Resources to Support Black-Owned Businesses
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Small businesses are the heart of our communities and the driving force behind our economy. According to the U.S. Small Business Administration (SBA), small businesses employed 46.4% of the workforce and represented 99.9% of all businesses in 2022.
At Valpak, our mission is to improve people’s lives via three simple components:
- Businesses built on the traffic we drive
- Savings consumers enjoy at those businesses
- Neighborhoods that thrive from the combination of 1 & 2
And we mean all businesses and neighborhoods.
Below are some business resources (government agencies, private sector enterprises and nonprofit organizations) to assist Black and minority business owners, from funding opportunities to business development programs and growth to advocacy and influencing change:
Financial Resources for Minority-Owned Businesses
8(a) Businesses Development Program – Spearheaded by the SBA, this government program helps minority business owners with access to federal grants, capital, financial assistance and other business resources.
Coalition to Back Black Businesses – Founded in partnership with American Express, the Coalition to Back Black Businesses provides immediate financial assistance and long-term support to Black-owned businesses.
Disadvantaged Business Enterprise Program – Offered by the U.S. Department of Transportation, the DBE program protects small business owners from discrimination when attempting to acquire contracts related to federal transportation jobs (federally assisted highway, transit, airport and highway safety) nationwide.
Millennial Entrepreneurs Redefined – Funded by the U.S. Black Chambers Community Economic Development Corporation, this program is for aspiring entrepreneurs between the ages of 18 and 35 who have yet to start a business or have an emerging business with less than $10,000 in capital/revenue.
Minority Business Development Agency – A division of the U.S. Department of Commerce, the MBDA is the only federal agency dedicated to the growth of minority businesses and access to financing resources and funding opportunities.
National Association for the Self-Employed – Offers grants through an ongoing application process to small business owners who are NASE members with up-to-date dues.
Business Development and Growth Resources
Black Enterprise – A newspaper and online publication that highlights the work Black business owners are doing across the country.
Black Women Connect – An online community and social network for career-driven Black women entrepreneurs.
Capital Pathways – A workshop hosted nationwide by the Minority Business Development Agency that arranges credit counseling, entrepreneurship education and training from local lenders, investors and contractors.
Metropolitan Economic Development Association – MEDA provides financing, training, networking, mentoring and opportunities for BIPOC-owned businesses.
Minority Business Development Agency – The MBDA, under the U.S. Department of Commerce, is the only federal agency solely dedicated to the growth of businesses owned and operated by minorities.
National Black Chamber of Commerce – Supports Black businesses with resources and events throughout the year.
U.S. Black Chambers, Inc. – The USBC is committed to providing leadership, advocacy and initiatives to Black business owners to advance economic empowerment and enterprise.
Resources From Nonprofit Organizations
Accion International – Provides financing to disadvantaged populations.
Black Founders – Focuses on increasing the number of Black entrepreneurs in the tech industry.
National Black MBA Association – Offers education and economic growth opportunities to its members.
National Minority Business Council – Presents business assistance, educational opportunities, seminars, related services and programs to minority-owned businesses.
The National Minority Supplier Development Council – The NMSDC matches minority entrepreneurs and BIPOC-owned enterprises to its network of corporate members to advance minority suppliers in the global supply chain.
Operation HOPE – HOPE’s Small Business Development project provides small-business workshops and training programs to individuals in underserved communities who aspire to own businesses but don’t have access to startup funding and traditional business training.
Champion Black-Owned Businesses and Influence Change
If you’re a Black business owner, or looking to support Black-owned businesses, you can influence change by:
- Understanding local law enforcement policies
- Supporting Black-owned business apps: eatOkra, Black Wallet, Black Nation, I Am Black Business
- Supporting Black-owned business websites: Black Owned Everything, Blax, Official Black Wall Street, Support Black Owned, We Buy Black
How Valpak Can Help
Capital/cash flow is just one of the many challenges Black business owners face. Networking, mentorship, accessibility to resources/funding, time management and marketing and advertising are also hurdles. We’re here to help.
Contact your local Valpak office to get started and we’ll walk you through how you can reach thousands of targeted consumers in your community every month.
*The Small Business Trends survey was performed before the new stimulus act was passed into law and active as of January 1, 2021.