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NAACP believes in the power of Black entrepreneurship.
November 22, 2022
10 Small Business Grants For Minorities
November 22, 2022
Published by equalitydistrict on November 22, 2022
Categories
  • ‘Funding and Guides for Businesses
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ANNOUNCEMENTS

OUR 2022 GRANT PERIOD IS CLOSED

After a two week period, we have closed our first round application period. If selected, we will reach out in the coming weeks to ask you to complete a full grant application

HOW IT WORKS

CHECK ELIGIBILITY

Check to make sure your business is eligible
View Requirements

EXPRESS INTEREST

From August 22 through September 6, express interest in receiving a grant by completing the Streamlined Application below

APPLICATION PERIOD

If eligible for grant, randomly-selected finalists and those on a waitlist will be asked to complete a full grant application sometime in Late September

APPLICATION REVIEW PERIOD

Grant applications will be under review from Late September to Mid October

GRANTS AWARDED

In Mid October, grantees will be notified with instructions on how to join Ureeka’s coaching platform and receive their $5,000 grant

ELIGIBLE BUSINESSES MUST:

– Meet the criteria for being a Black-owned enterprise in a qualifying industry (See details below in “Who is eligible to apply?”).
– Employ between 3 and 20 people, including the owner and any full-time employees, part-time employees, or individuals working under a 1099 or similar contractual agreement.
– Be located in an economically vulnerable community, according to the Distressed Communities Index.
– Have been harmed financially by the COVID-19 pandemic.

SEE IF YOUR BUSINESS QUALIFIES

Enter the zip code associated with your business (as listed on your W9 Form) to see if you are eligible:

The coronavirus pandemic has brought unprecedented challenges for small businesses, and the Black community has been hit especially hard.

The Coalition to Back Black Businesses is a multi-year initiative to support Black small business owners and the communities they serve as they recover from the COVID-19 pandemic and chart a path forward. Small businesses are critical parts of communities – the strength of these businesses is essential to the recovery of their communities.

Through the Coalition, American Express, Cummins, Optimum, Shopify, Stanley Black and Decker, the National Black Chamber of Commerce, National Business League, U.S. Black Chambers, Inc., Walker’s Legacy, and the U.S. Chamber of Commerce Foundation, will work together over the next four years to provide over $14 million in grants, training, and resources to empower Black-owned small businesses in distressed communities that have long been struggling with economic growth.

From 2020 through 2023, we will distribute $5,000 grants to applicants each fall, followed by mentorship and training, and select few will receive $25,000 enhancement grants the following summer. We hope these grants can provide some assistance to the Black business community to emerge from this crisis stronger than ever. We know the need for assistance is great, and we wish we could help everyone who needs it.

WE SEE YOU. WE HEAR YOU. WE ARE WITH YOU.

Small businesses across America are struggling to keep their dreams alive, and Black-owned small businesses have been hit especially hard. Black business owners are more likely to report difficulty obtaining loans, express fears about permanently closing, and predict declining revenues in the coming year as a result of the COVID-19 pandemic.

The Coalition to Back Black Businesses is a collective effort to drive meaningful change within the Black business community by delivering much-needed short-term relief and supporting the long-term success of Black-owned small businesses and the communities they serve.

BUILDING FOR THE FUTURE

The $5,000 grants are only the start of the Coalition to Back Black Businesses’ efforts to support Black-owned small businesses. The grant program will involve three additional steps to invest in the long-term success and resilience of the Black small business community.

  • Mentorship. Each grantee will receive exclusive access to a mentorship program, conducted in partnership with Ureeka, to help grow their business with advice and guidance from industry- or subject-specific mentors.
  • Enhancement Grants. Each summer following the distribution of the $5,000 grants, we will offer competitive $25,000 enhancement grants to those most promising grantees. Four percent of the grantees in each annual cohort will receive these funds to help take their business to the next level.
  • Online Resources. This website will serve as a central hub featuring resources for all Black-owned small businesses. By working with our extensive network of partners, we will collect a strong library of programs and educational materials to help the Black small business community in their recovery and growth.

