Visa is giving $10,000 grants to Black women-owned businesses

Payment technology company Visa is giving Black women business owners $10,000 in grants under its She’s Next Grant Program.  According to data from Visa, 71% of Black women business owners in the US estimate that their businesses will not survive another year under the current pandemic conditions.

The grant program was announced on Thursday and will provide eligible business owners across 6 major U.S. cities the opportunity to win $10,000 grants and a one-year iFundWomen coaching membership.

“While small businesses have faced a year of extreme setbacks & challenges during the pandemic, Black women entrepreneurs have been among the hardest hit – particularly when it comes to accessing the capital &resources needed to sustain and grow,” iFundWomen wrote on its website. “That is why Visa is focused on providing its resilient & fast-growing segment of entrepreneurs with capital and coaching that will enable more Black women-owned small businesses to continue making an impact with their product or service.”

Visa will pick a recipient from Atlanta, Chicago, Detroit, Los Angeles, Miami, and Washington, D.C. The aim is to focus the grant on cities highly populated with Black-owned businesses, especially areas where Black women business owners face challenges.

“The pandemic has impacted all small businesses – but those run by women and people of color have been disproportionately affected,” said Kimberly Lawrence, head of U.S. Visa, in a news release. “With this hyperlocal focus on some of the hardest-hit cities, Visa aims to make a meaningful difference, quickly, for the communities and their business owners who need it most.”

The latest grant program is part of a $1 million pledge by Visa to support Black women entrepreneurs. In June, the payment company awarded 25, $10,000 grants and one-year coaching to Black women business owners. Visa also awarded four women-led small businesses in the U.S. impacted by COVID-19, last April.

To further help Black women-owned businesses survive the pandemic, Visa has extended its partnership with Black Girl Ventures to assist challenged small businesses and provide them with the necessary tools and assistance they need to thrive.

“Black Girl Ventures is proud to partner with Visa to provide a megaphone to each community’s most pressing needs,” said Shelly Bell, founder of Black Girl Ventures. “While the Black Lives Matter movement elevated consumer support of these businesses, the movement must continue to lift up these neighborhoods financially and spiritually.”

Visa is committed to helping Black women business owners secure enough funding for their businesses and resources needed to help their businesses grow amid the pandemic. Applications are currently ongoing. To become eligible, applicants must meet the following criteria:

• Must be a Black woman business owner

• Must be located in the U.S.

• Must have a minimum annual income of $24,000 or more

• Business must be 2+ years

• Must have products or service in the market that generates revenue

• Must be a growing business

• Must be a consumer product or service (B2C)

• Must have a compelling online presence and media support