Financial resources
Financial Assistance
Accessing financial support can make a huge difference, whether you’re pursuing education, starting a business, or securing stable housing. In the UK, there are a variety of grants, loans, and funding opportunities specifically designed to empower Black women and other underrepresented communities. Below, we’ve outlined key resources to help you get started.
1. Grants
Grants are an excellent source of funding because they don’t need to be repaid. Here are some of the top options available:
The Black Heart Foundation
This foundation provides financial support to individuals pursuing education or professional development. The scholarships are open to all levels of study and can be used for tuition, training courses, or career advancement.
- How to Apply: Visit Black Heart Foundation for details.
The Prince’s Trust Grants
The Prince’s Trust offers grants to support young people aged 18–30, including women from Black and minority ethnic backgrounds, who are starting a business or developing their skills.
- How to Apply: Explore opportunities at The Prince’s Trust.
Turn2us Grants Search
Turn2us helps individuals in financial need find grants that match their circumstances. Their searchable database includes grants tailored to women, single parents, and minority groups.
- How to Apply: Use the Turn2us Grants Search.
Smallwood Trust
The Smallwood Trust offers grants to women facing financial hardship, with a focus on improving financial independence and well-being.
- How to Apply: Learn more at Smallwood Trust.
Black & Minoritised Women’s Fund
Managed by the Women’s Resource Centre, this fund offers grants to Black and minoritised women’s organizations disproportionately affected by challenges like the COVID-19 pandemic. The fund aims to support critical services and organizational development.
- How to Apply: Visit the Women’s Resource Centre for application details.
The CROWN UK Fund
Established by Dove, this fund provides grants up to £20,000 to Black-led grassroots organizations working to eliminate barriers for Black women and girls, fostering long-term systemic change.
How to Apply: Details are available at fundsforNGOs.
Rosa’s Rise Fund
Rosa’s Rise Fund offers grants up to £40,000 to support the growth and development of Black and minoritised-led women’s organizations across the UK. The fund focuses on areas such as strategy, governance, and leadership.
- How to Apply: Information can be found on Rosa’s website.
2. Loans
While grants are ideal, loans can provide additional support for larger financial goals, such as buying a home, starting a business, or pursuing higher education. Here are some ethical loan options:
Credit Unions
Credit unions are non-profit organizations that provide low-interest loans and savings accounts. They often cater to local communities and prioritize ethical lending.
- How to Access: Find your nearest credit union through Find Your Credit Union.
Community Development Finance Institutions (CDFIs)
CDFIs provide affordable loans to individuals and businesses who may not qualify for traditional financing. Many focus on supporting underrepresented groups.
- How to Access: Search for CDFIs near you at Responsible Finance.
Start-Up Loans Scheme
The UK Government’s Start-Up Loans program offers low-interest loans for new businesses, along with free mentoring and support.
- Eligibility: For businesses that have been trading for less than three years.
- How to Apply: Visit Start-Up Loans.
Recovery Loan Fund
Administered by the Social Investment Business, this fund offers loans combined with grants to Black and minoritised ethnicity-led charities and social enterprises in England, aiming to support recovery and growth.
- How to Apply: Learn more at the Social Investment Business.
Start Up Loans for Ethnic Minority Entrepreneurs
The UK government provides Start Up Loans to support ethnic minority entrepreneurs in launching new businesses, offering access to capital and mentoring.
- How to Apply: Visit the Start Up Loans Company for more information.
3. Financial Aid for Education
Education is a key pathway to empowerment, and there are several financial aid options to help Black women pursue their academic goals.
Diversity Scholarships
Many universities and colleges offer scholarships to encourage diversity among their student populations. These scholarships are often targeted at Black and minority ethnic students.
How to Apply: Check with your chosen university’s financial aid office.
The Black British Business Awards
This program offers scholarships and funding for Black students pursuing degrees in business, STEM, or leadership-focused fields.
- How to Apply: Learn more at Black British Business Awards.
Postgraduate Loans
The UK Government offers loans of up to £12,000 for eligible students pursuing a master’s degree. These loans are open to all, regardless of background, but can be especially beneficial for Black women seeking to advance their careers.
