We put together some funding resources to help with black business opportunities in Hampton Roads. Let us know which funding resource you used and why!
Grants are the most popular form of funding, but typically this funding is only for nonprofits. Here are several Foundations and organizations that are giving grants to support black businesses. We have also included contests in this section because although there is more work that goes into the contests, the money is usually greater at the national level.
Sogal Black Founder Startup Grant – Grant funds of 10K or 5K awards to Black female founders or nonbinary entrepreneurs. This grant has rolling admission, but apply quickly!
The Doonie Fund – Micro Financing organization that supports Black women entrepreneurs.
Impact Fund – Supports lawyers, law firms, and nonprofits that are involved in “impact litigation” centered around civil rights, anti-poverty, environmental justice, and at the largest scale human rights violations.
FedEx Small Business Grant Contest – Although the 2020 winners have already been picked, this is a good opportunity for a business to start getting their application ready for 2021.
IFundWomen and Visa – Grant program that supports women-owned small businesses with funding and resources.
Venture Capital Funding:
Venture Capital firms in the U.S are looking to invest their money into businesses that have long-term growth potential and the ability to succeed. Although Venture Capital firms do not always award monetary funding, some will offer their business expertise.
Venture capital is an option for businesses that haven’t been able to get bank loans, access to other capital options, or don’t fit the criteria for grant funding. Here are some firms work looking into who support women and minority businesses:
AmplifyHer Ventures – Helps new businesses run by minority women secure capital in the areas of Commerce, Care, and Connectivity.
Chingona Ventures – This firm has easily laid out instructions for how to submit your business for consideration. They focus on women and minority-owned businesses that are traditionally “overlooked” by other venture capital firms.
Color Capital – Color Capital has a diverse portfolio of businesses that they support, including personal care, retail, book publishers, eCommerce and market places, and of course food and beverage. This is one of the few firms that has a really diverse interest in different types of businesses!
Elevate Capital – An investment fund that focuses on the underserved entrepreneur through both funding and advice. Awards can be in the form of money, expertise, or often both for businesses that qualify.
SogalVentures – One of the largest venture capital firms that operate in multiple countries, Sogal is looking to help entrepreneurs grow.
Portfolia Rising America Fund – Fund that supports people of color and LGBTQ, especially founders and products that have had success and are poised to expand but need a little help.
Was this resource helpful to your business? We hope so!