13 Small Business Resources for African American Business Entrepreneurs

African American entrepreneurship and businesses have existed throughout most of this country’s history.  Whether a single-person business entity or a global corporation, the black community has always seen a fundamental need to start and own their own businesses.

Historically, opportunities afforded to many Americans were not available to Black Americans because of racial prejudice.  Over the years, organizations saw the absolute need to open doors to help this vital U.S. and international economic community. 

Below are 13 such resources for you to explore and use:

1 . U.S. Small Business Administration:

For Black History Month, the U.S. Small Business Administration celebrates the amazing contributions that African American business owners have contributed to U.S. entrepreneurship.  Their February 5, 2021 blog post, “SBA Shares Resources for Black-Owned Businesses During National Black History Month,” is definitely worth reading!

In addition, the U.S. Small Business Administration (SBA) continues to help small business owners and entrepreneurs pursue the American dream. They are fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses and those who want to be mentored (SCORE), and learn the “ropes” about starting a small business.  I strongly encourage you to bookmark their website for future reference.

2. The U.S. Chamber of Commerce:

The U.S. Chamber of Commerce has listed ten programs, organizations, and agencies geared specifically towards African American-owned U.S. businesses. Visit this site to review this helpful list.

3. Hello Alice-Black Owned Business Center: 

Hello Alice (a free, multichannel platform that helps businesses launch and grow), in collaboration with various African American-focused small business organizations and companies, has created the “Black Owned Business Center”. Review this resource, and bookmark!

4. Lemon-AID Foundation:

The Lemon-AID Foundation provides greater opportunities to women and minorities by investing in underserved communities and small businesses. Entrepreneurs will be required to know their business’s total functionality (financials, market research, competitive analysis, etc.) and prove why they qualify for Lemon-AID when applying.

5. Grants.gov:

Through the grants.gov site, business owners can view over 1,000 federal grant programs, conduct an in-depth search, learn about the application process and ultimately apply. 

6. The Minority Business Development Agency (MBDA)

The Minority Business Development Agency (MBDA) is an agency of the U.S. Department of Commerce that aims to assist minority-owned businesses across the U.S.

It provides a number of grants and loans for minority-owned firms, including: The Entrepreneurship Education Program for Formerly Incarcerated Persons Grant, The Enterprising Women of Color Grant and The Minority Business Enterprise Inner City Innovation Hub Grant. 

7. The Local Initiatives Support Corporation(LISC):

The Local Initiatives Support Corporation (LISC) is a non-profit organization that aims to revitalize communities in need through its programs. It supports Black- and minority-owned businesses across the country through its Small Business Relief grant program. They also offer State-by-state mentorship and support services for small businesses.

8. Accion International:

This financing resource for Black business owners is a global, non-profit micro-lender that provides financing to disadvantaged populations. Accion International has been around since the 1960s and also provides business advisory, investing, and partnership services.

9. 8(a) Business Development Program:

The goal of the 8(a) Business Development Program is to promote business ownership by minority individuals by providing a variety of resources such as access to capital and other forms of financial assistance. In order to qualify for the 8(a)business development program, the small business must be 51% owned and controlled by a U.S. citizen who has experienced cultural bias and placed at an economic and social disadvantage because of their race.

Effective July 15, 2020, to qualify for the 8(a) program, review the following eligibility checklist:

• Be a small business
• Not have previously participated in the 8(a) program
• Be at least 51 percent owned and controlled by U.S. citizens who are socially and economically disadvantaged
• Have a personal net worth of $750K or less, adjusted gross income of $350K or less and $6 million or less in assets
• Demonstrate good character and potential to perform on contracts

10. BlackFounders.com:

For Black business owners in the technology sector, there’s Black Founders. The goal of this non-profit organization is to increase the number of successful Black entrepreneurs in technology. Black Founders develops global programs that equip entrepreneurs, inspire innovation, and allow them to share resources and knowledge. Throughout the year, Black Founders hosts a series of networking events, workshops, and conferences. They also help connect Black businesses with investing opportunities.

11. Black Girls Code:

Budding entrepreneurs are getting younger all the time! By reaching out to the community through workshops and after-school programs, Black Girls CODE introduces computer coding lessons to young girls from underrepresented communities in programming languages such as Scratch or Ruby on Rails.

12. National Minority Business Council:

The National Minority Business Council is a full-service, non-profit (501)(c)(3) corporation. They are dedicated to providing business assistance, educational opportunities, seminars, purchasing listings, and related services to hundreds of businesses across the U.S. Their programs include an international trade program, executive management program, and an entrepreneurial boot camp.

13. National Association for the Self-Employed:

The National Association for the self-Employed (NASE) holds an ongoing application through their Growth Grants Program in which business owners can apply for grants up to $4,000. All small business owners who are NASE members with up-to-date dues can apply. Past recipients have secured funds for help with technology, hiring, and marketing.

The majority of these resources are geared specifically towards black-owned and minority-owned businesses, and budding black entrepreneurs.  All of them should be considered for African American business owners and budding entrepreneurs.  Explore the many resources of these sites, and use them to seek further education to enhance your business dreams!

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