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Small Business Grants, Pitch Competitions, And Accelerators: Free Money In 2021 You Can Apply For Right Now
Update: Feb 3, 2021
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.

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.

Next Deadline: Aug 31, 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.


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: Rolling

SBA’s Restaurant Revitalization Fund

The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding for restaurants and other eligible businesses. This money will allow them to keep their doors open in tough economic times, like during a pandemic when people aren't eating out as much because of fear or lack of funds.

The grants are equal up $10 million per business with no more than $5 million given at one physical location, however recipients need not repay it so long as they use all allocated funds on an appropriate project by March 11th, 2023. Small businesses with women, veterans and the economically disadvantaged have priority in application processing. 


Deadline: Until all funds are exhausted

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.


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.


Deadline: August 30, 2021

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A Georgia based 501 (c) (3) 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.

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