Despite Black women being the fastest growing group of entrepreneurs in the U.S., they are underfunded and under-resourced. Block Advisors by H&R Block is aiming to change that.
The tax prep solutions company recently launched Fund Her Future, a grant specifically for women-owned small businesses to help close the gap in funding. The program will award five women-owned small businesses $100,000 in total funding and access to a year of small business services from Block Advisors. Applications can be submitted to BlockAdvisors.com/FundHerFutureGrant through May 26, 2024.
“Over the past five years, women-owned businesses grew at nearly double the rate of men-owned businesses,” said Jamil Khan, Chief Strategy and Small Business Officer at H&R Block in a news release. “Despite being one of the fastest-growing segments of the small business space, women-owned small businesses continue to experience a funding and support gap compared to their male counterparts. Announcing the grant program to kick off National Small Business Month will hopefully illuminate this disparity.”
Block Advisors’ Small Business Resilience Series recent survey reveals 31 percent started their business within five months of considering it (9% more than non-women), but are more likely to be denied for a loan than men.
“Supporting the advancement of small business is a start, but we need to also do our part in leveling the playing field for men and women entrepreneurs,” said Khan. “Women small business owners are integral players in their communities. We owe it to them to close funding and support gaps so they can focus on realizing their goals and making an impact.”
Khan added: “With immediate access to capital, resources, and trusted expertise, we’re confident women entrepreneurs will see significant growth for their small business, influencing the momentum of their community for years to come.”