Dont Forget To Form Your Business
Once youve decided on a new enterprise, the most important next step is to officially form your business. Most small businesses are set up as LLCs .
This keeps all of your assets separate from the company, limiting your personal liability while giving you the pass-through tax benefits of being a sole proprietor.
The process of forming your business can be really simple. Incfile can handle everything for you for $0 all you pay is any state fees. Do it now!
Other Business Funding Options
While grants are great , you may also want to consider other financing options.
For example, you can try crowdfunding your business. Crowdfunding for business can take a long time, and it tends to work best for product-based businesses, but its another way you can get money you dont have to repay.
Or you can look into low-cost business loans. Kiva microloans dont have any interest. So while you do have to pay them back, they cost much less than business loans from other lenders. And if youre up for paying a little more, weve rounded up the best business loans for minorities.
Your Local Organizations: Best Odds
The grants above are great, but the best place to find grants for minority entrepreneurs might be your own backyard.
Local organizations, clubs, and colleges may offer grants for minority-owned businesses in your area. These will have less competition than national grants, so youll have much better odds of winning funds.And as you may have noticed, our list of grants for minority business owners is pretty sparse . Looking at local grant opportunities can give you more options.
So ask around at your chamber of commerce, business center, or entrepreneur association. You may be surprised at the grant opportunities around you.
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Native American Business Development Institute Grants
The Office of Indian Economic Development funds business feasibility studies to help tribal leaders pinpoint economic opportunities and provide documentation for lenders and investors. Most award amounts are between $25,000 and $75,000, but there is no set minimum or maximum. To apply, you must complete the Application for Federal Assistance SF-424.
The Usda Rural Business Enterprise Grant Program
The USDAs Rural Business Enterprise Grant Program provides grants to public entities to offer training and technical support to small businesses with fewer than 50 new workers and less than $1 million in gross revenue.
Unlike many other grants on this list, the USDA Rural Business Enterprise Grant is awarded to public entities, such as towns, state agencies, nonprofits or universities, which then use the grant to support local small businesses within rural communities.
These grants can be used for a wide range of purposes, according to the USDA:
- Training and technical assistance, such as project planning, business counseling and training, market research, feasibility studies, professional or technical reports, and producer service improvements
- Acquisition or development of land, easements or rights of way construction, conversion, renovation of buildings plants, machinery, equipment, access for streets and roads parking areas and utilities
- Pollution control and abatement
- The capitalization of revolving loan funds, including funds that will make loans for startups and working capital
- Distance adult learning for job training and advancement
- Rural transportation improvement
- Feasibility studies and business plans
- Leadership and entrepreneur training
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Small Business Technology Transfer Programs
Small Business Technology Transfer Programs are a part of the Small Business Innovation Research program and share the same missions and objectives.
Through this program, your business will be able to explore technological innovations and potentials that your business can tap into and utilise to make a profit while venturing your business into the technology territory.
Should your application be successful, you will be awarded funds to support and grow your business.
Eligibility:
It shares the same eligibility criteria as SBIR.
Business: Small businesses
Small Business Grants For Minority Entrepreneurs
High interest rates and loan denials can hold minority groups back from business ownership. Unfortunately, so do some business grant programs.
One study shows minority-owned businesses faced difficulties obtaining federal covid relief funds from the PPP . While the vast majority of lenders didnt track demographic data, for the 996k loans for which that information was available, an astounding 71% of relief funds went to white business owners.
Thankfully, there are grant programs designed specifically for minorities. Heres a look at 9.
This coalition gives grants to businesses owned by Black entrepreneurs meeting the following criteria:
- Operating in a distressed community
- Impacted financially by covid
The grant is $5k, and recipients get a chance to win another grant for $25k. Decisions are also quick, taking about a month.
Online resources and mentorship are available to assist Black-owned businesses overcome the financial impact of the pandemic and other roadblocks.
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Asian Women Giving Circle
The Asian Women Giving Circle is a group of successful Asian women entrepreneurs who want to be a source of encouragement and support for other Asian women who run small businesses.
This project awards several grants each year, with a maximum grant amount of $15,000.
To be eligible for this grant, businesses must be led by an Asian American woman. The business must share the Giving Circles goal of using arts and culture to improve social and economic conditions for Asian American women and families.
You can apply for this grant on the AWGCs Request for Proposals page.
Health And Human Services Department Office Of Minority Health Grant Programs
The Office of Minority Health seeks to help organizations use data, develop and implement strategies that have a positive impact on the health of minority populations. Grant receivers focus on minority access to and/or use of health programs and their outcomes. A currently-funded project focuses on advancing COVID-19 public health information in minority populations.
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Shuttered Venue Operators Grant
This grant was established to help small businesses that are struggling and having trouble operating because of the Covid-19 pandemic.
Businesses that are eligible for this are the ones in the performing arts industry. So if your business is in the industry you can consider applying for this grant to help your business stay afloat and continue its operations.
Eligibility:Struggling small businesses affected by the recent pandemic.
Business: Performing Arts Industry
Minority Business Development Agency Centers
This program focuses on helping minority-owned firms and businesses to penetrate both domestic and international markets, and also help them grow their business size and scale by providing access to experts and funding at an MBDA Business Center.
