How To Get Government Grants To Start or Expand A Black-Owned Business

Did you know that African Americans are becoming entrepreneurs at a rapidly increasing rate? In fact, the United States Census Bureau reports that there are 1.9 million Black-owned businesses who generate more than $100 billion each year in combined revenue.

This site was created to help African-American entrepreneurs and business owners locate and apply for grant money.

Why Black Businesses Fail

According to the Small Business Administration (SBA), the #1 and #2 most common reasons why small businesses fail are: lack of experience and insufficient capital. This means that business owners don't know what they are doing, and have no idea how to finance their companies.

With Black-owned companies, the stats are even worse as even the successful companies tend to generate less revenue and employ less people. Even worse, many Black entrepreneurs still face racism and discrimination from lenders when applying for business financing.

The Solution

The federal government and private grant foundations issue billions of dollars in business grant money every year. This type of funding, unlike business loans, does not have to be repaid and can be used to start a new business and/or expand an existing one.

Black-owned companies can specifically benefit from minority business grants - grants given to African Americans, Hispanic Americans, Asian Americans, and Native Americans to level the playing field.

 


Facts About Black Businesses:

New York City has more Black-owned firms than any other city.
Most Black-owned businesses work in the healthcare and social assistance industry.
Black businesses are growing the fastest, but are also the most likely to fail.
Most Black entrepreneurs are women and single moms.

 

Facts About Grants:

$360 billion dollars in grant money is available every year
Many government grants go unclaimed
Fewer than 5% of all Black businesses consider grants for their companies


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