Black business owners and entrepreneurs can access a variety of financial resources to support their success.

This year has seen an influx of Black-owned businesses, with entrepreneurs in retail, hair and beauty, food, and liquor leading the charge. While many of these fledgling businesses have flourished, many more are struggling to find the initial capital to get started, or to expand. According to Forbes, 46% of Black business owners cite difficulties accessing capital, 39% feel inadequately informed about how to apply for money, 38% have no relationship with a lender or bank, and 21% don’t know where to apply for capital.

That’s why BLACK ENTERPRISE has compiled a list of financial resources for Black entrepreneurs. There are loans and grants available through organizations such as Founders First CDC, which offers grants and scholarships to businesses in certain states, and Lendistry, a minority-led Community Development Financial Institution. There are also business accelerator programs, such as Amazon’s Black Business Accelerator Program, which provides financial assistance, business education, and coaching, and Goldman Sachs’ 10,000 Small Businesses Program, which provides business education, capital, and networking opportunities.

In addition to these resources, there are also venture capital firms that focus on early-stage minority startups. These include the Black Angel Tech Fund, Harlem Capital Partners, and Serena Ventures, which are helping Black entrepreneurs to realize their dreams and create generational wealth.

In celebration of Black Business Month, BLACK ENTERPRISE has featured three Black business leaders who are setting an example for nontraditional industries. They include Tariq Farid, founder of Edible Arrangements, who has grown the business from a single store to a global brand; Tristan Walker, the founder of Walker & Company, a health and beauty products company; and Melissa Butler, founder of The Lip Bar, an all-natural cosmetics company. These business leaders are paving the way for other entrepreneurs of color to make their mark.

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