August is Black Business Month and it’s the perfect time for GrantWatch to share a list of grants to help Black entrepreneurs!
Black Business Month was first celebrated in 2004 to honor and recognize the history of Black/African-American enterprises in the United States. There are and have been an impressive number of Black entrepreneurs in the United States, many of whom have changed history.
Black Business Month is also a great time to support Black businesses and business owners. Between February and April of 2020, black business ownership declined by 40%. Now that COVID-19 restrictions have been lifted, it’s important that businesses obtain additional funding to help their companies thrive.
Many grants are available for small businesses, specifically minority-owned businesses. These grants provide funding for marketing, hiring costs, expansion projects, start-ups, etc.
Grants to Help Celebrate Black Business Month
- Firstly, there are grants and in-kind services to USA Black female business owners to foster growth in their businesses.
- Grants of $5,000, grants of $10,000, and in-kind support to USA Black women entrepreneurs to support equal opportunities in business.
- Grant of $2,500 and in-kind services to a USA individual entrepreneur to start or expand their business.
- Opportunity for USA Black entrepreneurs and CEOs to participate in a business development program.
- Grants to USA businesses for assistance in business development. Eligible expenses for business needs include advertising and marketing, expanding facilities, and hiring employees.
- Opportunity for USA Black business owners to participate in a business accelerator.
Notable Black Business Owners in History
Even in periods when economic, political, and social structures limited the options of people of color, Black business owners persevered. So today, we will talk about incredible entrepreneurs who, in the past and in modern times, have had a major impact.
- Madame CJ Walker– Madame CJ Walker was the first-ever self-made female millionaire in United States history. Walker made her fortune by selling a line of hair care and cosmetic products specifically targeted toward African-American women. By the time Madame Walker died in 1919, her business had expanded beyond the United States to Cuba, Jamaica, Haiti, Panama, and Costa Rica.
- Charles Richard Patterson– Charles Richard Patterson founded a carriage business that acted as the predecessor to the first-ever African-American Automobile company. He would later pass this company, C.R. Patterson & Sons, to his son Fredrick. This business was incredibly successful and featured an integrated workforce, with over 28 models of carriages.
- Robert Frederick Smith– Robert Fredrick Smith is an inventor, businessman, and chemical engineer. Smith worked as a chemical engineer at companies such as Goodyear Tire Company. Kraft Foods, Air Products & Chemicals. Later, Robert Smith founded Vista Equity Partners, a private equity and venture capital firm. Smith is widely regarded as a philanthropist.
- Mikaila Ulmer– Mikaila Ulmer is one of the youngest self-made millionaires in the United States. She started her lemonade business at age 7, selling the lemonade outside of her house. Ulmer is now 17 and is about to attend the University of Georgia. The company has raised a seed round of over $2 million and is valued in the millions. Ten percent of all profits are donated to organizations that work to help bees maintain their habitats.
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