Black Economic Alliance Entrepreneurs Fund (BEA Entrepreneurs Fund)

Q: When is the deadline for Black Economic Alliance Entrepreneurs Fund (BEA Entrepreneurs Fund)?

This grant has a rolling deadline or the deadline has not been announced.

BLACK ECONOMIC ALLIANCE FOUNDATION

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Funding Amount

$50,000,000

Deadline

Rolling / Open

Grant Type

foundation

Overview

Black Economic Alliance Entrepreneurs Fund

Status: Active, launched May 2021

Amount: $50 million evergreen investment fund

Geographic Scope: Nationwide (all interested and eligible Black entrepreneurs across the United States)

Focus Areas:

Seed, start-up, and early-stage capital for Black-founded and Black-led businesses

Closing the racial wealth gap through business ownership

Supporting Black entrepreneurs in all industries

Key Features:

Evergreen fund that recycles 100% of returns to support ongoing operations and additional investments

Anchored by Wells Fargo with a $20 million commitment over five years

Investments made in the form of equity via convertible debt or straight loans

A portion earmarked to invest in Center for Black Entrepreneurship (CBE) participants

Eligibility:

Black entrepreneurs (founders and business owners)

Emerging business founders

Alumni from historically Black colleges and universities (HBCUs)

Students

Participants in programs that focus on Black business development

What They Fund:

Seed capital investments

Start-up financing

Early-stage business capital

Equity investments and loans to Black-owned businesses

Background:

Launched through collaboration between Black Economic Alliance Foundation and Wells Fargo

Addresses documented disparities in venture capital access: Black founders received only ~1% of venture capital financing before 2020; even after 2020 influx, only ~3% of $147.6 billion venture capital went to Black-founded companies

Federal Reserve 2020 data: only 26% of Black business owners received full financing they sought from banks vs. 54% of white business owners

Reflects focus on business ownership as one of the best paths to multi-generational wealth creation

Organization: Black Economic Alliance Foundation (501c3 nonprofit affiliate of Black Economic Alliance)

Contact/More Info: https://foundation.blackeconomicalliance.org/bea-entrepreneurs-fund/

How to Apply

Application Process

Status: Competitive application process expected to begin later in 2021 (from May 2021 announcement)

Submission Format:

Competitive application process

Once the BEA Fund begins investing, it will accept applications from all interested and eligible Black entrepreneurs across industries nationwide

Eligible Applicants:

Emerging business founders

Alumni from historically Black colleges and universities (HBCUs)

Students

Participants in programs that focus on Black business development

All interested and eligible Black entrepreneurs

Investment Structure:

Investments made via equity in the form of convertible debt

Equity stake in exchange for seed capital investment

Straight loans to Black start-up businesses also available

Note: Specific application materials and detailed submission requirements not provided in available documentation. Applicants should contact the BEA Foundation directly for current application procedures and detailed requirements.

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