HEAR FROM OUR PARTNERS

“Optimum is excited about the second year of our partnership with the Coalition to Back Black Businesses and the next cohort of grantees. It was inspiring to see how the program made a difference for recipients in the first year, and we know that it will continue to have an invaluable impact for more grantees this year. We believe strongly that providing support to the small businesses that make up our communities is essential, and this program ensures that small business owners have support, both financially and through mentorship, to forge long-term successes.”
Lee Schroeder, Executive Vice President, Government & Community Affairs / Chief Diversity Officer, Optimum
“This is going to create opportunity and in fact level the playing field for many of our members. I want to thank American Express for its vision in finding ways to make our businesses more competitive and positive in their approach. Access to capital has always been the missing link in regard to small business growth. We are now about to address that.”
Harry C. Alford, President and CEO, National Black Chamber of Commerce
“Black entrepreneurs have been hit the hardest by the pandemic, coupled with historic levels of Black business closures and unemployment. We applaud American Express and the Coalition to Back Black Businesses for committing to fund $10 million in grants to Black businesses affected by the pandemic.”
Ron Busby, President, U.S. Black Chambers
“The National Business League is excited to partner with American Express, the U.S. Chamber of Commerce Foundation and Coalition partners to provide $10 million dollars in grant funding for Black businesses throughout the country, as the NBL continues its economic recovery efforts in partnership with the public and private sector.”
Kenneth L. Harris, Ph.D., National President/CEO, National Business League, Inc. 
“Walker’s Legacy is honored to work with American Express in their commitment to diversity, through their generous effort to support and fund Black-owned businesses, and the organizations that aid them during this time of uncertainty.”
Natalie Madeira Cofield, Founder & CEO, Walker’s Legacy
“Black-owned businesses are historically less than half as likely to get financing as white-owned businesses — and that simply cannot continue. Our combined efforts and the Coalition to Back Black Business are a critical step in ensuring these small business owners have improved access to capital as they recover from the pandemic and move forward.”
Rick Wade, Senior Vice President, Strategic Alliances and Outreach, U.S. Chamber of Commerce
“The AIG Foundation is proud to renew our support of the Coalition to Back Black Businesses as the second grantmaking cycle begins. By coming together as funders and working with the U.S. Chamber of Commerce Foundation, the local Chambers and the grantees themselves, we can ensure that we are providing thoughtful and strategic support to Black-owned small businesses as they continue to face challenges heightened by the COVID-19 pandemic.”
Laura Gallagher, Global Head, Corporate Citizenship; President, AIG Foundation
“Optimum is excited about the second year of our partnership with the Coalition to Back Black Businesses and the next cohort of grantees. It was inspiring to see how the program made a difference for recipients in the first year, and we know that it will continue to have an invaluable impact for more grantees this year. We believe strongly that providing support to the small businesses that make up our communities is essential, and this program ensures that small business owners have support, both financially and through mentorship, to forge long-term successes.”
Lee Schroeder, Executive Vice President, Government & Community Affairs / Chief Diversity Officer, Optimum
“This is going to create opportunity and in fact level the playing field for many of our members. I want to thank American Express for its vision in finding ways to make our businesses more competitive and positive in their approach. Access to capital has always been the missing link in regard to small business growth. We are now about to address that.”
Harry C. Alford, President and CEO, National Black Chamber of Commerce
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MEET THE PARTNERS

The 2022-2023 Coalition to Back Black Businesses grant program is made possible by our Founding Partner American Express, with funding from Cummins, Optimum, Shopify, and programmatic support from Firefli; in collaboration with the National Black Chamber of Commerce, The National Business League, U.S. Black Chambers, Inc., and Walker’s Legacy.

Firefli, a Washington, D.C. Marketing Agency

The National Black Chamber of Commerce® is dedicated to economically empowering and sustaining African American communities through entrepreneurship and capitalistic activity within the United States and via interaction with the Black Diaspora.

The National Black Chamber of Commerce® was incorporated in Washington, D.C. in March 1993. 140 affiliated chapters are locally based throughout the nation as well as international affiliate chapters based in Bahamas, Brazil, Colombia, Ghana, Kenya, France, Botswana, Cameroon and Jamaica and businesses as well as individuals who may have chosen to be direct members with the national office.

The National Business League is the first and largest nonprofit, non-partisan, and non-sectarian, Black business professional and trade association, founded August 23, 1900 by the iconic Booker T. Washington. The NBL has more than 120,000 members nationwide, with 4 regional offices in Atlanta, GA, Detroit, MI, Los Angeles, CA, and Washington, DC, and more than 360 local league chapters across the country. The organizations provide access to 2.6 million Black businesses throughout the United States, celebrating 120 years of service.

The U.S. Black Chambers, Inc.’s (USBC) mission is to provide committed, visionary leadership and advocacy in the realization of economic empowerment. Through the creation of resources and initiatives, USBC supports African American Chambers of Commerce and business organizations in their work of developing and growing Black enterprises.

USBC represents 145 chambers in 42 states and 332,000 members, strategic partners, and small business associations nationwide whose involvement increases our capacity to serve.

Walker’s Legacy is the largest global platform for the professional and entrepreneurial multicultural woman. We exist to inspire, equip, and engage through thought-provoking content, educational programming, and a global community. Walker’s Legacy produces conferences, summits, masterclasses, entrepreneurship accelerators and programming to promote business and career advancement, skill sets, and networks of multicultural women in business and women entrepreneurs. For more information please visit www.walkerslegacy.com.

RESOURCES

The Coalition to Back Black Businesses is proud to share its second impact report, with important stats and data covering our newest cohort of grantees. Check out the report here, and our press release announcing this year’s impact here.

The Coalition to Back Black Businesses is proud to announce its partnership with Shopify to support the long-term growth of Black-owned small businesses and expand our scale. Shopify is offering training and resources to empower all Black-owned small businesses to succeed, including:
•  An exclusive 120-day free Shopify trial to start, grow and manage your business online.
•  Access to Shopify’s Build Black community to connect with black entrepreneurs.
•  1:1 coaching/mentoring opportunities through Operation HOPE.
To learn more, visit their site here.

FREQUENTLY ASKED QUESTIONS

What is the Coalition to Back Black Businesses?

The Coalition to Back Black Businesses is a multi-year grantmaking and training initiative to help support Black-owned small businesses as they recover from the COVID-19 pandemic and chart a path forward. The initiative launched in Fall 2020 and provides grants to qualifying Black-owned small businesses through 2023.

Who is eligible to apply?
How do I apply for a grant?
What do I need to apply for a grant?
What is the Distressed Communities Index and why are some zip codes excluded from this grant?
How much is the grant?
What is the selection process?
What are enhancement grants?
Who can receive the enhancement funds?
When will grants be awarded?
Besides the funding, what else is part of the grant program?
If I am not selected, can I re-apply for the grant in the future?
How is the grant program funded?
Who is administering the grant program?
I represent a company or foundation that wants to financially support the initiative. How can I get involved?
I am a member of the news media and want to learn more.

The U.S. Chamber of Commerce Foundation is a private sector 501(c)(3) charity affiliated under the U.S. Chamber of Commerce and is not a government agency. To learn more, please visit www.uschamberfoundation.org.

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