Essential Resources for Black-Owned Businesses: Grants, Funding, and Support Networks

Between 2017 and 2022, the number of Black-owned employer businesses in the United States grew by an impressive 56.9%, reaching nearly 195,000 firms. Yet despite this surge, Black-owned businesses still represent just 3.3% of all U.S. employer firms—far below the 14.4% Black share of the population.

The gap isn't due to lack of ambition or capability. According to the Federal Reserve, Black business owners are twice as likely to be denied loans compared to white entrepreneurs with similar credit profiles. This funding disparity has created an entire ecosystem of organizations dedicated to helping Black entrepreneurs access the capital, mentorship, and connections they need to succeed.

This guide covers the major grants, funding programs, networking organizations, and technical assistance resources available specifically for Black-owned businesses.

Grant Programs for Black Entrepreneurs

Unlike loans, grants don't require repayment—making them particularly valuable for businesses that may struggle to access traditional financing.

NAACP Powershift Entrepreneur Grant

The NAACP Powershift Entrepreneur Grant awards $25,000 to Black entrepreneurs selected to help them grow and scale their businesses. In recent years, the program has awarded $500,000 total during Black Entrepreneurs Day events.

Applications typically open toward the end of the year, usually around October. The program is open to both rising and established Black entrepreneurs across industries.

Black Ambition

Founded by Pharrell Williams, Black Ambition offers substantial prizes to companies led by Black and Hispanic entrepreneurs. In 2024, the organization provided up to 250 awards ranging from $15,000 to $1 million.

The program runs annual application cycles. Subscribe to their newsletter at blackambition.com to stay informed about upcoming deadlines and eligibility requirements.

Famous Amos Ingredients for Success

This annual program, launched by Ferrero North America in 2020, provides $150,000 in capital awards along with mentorship, networking, and educational resources for early-stage Black business owners.

The program honors the legacy of Wally Amos, founder of Famous Amos cookies, by creating pathways for Black entrepreneurs to thrive in their respective industries.

Brown Girl Jane Grant

Specifically for Black and women-owned beauty and wellness businesses in the United States, this grant awards between $10,000 and $25,000 to recipients. Applications typically open in the fall.

Next Black Millionaire Grant

This program offers $100,000 in funding along with business development services and retailer distribution support to Black-owned businesses looking to scale their operations and reach new markets.

Comcast RISE

The Comcast RISE (Representation, Investment, Strength, and Empowerment) program awards approximately 500 winners annually with a comprehensive package that includes:

• $5,000 cash grant
• Business consultation services
• Educational resources
• Creative production support
• Media scheduling
• Technology makeover

Eligibility varies by location, with the program focusing on specific cities each cycle. Check comcastrise.com for current application windows and eligible locations.

Wish Local Empower Program

For smaller funding needs, the Empower Program offers grants between $500 and $2,000 specifically to Black-owned small businesses. Recipients are required to join the Wish Local marketplace, which can provide additional sales channels.

Pitch Competitions and Investment Opportunities

Beyond traditional grants, several organizations connect Black entrepreneurs directly with investors through structured pitch events.

Black Girl Ventures

Black Girl Ventures runs a crowdfunded pitch competition where accepted applicants receive pitch coaching before presenting a two-minute pitch to investors. Rather than a panel of judges deciding winners, the audience votes with dollars, and winners receive the capital raised during the event.

The organization focuses specifically on Black and brown women-identifying founders, addressing both the racial and gender gaps in startup funding.

National Black MBA Association Scale-Up Pitch Challenge

This annual competition awards $50,000 to the winner and connects early-stage entrepreneurs with investors and wealth-building opportunities. The event typically takes place during the National Black MBA Association's annual conference in September.

Black Founders

Black Founders provides access to their "Gust" system, which connects startups seeking capital with a global network of investors. Beyond the funding platform, the organization offers networking opportunities, workshops, conferences, and hackathons throughout the year.

Business Development Programs

Several initiatives offer more than just funding—they provide comprehensive support including mentorship, training, and technical assistance.

1 Million Black Businesses (1MBB) Initiative

On a mission to help one million Black businesses start, grow, and scale by 2030, this initiative has already supported over 459,000 businesses since 2020. Their flagship offering is an eight-week business-development workshop that includes:

• Mentorship programs
• Access to capital funding resources
• Business planning support
• Networking opportunities

Google Black Founders Fund

Google has provided up to $150,000 in equity-free cash awards through this program, along with Google Cloud credits and mentorship. Recipients also receive advertising support and hands-on assistance from Google experts across product, design, and technical challenges.

Cultivate Small Business Grant

Focused on the food industry, this grant specifically supports traditionally underserved businesses. In addition to funding, selected entrepreneurs enroll in a 12-week virtual education program with a food-focused business curriculum.

