Power Forward Small Business Grant: A New Opportunity for Black-Owned Businesses in New England
Black-owned businesses are essential to the economic vitality of our communities. They create jobs, generate tax revenue, and support local economies. However, Black-owned businesses face significant challenges, including access to capital, discrimination, and a lack of resources.
The Power Forward Small Business Grant is a new initiative from Vistaprint, the Boston Celtics Shamrock Foundation, and the NAACP. The program aims to create a lasting impact through the economic empowerment of Black-owned small businesses across New England. Through a combined commitment of $1 million, the program will award transformative grants of $25,000 on a rolling basis. Grant recipients will have opportunities to be featured on national co-branded platforms along with receiving marketing and design resources customized to their specific needs to help their businesses grow and thrive.
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What are Grants?
Grants are financial assistance provided to individuals, organizations, or businesses to support specific projects, initiatives, or needs. They are typically non-repayable funds that are awarded based on specific criteria and objectives. Grants can be offered by various entities, including government agencies, foundations, corporations, and nonprofit organizations. They serve as a means to support and promote various causes, including business development and growth. One example of a grant is the Power Forward Small Business Grant, which provides financial support to small businesses to help them overcome challenges, expand their operations, or pursue innovative projects. These grants play a crucial role in supporting entrepreneurs and fostering economic growth by providing resources and opportunities to achieve their goals.
The Importance of Supporting Black-Owned Businesses
Black-owned businesses are essential to the economic vitality of our communities. They create jobs, generate tax revenue, and support local economies. According to the U.S. Census Bureau, Black-owned businesses in the United States generate $1 trillion in annual revenue and employ over 2 million people. However, Black-owned businesses are also more likely to fail than white-owned businesses. A study by the National Bureau of Economic Research found that Black-owned businesses are 50% less likely to survive their first five years than white-owned businesses.
There are a number of reasons why Black-owned businesses are more likely to fail. One reason is that they face significant challenges in accessing capital. Black entrepreneurs are less likely to be approved for loans from banks and other financial institutions. Another reason is that Black-owned businesses are more likely to face discrimination. Black entrepreneurs are more likely to be denied service by suppliers and customers. They are also more likely to be the victims of crime.
How many minority owned businesses are there in the US?
As of 2020, there were approximately 8 million minority-owned businesses in the United States, according to the U.S. Census Bureau’s Annual Business Survey. These businesses span a wide range of industries and contribute significantly to the country’s economy. Minority-owned businesses play a vital role in creating jobs, driving innovation, and fostering diversity and inclusion within the business landscape. The number of minority-owned businesses continues to grow, reflecting the increasing entrepreneurial spirit and opportunities for underrepresented communities in the United States.
The Power Forward Small Business Grant
The Power Forward Small Business Grant is a critical step in addressing these challenges and supporting the growth of Black-owned businesses in New England. The grant will provide much-needed financial assistance to help these businesses grow and thrive. In addition, the grant will provide marketing and design resources that can help these businesses reach new customers and grow their brand.
The Power Forward Small Business Grant is open to Black-owned small businesses with 1 to 25 employees that are based and operating in Massachusetts, Maine, New Hampshire, Rhode Island, Vermont, or select areas of Connecticut. Applicants must demonstrate the impact their small business has on their greater community and showcase how they intend to use the $25,000 grant award.
The application process is open now and will close on June 15, 2023. To learn more and apply, please visit the Power Forward Small Business Grant website.
How to Apply for the Power Forward Small Business Grant
The application process for the Power Forward Small Business Grant is simple. To apply, simply visit the Power Forward Small Business Grant website and complete the online application form. The application form asks for information about your business, your goals, and how you plan to use the grant funds.
The application deadline is June 15, 2023. All applications will be reviewed by a panel of judges. The judges will select the grant recipients based on the following criteria:
- The impact of the business on the community
- The applicant’s business plan
- The applicant’s financial need
If you are a Black-owned small business in New England, you should apply for the Power Forward Small Business Grant. This is an incredible opportunity to receive the resources and support you need to grow your business and make a difference in your community.
Additional Business Support Tips
In addition to applying for the Power Forward Small Business Grant, there are a number of other things you can do to support your business. These include:
- Networking with other Black-owned businesses
- Attending industry events
- Investing in marketing and advertising
- Offering excellent customer service
- Building a strong brand
- Staying up-to-date on industry trends
By taking these steps, you can help your business grow and thrive.
Other Black-owned Business Grants
In addition to the Power Forward Small Business Grant, there are several other grants available to support Black-owned businesses. Some are listed below:
- Black Ambition Prize, founded by Pharrell Williams, which provides funding, mentorship, and resources to Black and Latinx entrepreneurs.
- The Black-Owned Business Relief Fund, launched by Hello Alice and Verizon, offers grants to help Black-owned businesses recover from the impacts of the COVID-19 pandemic.
- The New Voices + Target Accelerators Grant provides funding and business support to Black women entrepreneurs.
- The National Black MBA Association Scale-Up Pitch Challenge offers grants and investment opportunities to Black-owned businesses in various industries.
These grants, among others, demonstrate the commitment to fostering growth and creating opportunities for Black entrepreneurs, empowering them to thrive and contribute to their communities and the economy.
How CRM Software Can Help Black-Owned Businesses
CRM software can be a valuable tool for Black-owned businesses. CRM software can help businesses track their leads, manage their customer relationships, and automate their marketing. This can free up time and resources that can be used to focus on growing the business.
There are a number of CRM software solutions available that are specifically designed for small businesses. These solutions are affordable and easy to use, making them a great option for Black-owned businesses.
Final Thoughts on the Power Forward Small Business Grant
The Power Forward Small Business Grant is a valuable resource for Black-owned businesses in New England. The grant can provide much-needed financial assistance and marketing and design resources to help these businesses grow and thrive. In addition, the grant can help Black-owned businesses reach new customers and build their brand.
The Power Forward Small Business Grant is a great example of how businesses and organizations can come together to support the economic empowerment of Black communities. By investing in Black-owned businesses, we can help to create jobs, generate tax revenue, and support local economies. We can also help to build a more equitable and just society.
If you are a Black-owned small business in New England, I encourage you to apply for the Power Forward Small Business Grant. This is an incredible opportunity to receive the resources and support you need to grow your business and make a difference in your community.
In addition, I would like to introduce you to our CRM SaaS, which can help you to track your leads, manage your customer relationships, and automate your marketing. Our CRM SaaS is affordable and easy to use, making it a great option for Black-owned businesses.
To learn more about our CRM SaaS, please visit our website or contact us today. We would be happy to answer any questions you have and help you get started.