According to a recent study by Guidant Financial, the number one challenge for black business owners is a lack of capital/cash flow for their companies. On top of that, minority-owned businesses are more likely to be denied loans, according to The Minority Business Development Agency.
Here are some resources for black business owners for funding, development and growth from Fundera.com:
FUNDING RESOURCES:
The National Associate for the Self-Employed
Business owners can apply for grants of up to $4,000 to use for the purchasing of technology, hiring and marketing for their companies.
Millennial Entrepreneurs Redefined
This program for millennials (ages 18 to 35) is funded by the U.S. Black Chambers Community Economic Development Corporation and is for those who "have not yet started a business but have an innovative idea, or have an emerging business with less than $10,000 in capital and/or revenue."
Accion International
Accion International, started in the 1960s, is a global, non-profit, microlender that provides financing for disadvantaged peoples and also provides business advisory, investing and partnership services.
BUSINESS DEVELOPMENT PROGRAMS:
Minority Business Development Agency
The Minority Business Development Agency is part of the U.S. Department of Commerce and offers access to financing resources and funding opportunities.
Capital Pathways Program
A workshop hosted by the MBDA to educate communities of minority business owners.
8(a) Business Development Program
Provides resources such as access to capital and financial assistance.
Small Business Empowerment Program
A 12-week program by Operation Hope for entrepreneurs and small business owners in low-income neighborhoods. Offers business training and financial counseling and lending services.
National Minority Supplier Developmental Council
Focuses on increasing opportunities for certified minority-owned businesses and operates a business development program offering financial programs and business advisory services for members.
CATAPULT
A seven-month long program to train business owners in helping them solve business problems.
Disadvantaged Business Enterprise Program
DBE, from the Department of Transportation, protects small business owners against discrimination when trying to secure contracts in federally assisted highway, transit, airport and highway safety sectors across the nation.
National Black MBA Association
The NBMBAA is a nonprofit that provides educational and economic growth opportunities to their members.
National Minority Business Council
Provides business assistance, educational opportunities, seminars, purchasing listings and related services to hundreds of businesses across he nation.
Black Founders
Black Founders is a nonprofit whose goal is to increase the number of successful black entrepreneurs in the technology sector. They offer networking events, workshops, conferences, and hackathons, as well as provide black business owners with investing opportunities.
Black Women Connect
An online network that allows black women to connect with other black women entrepreneurs for jobs, business building and professional networking.
Free Legal Counsel
Bizjournals.com has shared that Miles & Stockbridge has initiated a "new effort provi $20,000 in legal counsel to some Black-owned businesses at no cost."
OTHER RESOURCES:
Conversation
One of the best easy to create positive change is to start and keep having the conversation. Many people would like to talk about the impact of racism and the need for racial healing in our country, but don’t know where to start. Some worry that others won’t understand their points of view or what they say might be offensive to others. The W.K. Kellogg Foundation offers this guide that can help you begin to have a conversation, despite these very real challenges. Recognizing that talking about racism can be challenging; your goals should be to commit to creating a safe space for people to be authentic and vulnerable, and to pave the way for future conversations.