National Black Business Month was started in 2004 by John William Templeton and Frederick E. Jordan, who was unable to obtain financing for his business. Together, they shared a goal to drive policy change affecting African American entrepreneurs, seeking greater equity and inclusion. Today, black-owned businesses only account for 2.3% of all U.S. businesses, while America’s Black population totals 13.6%. During National Black Business Month, ShearShare wants to provide resources that our community can use to recover, maintain, or elevate their small business.
Fearless Fund’s Fearless Striver’s Grant Initiative
Black women-owned businesses are vital to our economy yet receive less than one percent of venture capital funding. Fearless Fund is deepening its commitment to this community with the launch of this contest. They’re awarding 11 lucky small businesses across the country $10,000 grants, digital tools to help them get and sustain their business online, and Priceless one-on-one mentorship so they can continue to bolster their business. The monthly entry period ends 12/31/22, apply here!
The National Association for the Advancement of Colored People
The NAACP has partnered with organizations such as BeyGOOD, Hello Alice, and many more to support Black entrepreneurship and the businesses that have been hit the hardest as a result of COVID-19 and social uprisings. Check out their site for grants and other business resources.
The Coalition to Back Black Businesses
The Coalition is supplying $14 million in minority grants, resources, and training that is meant to help small businesses recover from pandemic-related setbacks. Select businesses will qualify for grants in the amount of $5,000 each fall, in combination with training and mentorship benefits. A few initial grant recipients will receive additional $25,000 enhancement grants as a means of additional funding and support. Eligible businesses must be located in economically distressed communities. The grant committee will select 400 or more eligible applicants at random to receive cash awards and other benefits. Applications open in the Fall.
Fast Break for Small Businesses
Black-owned and diverse businesses can seek grant funding through the Fast Break for Small Business program, which is sponsored by LegalZoom as well as the NBA, WNBA, and NBA. The program aims to distribute grants to more than 5,000 small businesses for a total of $6 million in cash awards. Grants come in $10,000 increments, and winners will also receive $500 in LegalZoom services. The next round of grant applications will reopen during the 2022-23 NBA season. You can sign up online for updates regarding future funding opportunities.
The National Association of Barbers Relief Fund
In response to COVID-19, the National Association of Barbers has launched the “National Out-of-Work Barbers COVID-19 Relief Fund.” The NAB understands the hardship this is creating for the barber community, and so created this Relief Fund to give back. This effort is supported by generous donations from the public and will benefit any barbers who opt-in to receive funds. Any barber working prior to the start of COVID-19 is eligible to apply. Funds will be distributed evenly to all barbers.
Bonus! TikTok’s Support Black Businesses Program
As part of National Black Business Month, TikTok has announced that it’s now accepting applications for the third round of its ‘Support Black Businesses’ accelerator program. This program aims to help Black-owned businesses thrive on TikTok via exclusive access to support resources, education, and networking opportunities. Applications close on August 24th! Program benefits include:
- Custom 4-week virtual training to accelerate your business on TikTok
- Free ad credits toward your campaigns
- Coaching from TikTok advisors and small business creators and more!
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