Some 44% of Black Americans use their own their own cash to finance their businesses, versus 37% for white business owners, according to a report by Yahoo News.
The figures are thought-provoking for multiple reasons. For instance, observers say funding your own business can be strenuous as the money used to do so is often limited. Another challenge is some 56% of Black business owners report obstacles obtaining credit restrict their ability to grow.
Yet the encouraging news is there are some resources and places Black entrepreneurs looking to start or expand businesses can go to get some help. Here are a few of them.
Invoice2 Go Grow Grant
This grant is reportedly providing $200,000 in total to all businesses. Black business owners can get $15,000 in funds. As part of the application criteria, entrepreneurs must be 18 years old and identify as an underrepresented minority. The business must be less than five years old, have less than 10 employees, and revenue equal or lower than $1 million. The application process includes writing an essay of 200 words or less, explaining how the grant would help their business. Applicants can get more details and apply here.
Mansa Fund
The Mansa Fund offers micro-grants to Black business owners. It was named after Mansa Musa
, who was the ruler of the kingdom of Mali from 1312 to 1337. During his reign, Mali was one of the richest kingdoms of Africa. Business owners apply and write about their business needs. If a business owner is selected, the funds are sent to the winner via PayPal within 24 hours. You can apply on the Mansa Fund website.Accion Opportunity Fund Fast Break for Small Business Grants
The Accion Opportunity Fund is teaming with the NBA, WNBA, and LegalZoom to give $10,000 Fast Break grants and $500 in LegalZoom services to 50 small businesses. Minority-owned firms are chiefly encouraged to apply. Businesses must be U.S.-based, in operation for at least six months, and have annual revenue less than $1 million. Get more criteria details and apply by Nov. 23 here
.