May 3rd 2024.
Attention all aspiring Black female entrepreneurs! Here's some exciting news for you: Block Advisors, a division of H&R Block, is offering a combined $100,000 in grants specifically for women small business owners. This is the first time that Block Advisors has launched this type of program, and it's a fantastic opportunity for those of you looking to start or grow your own business.
We all know that raising capital can be a major challenge for Black businesswomen. Many of you face obstacles when it comes to securing the funds needed to get your enterprise off the ground. That's why Block Advisors has created Fund Her Future, a grant program designed to help five women-owned small businesses. The grand prize winner will receive a generous $50,000, while four finalists will each receive $12,500. Plus, all grant recipients will have access to a year of small business services from Block Advisors. Sounds pretty amazing, right?
If you're interested in applying, you have until May 26, 2024 to do so. And here's an extra incentive: women-led small businesses that promote inclusivity and have a positive impact on their community are especially encouraged to apply. This is a great opportunity to not only get the funding you need, but also to showcase the amazing work you're doing to make a difference.
It goes without saying that this funding could be a game-changer for many aspiring Black female entrepreneurs. According to a recent news release, data from Block Advisors' Small Business Resilience Series survey shows that 31% of women started their businesses within five months of considering it, which is 9% higher than non-women. However, despite their drive and determination, women business owners, especially those of color, often face challenges when it comes to making a profit and securing loans.
That's why this initiative is so important. It's aiming to help close the funding gap for women's businesses, and that's crucial when you consider that Black women founders reportedly have an average annual revenue of $24,000, which is six times less than all women-owned businesses. And did you know that 61% of Black women rely on their own capital to finance their businesses? That's a staggering figure, and it's clear that something needs to be done to level the playing field.
Experts in the industry have been questioning how long this crisis can continue if Black women owners continue to face obstacles when it comes to accessing financing. This includes bank loans, venture capital, and other forms of investor-backed aid. It's a pressing issue that needs to be addressed, and initiatives like Fund Her Future are a step in the right direction.
Jamil Khan, chief strategy and small business officer at H&R Block, expressed her excitement about the grant program, stating, "Over the past five years, women-owned businesses have grown at nearly double the rate of men-owned businesses." She also highlighted the fact that despite this growth, women-owned small businesses are still facing a funding and support gap compared to their male counterparts. That's why she believes that launching this grant program during National Small Business Month is so important – it shines a light on this disparity and hopefully encourages more support for women entrepreneurs.
If you want to learn more about this program and how to apply, visit the link provided in the original text. Don't miss out on this incredible opportunity to take your business to the next level!
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