- How to Apply: Visit Gov.uk Postgraduate Loans.
Cowrie Scholarship Foundation
This foundation provides scholarships to Black British students, covering tuition fees and offering maintenance grants to support university education.
- How to Apply: Details are available at the Cowrie Scholarship Foundation.
4. Business and Entrepreneurial Support
If you’re a Black woman looking to start or grow your business, there are specific grants and resources available to help you succeed.
The Black Business Network
This organization connects Black entrepreneurs with funding, mentorship, and networking opportunities. They often collaborate with partners to provide grants and business support tailored to Black women.
- How to Apply: Join their network at Black Business Network.
British Business Bank
The British Business Bank offers various loan schemes and funding options to support small and medium-sized enterprises (SMEs), including those owned by Black women.
- How to Access: Explore options at British Business Bank.
Enterprise Nation
Enterprise Nation provides resources, grants, and networking opportunities for women in business. Their Women in Business initiative often highlights funding options for Black and minority ethnic entrepreneurs.
- How to Apply: Visit Enterprise Nation.
The Black Funding Network
This platform connects Black-led grassroots organizations with funding opportunities, supporting initiatives that benefit Black communities in the UK.
- How to Apply: Explore opportunities at the Black Funding Network.
Revenge Capital
Launched in London, Revenge Capital is a £50 million investment fund aimed at supporting overlooked UK female entrepreneurs, providing both funding and mentoring.
- How to Apply: Visit https://revenge.capital/
6. Practical Tips for Accessing Financial Aid
- Research and Apply Early: Grants and funding opportunities often have deadlines. Start your application as soon as possible to avoid missing out.
- Don’t Overlook Small Grants: Even smaller amounts can help ease financial burdens, so apply to multiple sources if eligible.
- Seek Guidance: Organizations like Citizens Advice can provide free advice on navigating financial aid options.
Financial literacy
Financial literacy involves having the knowledge and skills to make informed financial decisions. It includes understanding concepts like budgeting, saving, managing debt, improving credit scores, and investing for the future. For Black women, these skills can help overcome systemic financial barriers and build a more secure financial future.
1. Online Financial Literacy Workshops
Debt Management
Debt management is one of the most important aspects of financial literacy. Workshops and online resources can help you understand how to pay off debt effectively and avoid future financial stress.
Online and Community Workshops on Debt Management, Credit Building, and Entrepreneurship for Black Women in the UK
Financial literacy is essential for building a secure future, and workshops tailored for Black women provide a safe and empowering space to learn. Below are links to online and community-based programs that cover topics like debt management, credit building, and entrepreneurship to help you gain control over your finances and achieve your goals.
Debt Management Workshops
StepChange Debt Charity
- About: StepChange offers free, online workshops and resources to help you understand how to manage debt effectively. Their debt solutions include personalized repayment plans and advice on dealing with creditors.
- Key Features:
- Debt management plans (DMPs).
- Budgeting tools and calculators.
- Access: Visit StepChange
MoneyHelper
About: MoneyHelper provides interactive guides, budgeting planners, and debt advice workshops online. They also offer tailored support for single parents and those in financial hardship.
- Key Features:
- Free online webinars and tools.
- Specialized debt action plans.
- Access: Visit MoneyHelper
National Debtline
- About: Offers free, confidential debt advice and resources to help you take control of your financial situation. Their workshops include managing overdue bills and creating affordable payment plans.
- Key Features:
- Self-help tools.
- Free helpline for personalized support.
- Access: Visit National Debtline
Credit Building
Credit plays a crucial role in accessing loans, mortgages, and other financial services. These workshops and resources focus on improving your credit score.
Experian’s Free Credit Building Resources
- About: Experian provides workshops and online resources focused on understanding credit reports and improving credit scores. They also offer free tools to monitor your credit.
- Key Features:
- Tutorials on boosting credit scores.
- Free monthly credit checks.
- Access: Visit Experian
Black Girl Finance
- About: This platform offers workshops specifically for Black women, focusing on financial empowerment and building good credit. Their sessions often include discussions about overcoming systemic barriers.
- Key Features:
- Live and virtual credit-building sessions.
- Tailored financial advice for Black women.