Eligibility requirements include:

• Food business operating for at least one year
• Located in a low-to-moderate income area
• Annual revenue between $25,000 and $1 million
• One to ten full-time employees

Certification and Networking Organizations

Getting certified as a Black-owned business can open doors to corporate contracts, government procurement opportunities, and dedicated customer bases.

ByBlack Certification

Created through a partnership between U.S. Black Chambers and American Express, ByBlack offers the only national certification exclusively for Black-owned businesses. This certification helps entrepreneurs:

• Reach new customers specifically seeking to support Black-owned businesses
• Secure corporate and government contracts that prioritize diverse suppliers
• Access networking opportunities with certified businesses

U.S. Black Chambers, Inc.

Considered the "National Voice of Black Businesses," the U.S. Black Chambers advocates for economic empowerment while providing practical resources including:

• Free digital training courses
• Webinars and podcasts
• Programs and events
• Access to a network of African American Chambers of Commerce

National Minority Supplier Development Council (NMSDC)

NMSDC provides certification for minority business enterprises (MBEs) and runs several development programs. Their Capital Readiness Program and MBE Center for Accelerated Growth, Innovation, and Resiliency connects businesses with key resources, networks, mentorship, and funding access.

Black Business Association (BBA)

Founded in 1970 and headquartered in Los Angeles, the BBA is California's oldest active ethnic business organization. As a 501(c)(3) nonprofit, they offer business readiness programming, media platforms that amplify Black businesses, and contract access opportunities.

Federal Government Resources

Several federal agencies specifically focus on supporting minority-owned businesses.

Minority Business Development Agency (MBDA)

Part of the U.S. Department of Commerce, MBDA operates a nationwide network of business centers that provide:

• Support in securing capital
• Help accessing contracts
• Assistance entering new markets
• Technical assistance
• Strategic business advice

MBDA's services extend beyond financial aid, offering comprehensive support for business growth and sustainability.

Small Business Administration (SBA)

While not exclusively focused on Black-owned businesses, the SBA offers several relevant programs:

• 8(a) Business Development Program for socially and economically disadvantaged businesses
• Small Business Innovation Research (SBIR) seed funding
• Small Business Technology Transfer (STTR) program
• HUBZone contracting preferences

Community Development Financial Institutions (CDFIs)

CDFIs specialize in providing loans and financial services to underserved communities, often offering flexible terms and personalized support. Unlike traditional banks, CDFIs invest in long-term business success, helping entrepreneurs develop financial strategies and build creditworthiness.

Professional Networks and Media

Building connections within the Black business community provides ongoing support, advice, and opportunities.

Black Women Connect

This social and professional hub specifically serves female entrepreneurs, providing networking opportunities, resources, and community support for Black women building businesses.

Black Enterprise

Beyond its magazine and website covering business news and trends, Black Enterprise provides educational content, networking events, and resources specifically relevant to Black professionals and entrepreneurs.

Code2040

For tech entrepreneurs, Code2040 supports Latinx and Black tech innovators through mentorship programs, career coaching, and connections to the broader technology ecosystem.

Addressing the Funding Gap

Understanding why the funding gap exists helps explain why these resources are so critical.

According to the Federal Reserve, 80.2% of white business owners receive at least a portion of the funding they request from banks, compared to just 66.4% of BIPOC business owners. Black women business owners face rejection rates three times higher than white business owners.

Less than 3% of venture capital funding goes to Black-founded startups, and Black founders raise significantly less capital than their non-Black counterparts even when they do receive funding.

Research from the Brookings Institution shows that if Black employer businesses reached population parity, cities across the country could see 757,000 new businesses, 6.3 million additional jobs, and $824 billion in additional revenue circulating in local economies.

Strategies for Accessing These Resources

With so many programs available, having a systematic approach improves your chances of success.

Build a Strong Application Foundation

Most grant programs evaluate similar criteria:

• Clear business plan with realistic financial projections
• Demonstrated traction or proof of concept
• Specific use of funds
• Strong narrative about your business and its impact

Track Application Deadlines

Grant programs operate on specific cycles. Create a calendar of application windows for programs you're interested in. Many programs open applications at consistent times each year.

Get Certified Early

Certifications like ByBlack, NMSDC, and SBA 8(a) take time to process. Start the certification process before you need it so you're ready when opportunities arise.

Leverage Multiple Resources

The most successful entrepreneurs combine funding sources with technical assistance. A grant might provide capital, but a mentorship program helps you deploy it effectively.

Maintain Detailed Financial Records

Every application requires financial documentation. Keeping accurate, organized books makes applications easier and demonstrates business acumen to reviewers.

Track Your Business Finances with Clarity

Accessing grants and funding requires demonstrating financial stability and having clear records ready for applications. Beancount.io provides plain-text accounting that gives you complete transparency and control over your financial data—with version-controlled records that make pulling reports for grant applications straightforward. Get started for free and build the financial foundation that supports your funding applications.