The COVID-19 pandemic has affected small businesses across the country. Businesses owned by underrepresented founders have been hit particularly hard. Experts project that as many as 42% of Black businesses will permanently close because of COVID-19.
What is a Grant?
Grants are the closest thing to free money in the finance world. While you still have to spend time and effort to craft a high-quality, compelling proposal, you do not have to pay the money back or give a portion of ownership in your company in exchange.
As savvy business owners know, it is important to diversify your sources of cash inflow. Accelerators and pitch competitions present two additional options for obtaining funding for your business.
What is an Accelerator?
An accelerator is a professional development program for entrepreneurs. It contains a mixture of classwork, mentorship, and exposure to venture capitalists or other influential people who can take your business to the next level.
Some accelerators are designed for companies still at the idea stage, helping participants refine their idea, assess market demand, and acquire initial customers. Other accelerators target established businesses with existing customer bases and focus on helping them scale or achieve rapid growth.
Every accelerator is different. It is important to read through the description and eligibility criteria closely to determine whether it is the right fit for your business.
What is a Pitch Competition?
As the name suggests, a pitch competition is an opportunity to pitch your business to a panel of judges to win a cash prize, funding from venture capitalists, or other awards that can help bring in additional resources for your business.
Like accelerators, pitch competitions can cater to idea-stage companies or long-established companies making seven figures. Read the website and applicant requirements to make sure a competition is the right opportunity for you.
Where Can I Find Small Business Grants, Accelerators, and Pitch Competitions in 2021?
Although dozens of grant programs sprang up in 2020 to support small businesses, many of these programs have ended or quietly disappeared. If you’re searching for grant opportunities this year, you’ve probably only found a trail of 404 pages and vague promises about next cycles opening in early 2021.
Here are six grants, accelerators, and pitch competitions active right now that you can submit an application to today.
6 Small Business Grants, Pitch Competitions, and Accelerators Open Right Now
The Amber Grant for Women
The Amber Grant for Women was created in memory of Amber Wigdahl, who passed away at 19 before achieving her dream of creating a successful business. A $10,000 grant is given away every month. Every year, one of the 12 winners is selected to receive an additional $25,000 grant.
The application is simple, priding itself on being free of long, cumbersome forms. You do not have to have an existing business to apply. Click here to apply for a grant.
Next Deadline: February 28, 2021
Professional Beauty Association Covid-19 Relief Fund Grants
The Professional Beauty Association’s COVID-19 Relief Fund awards $500 grants to support licensed beauty professionals who are out of work or facing financial hardship because of the pandemic.
Learn more about the application process here.
Deadline: Rolling
KKR Small Business Builders Grant
The Small Business Builders (SBB) Grant is part of KKR’s COVID-19 Relief Effort. These $10,000 grants are for businesses operated by historically underrepresented groups, are adapting their business because of COVID-19, and/or are providing important services for the community.
To be eligible, businesses must have 5-50 employees and earn less than $7 million in annual revenue. Businesses must also demonstrate a need for assistance and a provide a strong plan for moving forward.
There are several rounds for funding, so if you miss this deadline, there will be several other opportunities throughout the year to apply. Click here for more information.
Next Deadline: February 10, 2021
DoorDash Local Restaurant Grants
DoorDash is offering $5,000 grants to restaurants in select cities in the United States and Canada to help offset the costs of running a dining establishment during the pandemic. The grants can be used to cover expanded outdoor dining capacity, rent, payroll, and other operating costs.
To qualify for the grant, businesses must have 3 or fewer locations, and 50 people or fewer must be employed at each location. Additionally, the business must have earned less than $3 million in revenue in 2019 at each location.
Click here to learn more and apply for the grant.
Deadline: February 17, 2021
The Black Ambition Prize
Open to companies with Black and Latinx founders, the Black Ambition Prize awards up to $1,000,000. Winners also receive pitch feedback and mentorship. Although there is only one grand prize winner, multiple semifinalists will be selected.
Founding teams must have at least two members. The company must be in one of four specific industries: Tech, Design, Healthcare, or Consumer Products and Services.
For more details, read their full guidelines here.
Deadline: February 18, 2021
37 Angels
37 Angels is a venture capital group of women focused on helping women-led companies access equity funding. Every two months, 8 companies are selected to pitch to a panel of VCs. On average, the angels provide $25,000 each, making the potential funding amount range from $50,000 to $200,000.
The process is very involved, starting with a 20-minute call to determine company fit. Competition is also fierce, with over 500 applications every round. For more details and to submit and application, click here.
Deadline: February 8th
Want More Grants and Funding Opportunities for Your Small Business?
About Bootstrap Capital
Bootstrap Capital, a Georgia based 501 (c) (3) is laser-focused on helping early stage companies achieve what others believe is impossible. We connect entrepreneurs with the resources, connections, and capital they need to be successful. Through our hybrid approach, we partner with passionate founders who are looking to transform large markets. We are entrepreneurs investing in entrepreneurs.
About EnrichHER:
EnrichHER is a financial technology platform that matches revenue-generating companies led by women and founders of color to individual and institutional sources of funding. Since 2017, EnrichHER has deployed upwards of $4 million through its platform and matched business-owners to $13 million in working capital through its Accelerator. By providing capital, coaching, and connections, we are fueling the fastest-growing demographic of business owners. Our network has engaged with over 23,000 advocates through its digital community and in-person activations.