August 13th 2024.
This year has seen a significant increase in the success of Black-owned businesses. From retail to hair and beauty, food to liquor, there has been a surge in Black entrepreneurs who are thriving in their fields. It's an exciting time as we witness the rise of many talented businessmen and women in the Black community.
However, despite this positive news, many Black entrepreneurs still face challenges when it comes to securing funding for their businesses. According to Forbes, 46% of Black business owners have experienced difficulties in accessing capital, among other obstacles. A large number of them also feel uninformed about how to apply for funding, lack a relationship with a lender or bank, and are unsure of where to even begin the process.
In honor of Black Business Month, BLACK ENTERPRISE has compiled a list of financial resources specifically for Black entrepreneurs. These resources include loans, grants, and business accelerator programs that can help Black business owners achieve their goals and take their businesses to the next level.
One notable organization is Founders First CDC, the largest national platform for diverse founders. Since its establishment in 2015, this nonprofit has provided funding, training, and mentorship opportunities for businesses owned by women, people of color, military veterans, members of the LGBTQ+ community, and entrepreneurs in urban communities. They have also awarded grants to women-run businesses and committed funds to support Black, female, and veteran entrepreneurs in various states.
Another valuable resource is Lendistry, a minority-led Community Development Financial Institution that has provided over $9 billion in economic opportunities to more than 600,000 small businesses. They offer loans, grants, and programs specifically for entrepreneurs in California, Colorado, and New York, as well as technical assistance and business education through their nonprofit organization, The Center by Lendistry.
During the pandemic, Lendistry gave over $200 million in pandemic recovery grants to small and microbusinesses in New York, highlighting the organization's commitment to supporting underserved communities.
For those who have already established their businesses and are looking to take it to the next level, there are also business accelerator programs available. One example is the Amazon Black Business Accelerator Program, which provides financial assistance, business education, coaching, and marketing and advertising support for Black entrepreneurs in the retail industry.
Goldman Sachs also offers two business programs, one specifically for Black women. Their 10,000 Small Businesses program provides business education and connects entrepreneurs with lenders for capital. They also have a program called One Million Black Women, which focuses on teaching Black female entrepreneurs about finance, hiring, and networking with successful business owners.
The Google for Startups Black Founders Accelerator is another valuable program for tech startups in the U.S. and Canada. It offers 10 weeks of training, mentoring, and technical support from Google teams, as well as early access to Google tools and products. Some notable companies that have participated in this program include 4Degrees, Beam City DNA, and EDLight.
In addition to loans and business programs, there are also venture capital firms and investors who are dedicated to supporting Black entrepreneurs. These include the Black Angel Tech Fund, which focuses on seed funding for technology companies, Harlem Capital Partners, which aims to create generational wealth for women and people of color, and Serena Ventures, founded by retired tennis legend Serena Williams.
These organizations and programs are just a few examples of the resources available to support and uplift Black entrepreneurs. By providing access to funding, education, and mentorship, they are helping to level the playing field and pave the way for a more diverse and inclusive business landscape. Let's continue to celebrate and support Black businesses not just during Black Business Month, but all year round.
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