minority Supplier Development Council: Connects Black-owned businesses with opportunities and partnerships, especially with large corporations.
- National Urban League: Provides services to help minority entrepreneurs, including counseling and training.
- Small Business Administration 8(a) Business Development: Allows Black-owned businesses to compete for government contracts and provides guidance and training.
- U.S. Black Chambers: Supports African American chambers of commerce and businesses with a national business directory, education webinars, and informative content.
Whether you’re a Black business owner or someone looking to support Black businesses, these organizations and platforms are valuable assets in promoting economic equity and inclusion. There’s power in knowledge sharing, so be sure to forward this blog to a budding entrepreneur who may need it!
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