- Access: Visit Black Girl Finance
CAP (Christians Against Poverty)
- About: CAP runs free, faith-based workshops on managing finances and building credit. These are offered in person across the UK and online.
- Key Features:
- Credit repair guidance.
- Budgeting and money management strategies.
- Access: Visit CAP
Entrepreneurship and Funding
Entrepreneurship workshops can help you understand how to start and sustain a business, with tips on funding, marketing, and financial planning.
The Prince’s Trust Enterprise Programme
- About: Designed for young women aged 18–30, this program helps you explore business ideas, develop a business plan, and gain access to startup funding.
- Key Features:
- Free business training.
- Mentorship from experienced entrepreneurs.
- Access: Visit The Prince’s Trust
Enterprise Nation’s Women in Business Workshops
- About: Enterprise Nation offers online and in-person workshops specifically tailored to women starting or growing businesses. They also provide funding advice and networking opportunities.
- Key Features:
- Access to grants and loans.
- Workshops on marketing, sales, and scaling your business.
- Access: Visit Enterprise Nation
Black Business Network
- About: Aimed at empowering Black entrepreneurs, this network provides workshops on securing funding, pitching to investors, and navigating the UK business ecosystem.
- Key Features:
- Business coaching and workshops.
- Networking events for Black business owners.
- Access: Visit Black Business Network
2. Community-Based Financial Literacy Programs
Local Credit Unions
Credit unions are non-profit organizations offering savings accounts, low-interest loans, and financial education tailored to local communities.
- Find Your Local Credit Union: Use this tool to locate a credit union near you.
Visit Find Your Credit Union
Black and Minority-Ethnic Focused Programs
Some community groups focus on financial education tailored for Black and minority-ethnic communities.
- Black Girl Finance Live Workshops: In-person and online events cover topics like budgeting, saving, and investing.
Visit Black Girl Finance
UK Black Business Show
- About: An annual event that offers workshops, panel discussions, and networking opportunities for Black entrepreneurs and professionals. Sessions cover topics like business funding and financial planning. Visit UK Black Business Show
Tips for Building Financial Literacy
- Start Small: Focus on one area at a time—such as debt, saving, or credit—and set achievable goals.
- Track Your Progress: Use apps like Money Dashboard or Yolt to monitor your spending and savings.
- Ask for Help: Seek advice from organizations like Citizens Advice if you’re struggling.
Investing for beginners
A Beginner’s Guide to Investing and Building Generational Wealth for Black Women in the UK
Financial independence and generational wealth are achievable goals that provide long-term security and stability for you and your family. For Black women in the UK, investing and building wealth can also serve as a powerful way to break down systemic financial barriers. This guide will explore investing, multiple income streams, and creating long-term wealth strategies, providing actionable steps, tailored advice, and resources to help you on your financial journey.
Part 1: The Power of Investing
Investing is a proven way to grow your wealth over time, allowing your money to work for you instead of sitting idle in a savings account. It can help you achieve significant financial goals, whether it’s saving for your retirement, funding your child’s education, or creating a legacy for future generations.
Why Should Black Women Invest?
Black women often face unique financial challenges, including a gender pay gap and systemic discrimination in the workplace. Investing can bridge these gaps by:
- Allowing your money to grow faster than inflation.
- Building a financial cushion for emergencies or future needs.
- Creating long-term wealth that can be passed on to future generations.
Types of Investments
- Stocks
- What Are They?: Stocks (or shares) represent ownership in a company. When you buy a stock, you own a small part of that business.
- How Do They Work?: As the company grows, so does the value of your shares, and you may also earn dividends (a share of the company’s profits).
- How to Get Started:
- Use beginner-friendly platforms like eToro or Hargreaves Lansdown.
- Start with well-known companies or index funds (explained below).
- Index Funds and ETFs
- What Are They?: Index funds and ETFs (Exchange-Traded Funds) allow you to invest in a group of companies at once, spreading your risk. For example, the FTSE 100 tracks the top 100 UK companies.
- Why Choose Them?: They are low-risk, low-cost, and ideal for beginners.
- How to Get Started:
- Platforms like Vanguard UK, Trading212 and Wealthify are great for index fund investing.
