What You Need to Know About the Backing Black Business Grant?
Updated: Dec 8, 2021
**Article updated December 8th, 2021**
There is a new grant on the horizon for Black women that could benefit not only older businesses impacted by the pandemic but also newer ones started during the pandemic. This grant is unlike any others that have come before it and may be a great opportunity for those that don't have employees. Check out this guide to learn more and get all the information you need to apply.
What is the Grant?
Meta (formally Facebook) has given the organization, Reimagine Main Street, funding for Black-women owned businesses in three categories.
Businesses started during the pandemic that need funding to boost momentum. ($5000)
Businesses started prior to the pandemic that are needing funding to stabilize or grow. ($10,000)
Businesses that have survived the pandemic and have great growth potential. ($25,000/$50,000)
What You Need To Know?
First, the deadline is coming up fast. Superfast. Like, Dec 15th fast. This means once the application opens (Dec 8 at 6 am est) you'll have a week to get your application in. Our advice -- don't wait. Second, this is only available to for-profit businesses. Sorry non-profits.
You should have the ability to download a pdf of the application prior to applying. Go through it and make sure you have everything you need to apply. Here are a few things we know you'll need to have ready:
Copy of your Driver's License or Government Issued Identification
Proof of business income (Bank Account Statements, P&L Statements, Statements from PayPal, Venmo, Cashapp, etc.)
They ask if your business has generated $10,000 between January and September of this year. If this is not the case you may not be eligible according to their intake form.
They recently updated their FAQs. This will give you more information on what is expected
You will also have to answer some essay questions. These can be written or a video response.
What are the eligibility requirements?
Each category has different requirements.
The Backing Black Business grant will award more than 200 grants in increments of $5K, $10K, $25K, and $50K. Those receiving $5,000 will have launched between Jan 2020 and June 2021. The 150 grants at the $10,000 level will be those that were in business prior to 2019. The higher award values of $25,000 and $50,000 require you to have launched prior to June 2021, have a high potential business, and be a coachable entrepreneur. Those with businesses that started after Jan 2020 need to show proof of business income and a license if your field requires it.
How Do I Apply?
To apply you'll go to the Backing Black Business website. You'll have to register for an account. You will then fill out a series of essay questions (you can submit a video for the questions), and upload the necessary documentation.
What is the Timeline?
The application opens on December 8, 2021, at 6:00 am EST. The deadline to apply is December 15th. A panel of judges will review submissions in January 2022 and then grant awardees will be notified in February 2022.
This timeline is much shorter than other grants and you could potentially have the cash in a very short amount of time. Again, this would be a great opportunity for many of you to get the funding you need to boost or stabilize your business.
We'll keep this page updated as more information becomes available (We have a few questions for the organization that we are waiting on answers for). Wishing you all the best!
Here is the link to the webinar if you'd like to see for yourself.
**Article updated December 8th, 2021**
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