Economic Empowerment
African-American women have access to a range of financial tools and resources that can help strengthen their economic empowerment through entrepreneurship and personal wealth-building.
Here are several key options:
1. Business Grants and Funding Opportunities
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Grants for Black Women Entrepreneurs: Programs like the Amber Grant, Fearless Fund, and Caress Dreams Fund offer funding specifically for women of color.
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Local and National Business Development Centers: Many provide grant information and application support tailored for minority women.
2. Small Business Loans and Microloans
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Community Development Financial Institutions (CDFIs): Offer low-interest loans to undeserved communities.
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SBA Loans (Small Business Administration): SBA 7(a) and microloans can help fund start-up and growth efforts.
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Black-owned Credit Unions and Community Banks: Often provide more personalized lending options with cultural understanding.
3. Crowdfunding Platforms
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iFundWomen, Kiva, and GoFundMe: Allow entrepreneurs to raise funds while building community support.
4. Financial Literacy and Wealth-Building Tools
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Budgeting Apps: Tools like YNAB (You Need a Budget), Mint, or Zeta help track spending and save more efficiently.
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Investment Platforms: Ellevest, Acorns, and Public are beginner-friendly platforms for investing and building long-term wealth.
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Credit-Building Tools: Apps and services like Self and Experian Boost help improve credit profiles.
5. Mentorship and Accelerator Programs
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Black Girl Ventures, Walker’s Legacy, and DigitalUndivided offer training, mentorship, and funding opportunities tailored to Black women entrepreneurs.
6. Retirement and Wealth Planning
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Roth IRAs / 401(k)s: Essential tools for long-term financial security.
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Financial Advisors Specializing in Serving Black Women: Some firms and advisors focus specifically on empowering women of color with culturally competent guidance.
7. Collective Economics and Cooperatives
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Group investment clubs and cooperatives allow African-American women to pool resources, invest together, and share profits—building community wealth.
Chicago Central Section of the National Council of Negro Women advocates for economic empowerment through the promotion of entrepreneurship.
We believe Economic empowerment is the key to independence, stability, and generational wealth—and for African-American women, entrepreneurship offers a powerful path forward. Rooted in resilience, creativity, and community, Black women have long been the backbone of innovation and enterprise in America. Today, more than ever, their contributions as business owners, visionaries, and leaders are reshaping the economic landscape. Through entrepreneurship, African-American women are not only creating income and opportunities for themselves, but also building platforms that uplift their families and communities. Whether launching tech startups, opening salons and boutiques, managing nonprofits, or running consulting firms, their ventures are a testament to determination and excellence in the face of systemic barriers. Economic empowerment means access to capital, mentorship, education, and networks that affirm and amplify Black women’s potential. It is about removing the glass ceilings and closing the racial and gender wealth gaps. It’s about turning side hustles into legacies and sparking a cycle of prosperity that honors our heritage and builds our future. Supporting and celebrating African-American women in business is not just an investment in individuals—it is an investment in culture, community, and sustainable change. When Black women thrive economically, entire communities rise. Let us continue to champion policies, programs, and partnerships that center and empower African-American women entrepreneurs—because when they succeed, we all succeed.
Resources for Investment, Savings, and Economic Empowerment (RISE)
Resources for Investment, Savings, and Economic Empowerment (RISE), the new NCNW financial literacy program! RISE addresses historical and systemic challenges that have created persistent financial education disparities in the African American community.
Center for Entrepreneurship & Innovation
The Chicago Urban League Center for Entrepreneurship & Innovation helps Black entrepreneurs launch, grow, and sustain businesses. The Center provides entrepreneurs with the tools necessary to maximize revenues, reduce costs, increase profitability, and drive job creation while encouraging innovation.
The Chicago Department of Business Affairs and Consumer Protection’s (BACP) Neighborhood Business Development Centers
The Chicago Department of Business Affairs and Consumer Protection’s (BACP) Neighborhood Business Development Centers (NBDCs) play a critical role in fostering equitable small-business environments in the communities they serve across Chicago. The NBDC Program consists of local business service organizations that provide no-cost, hyper-local business development assistance to entrepreneurs and business owners throughout the city. NBDCs provide general business licensing and public way use permitting guidance as well as specialized support services.
The Cook County Small Business Source strives to support, grow and elevate small businesses by providing no-cost business advising, resources and access to events. The Source works with 13 Business Support Organizations (BSOs) throughout Cook County that provide no-cost one-on-one advising services and access to vital resources...
Cook County Small Business Source