The definition of a small business varies by country, significantly influencing national policies. South Africa’s support for small enterprises primarily seeks to address historical injustices, particularly following 1994. This entails actively promoting economic inclusion for Black-owned enterprises by providing grants and various forms of support. This chapter discusses funding allocation to primarily Black-owned businesses and its influence on inequality reduction in the most disadvantaged communities. This study uses data from the Department of Trade and Industry (DTI) on all granted awards, their purposes, and assessments of their efficiency. The chapter analyses recipients’ socio-demographic characteristics to evaluate the implementation of equity and affirmative action principles in the grant distribution process for small business owners. Social justice theory frames the study to examine the practical application of equity and equality concepts in the South African small business sector. The findings indicate a possible disconnect and confusion in applying equity versus equality in funding initiatives, particularly during the COVID-19 pandemic.