- Bonds
- What Are They?: Bonds are loans you give to governments or corporations in exchange for regular interest payments.
- Why Invest in Bonds?: They are lower risk than stocks and provide steady income.
- Real Estate Investment Trusts (REITs)
- What Are They?: REITs allow you to invest in property without owning a home. They pool investors’ money to buy and manage properties like shopping malls, offices, or apartments.
- Why Invest in REITs?: They generate income through rent and often have high dividend yields.
- Sustainable and Ethical Investing
- What Is It?: Investing in companies that prioritize sustainability, diversity, and ethical practices.
- Why It Matters: You can align your investments with your values while earning returns. Look for funds like the MSCI ESG Leaders Index.
Steps to Start Investing
- Set Financial Goals
Decide what you’re investing for—retirement, a child’s education, or a dream business. Having clear goals will guide your investment decisions.
- Build an Emergency Fund
Before investing, ensure you have at least 3–6 months’ worth of living expenses saved in an easily accessible account. This protects you in case of emergencies without needing to sell your investments.
- Start Small
- You don’t need a large amount to start investing. Many platforms let you begin with as little as £10 per month.
- Consider apps like Moneybox or Plum for easy, beginner-friendly investing.
- Diversify Your Investments
- Spread your investments across different asset classes (stocks, bonds, and funds) to reduce risk.
- Avoid putting all your money in one company or sector.
- Stay Consistent
- Invest regularly, even if it’s a small amount. This is called “dollar-cost averaging” and reduces the impact of market volatility.
- Educate Yourself
- Attend workshops and webinars tailored for Black women. Platforms like Black Girl Finance offer sessions on investment basics.
- Read books like “The Black Girl’s Guide to Financial Freedom” by Paris Woods or “Clever Girl Finance” by Bola Sokunbi.
Part 2: Building Generational Wealth
Building generational wealth means creating assets and resources that can be passed down to your children or other loved ones. This ensures financial stability and opportunity for future generations.
Key Strategies for Building Wealth
- Multiple Income Streams
Relying solely on one source of income can be risky. Diversify your earnings with additional streams such as:
- Side Hustles: Freelancing, tutoring, or selling products online through platforms like Etsy.
- Investments: Stocks, ETFs, and REITs provide passive income.
- Business Ownership: Start a business in a field you’re passionate about. Programs like the Prince’s Trust Enterprise Programme offer grants and support for new entrepreneurs.
- Life Insurance
Life insurance ensures that your family is financially secure if anything happens to you. Choose a policy that covers debts, living expenses, and future needs like education.
- Estate Planning
Having a will ensures your assets are distributed according to your wishes. Services like Farewill make writing a will simple and affordable.
- Teach Financial Literacy
Empowering the next generation with financial knowledge is crucial. Teach your children about saving, investing, and budgeting. Use resources like:
- MoneySense: Free financial education for children and teens.
- GoHenry: A debit card and app that teaches kids about managing money.
- Invest in Education
Education is one of the best investments you can make for yourself and your family. Explore scholarships and grants like:
- The Black Heart Foundation: Offers scholarships for education and career development.
Visit Black Heart Foundation
Workshops and Community Resources
Online Workshops
- Black Girl Finance: Offers workshops on investing, budgeting, and financial empowerment.
Visit Black Girl Finance - Wealth Builders: Focuses on creating financial independence through multiple income streams and investments.
Visit Wealth Builders
Community Programs
- Black Business Network: Provides networking opportunities and support for Black entrepreneurs.
Visit Black Business Network - Enterprise Nation: Hosts free and low-cost workshops for women starting or scaling businesses.
Visit Enterprise Nation
Tips for Success
- Start Early:
- The earlier you invest or build assets, the more time your money has to grow.
- Stay Educated:
- Keep learning through books, podcasts, and workshops tailored for Black women.
- Seek Professional Advice:
- If you’re unsure where to start, consult a financial advisor.
Investing and building generational wealth are powerful ways to achieve financial security and break systemic barriers. By starting small, diversifying income, and educating yourself and your family, you can create a legacy of financial empowerment. Use the resources and steps in this guide to begin your journey toward long-term wealth today