Grants for black women in business is a timely topic as funding is difficult to obtain. The rate at which black women start businesses in recent times is faster than any other racial group. In the United States alone, more than 17 percent of black women are undergoing the process of opening new businesses. This is an astounding statistic when compared to 10 percent from their white counterparts.
On a global scale, women own 1 in every 3 businesses. This rate however varies within regions. In South Asia, only 18 percent of businesses are owned by females. In contrast, 50 percent of businesses in Latin American and the Caribbean are owned by women. Black women making up a little over 30 percent of that number.
Underfunding
Despite the number of black females in business, the number of successful businesses owned and run by black women is relatively low. While there are several reasons for the failure of most of these businesses, one reason stands out – underfunding.
Many of the businesses owned by black women are self-funded. Knowing that access to funds can make a world of difference in business, black women will record more success if they can easily access funding. There are so many grants that are available for black women in business. Knowing how to access these grants can be the key you need to move from where you are as a black woman in business to where you want to be.
For black women in business, winning a grant may sometimes appear to be a massive and intimidating process. There’s no denying that there’s a lot of competition for women in business, and grant success rates are low these days. But every year, almost $30 billion in grants are distributed.
With such a large sum of money on the line, it’s safe to say that winning the grant competition is tough. Many groups compete for the chance to win such funds. A tried and tested strategy that would help is applying for as many grants as possible. For black women in business wanting to secure their dream grants, there are tips laid out for you to follow that will rightly position you to get a grant for your business.
Research Thoroughly for a Grant
Researching thoroughly for grants can be the key that determines if you will get the grant or not. There are various sites to start your search, one of which is the government’s grant page. You can also subscribe to The Chronicle of Philanthropy, which contains a list of future application deadlines as well as a wealth of grant-writing material. But, thankfully, you can now find almost any grant you desire on the internet.
To get started, look at the Foundation Center narrow your search to locate the most relevant sites – grants are available from the federal, state, municipal, and corporate levels. While doing the research, you will discover that specific grants are reserved explicitly for female entrepreneurs, minorities, veterans, new small enterprises, individuals, and other groups.
Prepare for Grant Writing
Female entrepreneurs should be certain they’ve done their homework properly before going ahead to apply. Before applying, female applicants should be sure they understand the grant’s goal statement and guidelines entirely and that they’re proposing a perfect match.
Grant applicants frequently ask if it’s preferable to contact foundations directly and get their names out there. If the foundation is willing to talk with you, this could be a smart strategy. Make the dialogue as relevant and worthwhile as possible for both of you by asking significant questions.
Another critical step for women in business is to look through their present network on social media to see whether they’re linked to, or closely connected to, people who work for or have expertise with grant organizations. To develop trust and promote your name as a female entrepreneur, don’t be hesitant to seek guidance and, if applicable, friendly introductions.
Once you’ve discovered a few grants to apply for, double-check that you’re eligible for each one. It’s possible that grants are only available in specific geographic locations or that they have other small-print conditions that you should be aware of.
Tips to Win Grants as a Black Business Woman
#1. Have A Clear Objective to Find Grants for Black Women in Business
Grants are usually offered to businesses that can prove that their operations meet society’s needs. Therefore, black women applying for a grant should determine how their business solves a need in society, why it is a significant issue, and how they expect the funding to aid them in achieving their objectives. Being able to prove this in your grant application clearly will take a step above the competition.
#2. Do your Homework Properly to Find Grants for Black Women in Business
Researching deeply on the history of the foundation offering the grant and reviewing previous grantees can also assist women in customizing their approach. What categories did prior winners use to categorize their proposals, and what did they focus on or excel at? What led them to the findings they’re presenting? Women can also get a fair indication of how much to ask for by looking at the foundation’s assets. If you’re new to the scene, ask for a little less, and if you’re more established, aim a little higher.
#3. Include Compelling Data And Case Studies
Women should make sure that they state accurate statistics throughout their grant writing. Whether you’re a well-established firm or just starting, you need the grant funders to see that you know what you’re doing. Establish the context and concept clearly, bolstered by statistics and community case studies.
#4. The Problem Statement should be Well Detailed and Time-Sensitive
The funders should know how the problem affects the community, why assistance is required, and why immediate action is required. The discourse should be aligned with the mission of the entity providing the grant, and should be a current and ongoing problem, especially one that aligns with a vulnerable group.
#5. Be Sure to Follow the Application’s Instructions
This is the most common cause for grant rejection. Don’t cram an extra page if they’ve asked for 12 pages. Stick to one font and keep your document looking professional. In any event it’s excruciating to type in 5 fonts. Make two copies of each document if they desire two copies. This single action can put women seeking business grants significantly ahead of the game. Simply following all instructions. NOt doing so could lead to an immediate rejection.