Forty-four percent of African-American entrepreneurs use their own money to fund their businesses, compared to 37 percent of white business owners. Some experts say self-funding a business has challenges. The main challenge is an entrepreneur’s limited funds.
There are places to get outside funding for your business. Here are a few.
Invoice2 Go Grow Grant
The Invoice2Go Grow Grant is giving $200,000 in total to all businesses. Black business owners can receive $15,000 in funds. As part of the application criteria, entrepreneurs have to be 18 years old and identify as an underrepresented minority. The business has to be less than five years old, have fewer than 10 employees and revenue less than $1,000,000.
The application process includes writing an essay of 200 words or less in which the applicant has to explain how the grant would help their business. Finally, an entrepreneur must follow Invoice2Go on their social media accounts and have posts with #invoice2Go to keep updated on the great process. Applicants can enter here.
The Mansa Fund gives micro-grants to Black business owners. The fund was named after Mansa Musa, who was the ruler of the kingdom of Mali from 1312 to 1337. During his reign, Mali was one of the richest kingdoms of Africa.
Business owners apply and write about their business needs. If a business owner is selected, the funds are sent to the winner through PayPal within 24 hours. Applicants can apply on the Mansa Fund website.
To learn more about other alternative pathways to funding, read more at Finurah.com