Nationwide (July 2020) Companies owned by Black women represent the largest-growing businesses in the U.S. In addition, there are hundreds of organizations that help Black women in America, doing work that directly benefits them. Many of these organizations offer various types of assistance from education to economic development, health, wellness and social justice.
In an effort to specifically support Black women-owned small businesses, Visa is extending their partnership with IFundWomen through a new series of grants and educational resources. Ten $10,000 grants will go to Black women in the U.S. to help them run and grow their businesses.
The program criteria are as follows:
• Must be a Black women-owned business
• Must be located in the United States
• Must have a minimum annual revenue of $24K or more
• Must have been in business for 2+ years
• Must be a business that has a product or service in market and generating revenue
• Must be a growing business
• Must be a consumer product or service (B2C)
• Must have a compelling digital presence and supporting media
“The $10,000 is not a random number,” says Suzan Kereere, Visa’s global head of Merchant Sales and Acquiring told Forbes. “For many entrepreneurs, when they look for seed funding or funding to go from proof of concept to launch, the sweet spot is about $10,000. The $8,000 to $14,000 range is the amount of capital you need to get an ordinary small business off the ground. One of the reasons so few businesses make it into the venture capital stage is the majority will need about that much capital to get started. We’ve got to give them the kind of capacity and elasticity they need that works at the scale the majority live in.”
The deadline to apply is July 31, 2020. For more details, visit https://ifundwomen.com/visa
Recently, American Express released a report on the state of women-owned businesses. The report reveals a plethora of information and statistics that revealed that:
- The number of businesses owned by women of color has grown 164% between 2007 and 2018
- There were 2.4 million African-American women-owned businesses in 2018.
Women in general are pushing through boundaries and creating successful businesses in every field. Most businesses need help, and there’s no shame in that. There are many resources that can help launch or financially aid a business throughout its progression. To give you an idea about what’s out there, here is a quick list of organizations that issue small business grants for Black women—check them out below.