Business Resources For Black Entrepreneurs

Being an entrepreneur means taking your destiny into your own hands,

but the road to being in control of your future can be difficult, especially for underrepresented groups. As a black entrepreneur, you deserve to enjoy the freedom of expression, and that is inherent to entrepreneurism, but creating a thriving small business on your own can be overwhelming. 

The Black Business Association

The oldest active ethnic business organization in California, the Black Business Association assists local Black business owners by hosting events and providing them with unique networking opportunities. The Association’s mission is to benefit “African American and other diverse business owners” through their advocacy efforts; the Association works to provide more opportunities to Black business owners in both the public and private sector, while also helping them access funding and other financial resources.

Coalition to Back Black Businesses

The newest organization on this list, the Coalition to Back Black Businesses, is spearheaded by the U.S. Chamber of Commerce Foundation, American Express, National Business League, the National Black Chamber of Commerce, the U.S. Black Chambers, and Walker’s Legacy. Established in the wake of the havoc wreaked on Black-owned businesses by COVID-19, the Coalition has several aims: 

• To provide training, grants, and resources worth $10 million to Black-owned companies by 2023;
• To award grants worth $5,000 to over 280 Black-owned companies annually between 2020 and 2023. Businesses that employ 3 to 20 people and are located in an “economically vulnerable community” can apply for these grants;
• Besides the grants, the Coalition also offers mentorship, improved funding, and an online hub of resources for Black entrepreneurs. 

Black Enterprise

Black Enterprise is an online newspaper that focuses specifically on news and recommendations about Black business. Black Enterprise aims to highlight all the work that Black business owners do throughout the country, and in doing so, to become a source of motivation and hope for aspiring and budding Black entrepreneurs. It also educates its readers about important topics such as the Black dollar and Black leadership.  

While Black Enterprise is the most famous of its kind, other popular publications that cover Black business news include Minority Business Entrepreneur and the Journal Network.

Black Women Enterprise

Black Women Enterprises, or BWE, was established to help Black female entrepreneurs, mainly since they are posed to face more significant challenges than their male counterparts. BWE aims first to identify the barriers that impede the progress of Black women in business and then to work at removing and dismantling them for good.  

Black Founders

While it is similar to some of the organizations mentioned above, Black Founders focuses specifically on Black business owners in the technology sector. Black Founders is a non-profit organization whose goal is to increase the number of successful Black entrepreneurs in the tech sector by developing global programs that inspire innovation and equip entrepreneurs with the resources and knowledge they need to succeed. Additionally, Black Founders hosts multiple annual networking events such as conferences and workshops to help Black founders find potential investment opportunities.

Disadvantaged Business Enterprise Program

The Disadvantaged Business Enterprise, or DBE, is a program created by the Department of Transportation to protect minority small business owners from discrimination in the transport sector. The DBE’s goal is to level the playing field for disadvantaged small business owners. It defines this demographic as business owners who identify as economically or socially-disadvantaged, which means that Black business owners and other minorities can use the DBE’s help when it comes to snagging contracts in federally-assisted highways, airports, and transit sectors nationwide. The DBE will then provide them with a fair opportunity to compete for federally-funded transportation contracts.

National Minority Supplier Development Council

The National Minority Supplier Development Council aims to increase business opportunities for certified minority-owned businesses; it is a corporate member organization that also operates a non-profit business development program called the Business Consortium Fund. The Business Consortium Fund offers business advisory and financing programs to its members; membership is free. 

Small Business Empowerment Program

Hosted by Operation Hope, the Small Business Empowerment Program is a 12-week training program designed for small business owners and entrepreneurs from low-income neighborhoods. Operation Hope partners with more than 25 direct lenders nationwide, which gives it access to a diverse range of loan options for business owners. Thus, Operation Hope’s Small Business Empowerment Program offers its participants lending services along with business training and financial counseling.

Millennial Entrepreneurs Redefined

The Millennial Entrepreneurs Redefined is funded by the U.S. Black Chambers Community Economic Development Corporation. This program is designed for millennials between the ages of 18 and 35, making it a good resource for young Black entrepreneurs. 

The program is meant for young people with innovative ideas or emerging businesses that need funding. Those who are already business owners can qualify for the program if their company has less than $10,000 in capital and/or revenue. Once participants are selected, they can compete in a plan and pitch competition that has awards worth up to $5,000. The winners also receive ongoing support, mentorship, and consultation from the U.S. Black Chamber and its partners.