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Historically Black Colleges and Universities (HBCUs) were established to further the education of Black Americans and have a long history of service to minority, first-generation, and low-income students. HBCUs are also struggling financially, due to federal and state underinvestment, small endowments, low alumni giving, and decreasing enrollment. Financial constraints not only have a direct impact on physical facilities and resources, but also on human resources. Faculty at HBCUs are tasked with heavy teaching loads and, in research-focused institutions, high research expectations, especially in science, technology, engineering, and mathematics (STEM) fields. However, HBCUs can provide only limited support for these research endeavors; thus, faculty at these institutions need to pursue external grants and contracts to support their research. In the present study, we surveyed faculty at five research-focused HBCUs to determine the major difficulties they encounter when applying for external funding (barriers) and the things their institution could do to facilitate this process (facilitators). Time constraints and difficulties with internal functioning and policies emerged as the most relevant barriers, whereas providing training and mentoring and improving internal functioning and policies emerged as the most relevant facilitators. The PATHs program is proposed as a model of faculty support anchored around mentoring and institutional awareness, and which could be adapted to different institutions to increase their faculty’s success in attaining external funding.