According to The 2018 State of Women-Owned Business Report, there were 2.4 million Black female-owned businesses in 2018. Come through, sistas! Yet although the number of businesses owned by Black women grew a stunning 164%, according to Forbes, the average revenue for business owners by women of color dropped from $84,000 in 2007 to $66,400 in 2018. 

As the number of Black women starting businesses continues to climb, it's important for these owners "to have access to capital to help grow and scale" their businesses. Black Enterprise continues to report that Black female entrepreneurs, in particular, get "shortchanged when it comes to getting bank loans, venture capital, and angel investments". 

For all my dope and hardworking Black, female business owners out here striving, Black Enterprise graciously put together a list of 5 business grants for you to consider:

1. New Voices Fund

Photo: New Voices Fund

From the brilliant mind of co-founder and CEO of Shea Moisture and Nubian Heritage, Richelieu Dennis, the New Voices Fund is a "$100 Million Fund created to empower women of color entrepreneurs to reach their full potential". According to their website, the New Voices Fund is a "groundbreaking initiative, designed to level the playing field, provides women of color entrepreneurs with unprecedented access, capital, and expertise they need to excel".

2. The Girlboss Foundation

Photo: Girlboss

According to the Girlboss Foundation, $130,000 worth of financial grants has been awarded to female and female-identifying entrepreneurs. Their website goes on to say that "each grant beneficiary receives project funding for $15,000, plus exposure through the Girlboss platform and community, as well as local and regional press". 

3. FedEx Small Business Grant Contest

Photo: FedEx

By sharing your small business story, entrepreneurs and small business owners enter for a chance to win $25,000 to fund your endeavors. In addition, according to FedEx's website, there is also one $15,000 winner and eight $7,500 winners. 

4. National Association for the Self-employed (NASE)

Photo: NASE

The purpose of the NASE Growth Grants is to provide well-needed, extra money to small business owners and to "help members take their businesses to the next level". As reported on their website, grants from the NASE are "worth up to $4,000 each". 

5. The Amber Grant Foundation

Photo: Amber Grants for Women

First launched in 1998 by Womensnet, the Amber Grant Foundation is exclusively for the entrepreneurial community for women to achieve their dreams. To be selected by the foundation's judges, women business owners must explain what the business is and how you plan to spend the grant money. 

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