Are you a Black business woman? Do you want to know where to find new small business grants for black women? Then this article is for you.
Where to Find New Small Business grants for Black women
If you have read my past articles on small business grants for women, you would already have an idea what you are up against in finding free money; especially when you are a black woman. In that article you can clearly see that there is no such thing as free money. Even if it you don’t have to pay for it, you have to search every nook to find it. Time and effort have cost equivalents especially in the business setting. Here are some suggestions that you can try:
The pros and cons of finding new small business grants for black women
The government cannot help you. That truth we have already established. You can look into non-government organizations and foundations that cater to women empowerment. There are a handful of them that give small business grants for women.
- Pro: The business grants for women will cost you nothing. Your only investment is time, surf cost and a lot of effort.
- Cons: The amount you get is very limited. It may be not enough for your business needs. It will take a considerable period of time before you can access business grants for women from these organizations. You have to pass through their approval process before you can take hold of the funds. This usually takes months. Their qualification requirements are quite stiff. They only cater to specific target beneficiaries and you might not be qualified for it. In the end this option might not be worth the effort unless you really are in dire straits and you have no other options.
2. Small Business Grants Agencies
Most of these agencies require the presence of women’s group to be able to extend their business grants for women. You need to join organizations in your area to be able to access their funds.
- Pros: You get to widen your network for future opportunities. You can also help these organizations by opening up the opportunity to them and collectively form a business proposal that you can submit for funding.
- Cons: It might not be easy to find the right group for your business needs, fund that you will get from their business grants for women will still be limited and it is not that easy when it comes to decision making. You will be bound by the guidelines of the group.
3. Angel investors
Another option is to look for angel investors. These are people who have the money to invest and who have the heart for helping deserving entrepreneurs. The funds will not be a grant and it is not a loan also. It will only mean that they will be your business partner. They will earn from their share of the business’ income. They will be your silent shareholders.
- Pros: Funds will be available at a shorter period of time and you can get the amount you need.
- Cons: You need to have the right connections to be able to get to potential angel investors. It will also mean that you will not be the sole decision maker in your business. They will have a hand in running your business.
4. Family and friends
If you are not keen of sharing your business with others, you can do it the old fashioned way. You can raise your own funds by whatever way you can such as garage sales, borrowing from relatives and friends, holding bazaars and other fund raising activities.
- Pros: This maybe the most practical and feasible option for you. You are in control of the situation. You can get the funds you need faster.
- Cons: It will take all your charm and abilities to pull this off; you may not be able to raise enough in one shot and you need to have good reputation and relationship in your community and your relatives.
Combining all activities while waiting for your small business grants for women from the organizations you applied from probably is the best option.