On their website, they have provided a list of available grants for eligible entities to apply for.
Eligibility: Minority communities
Business: All minority-owned firms and businesses.
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Minority Small Business Grants
Editorial Note: The content of this article is based on the authors opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.
Minority small business grants can help business owners who belong to historically marginalized communities obtain the capital resources they need. People of color often face more challenges related to securing funding than their white peers, and minority business grants help close the gap. Theyre available from public and private entities and, unlike loans, which must be repaid with interest, grants typically do not require repayment.
What Counts As A Minority
The definition of a minority-owned business will depend on the grant youre applying for.
Its always best to look at the specific eligibility requirements for grants youre interested in.
That said, one popular definition comes from the National Minority Supplier Development Council . It offers a certification for minority-owned businesses.
To qualify, a business must be primarily owned by a minority group memberor a person who has at least 25% Asian-Indian, Asian-Pacific, Black, Hispanic, or Native American heritage.
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Power Forward Small Business Grants
Vistaprint, the Boston Celtics Shamrock Foundation, and the NAACP have joined forces to issue $25,000 Power Forward Small Business grants for Black-owned small businesses located in Massachusetts, Maine, New Hampshire, Rhode Island, Vermont, and select areas in Connecticut. Grant recipients will also receive design and marketing support. Applications are accepted on a rolling basis until the $1 million fund has been exhausted.
What Are Grants For Black Business Owners
Grants for Black business owners are grant opportunities created specifically for Black entrepreneurs and Black-owned businesses by both the US government and private organizations. These private and federal funding opportunities are opening the doors to minority grants, which can help Black businesses grow and succeed, and be a stepping stone to closing the Black-white wealth gap.
Todays Black-owned businesses have a better chance of accessing capital and business financing,due to legislation like the Equal Credit Opportunity Act, Black-led CDFIs , and increased support for minority business development.
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Here Are Top Grants For Minority Business Owners
We know minority business owners can definitely do with some available business grant opportunities in 2021.
Hence, we have compiled a comprehensive list of business grants for minority business owners looking for grant opportunities to grow and expand their businesses.
Free government money for business owners and entrepreneurs can be accessed in a variety of different ways in 2021.
We have listed these grant opportunities that you can take advantage of today.
The process of applying for these listed grants for small businesses may require that you meet the specific grant criteria listed for each grant category.
As a business owner, making adequate preparations to ensure that you have all the grant requirements can definitely help put you in a great position of having these grants awarded to you successfully.
Small Business Development Centers
Small Business Development Centers provide training and counselling to small businesses including working with SBCDs to develop and provide information tools to support start-ups and existing business expansion.
SBDCs will provide capital, advising, and technical assistance to existing small businesses and pre-venture entrepreneurs so that they increase their productivity and further develop their business expansion plans.
Eligibility: Open to all local public entities
Business: For start-up businesses and pre-existing businesses looking to expand.
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Usda Rural Business Development Grant
For minorities in rural areas, this grant, issued by the United States Department of Agriculture, is an attractive prospect. In the words of the USDA:
This program is a competitive grant designed to support targeted technical assistance, training and other activities leading to the development or expansion of small and emerging private businesses in rural areas which will employ 50 or fewer new employees and has less than $1 million in gross revenue.
Note that this is not a grant you apply for directly from the federal government towns, communities, state agencies, and nonprofits can qualify for the grant. Then, these entities distribute those funds as they see fit. Contact your local USDA Rural Development office to find out whats on offer in your state.
+ Small Business Grants For Minorities
The initial stages of starting a business are challenging to say the least. If the startup is a minority-owned business, the challenges seem to multiply. This is especially true when it comes to getting financing from lenders.
Some financial institutions do offer small business loans, but if they dont think your business plan will work, they wont approve you for the loan.
Finding a lender who sees the same vision that you have for your business can be tough.
To avoid this challenge, small businesses owners can take advantage of grant opportunities to help boost their working capital from the get-go.
Some grant programs are established specifically with minorities in mind, even requiring proof of minority ownership.
Here are nine minority small business grants that can help you secure working capital for your company:
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Free Money To Start A Small Business
Free money to start a small business is a possibility if you think of grants for minority businesses in that light.
Funding options for a new business can be far and few between, but they definitely offer a lifetime of value that is worth the hard work and the unwavering dedication invested in the process.
There are several types of grants for small businesses from federal small businesses such as the United States Small Business Administrations $100M Community Navigator Grants to third-party grants such as the 31 updated list of grants for Black women.
Whatever path you choose to go in your quest for minority business funding, what you should have at the back of your mind is the fact that grants are free money to help you start a business or grow one.
State Trade Expansion Program
This programs main aim is to help small businesses to find customers and break into the international market. STEP will help small businesses overcome the export burden by providing grants to cover the costs associated with exporting and breaking into the international market.
The six main aims of the STEP program are:
- Learn to export
- Participate in foreign trade missions
- Design international marketing products and campaigns
- Support website globalisation and e-commerce capabilities
- Pay for subscriptions to services provided by the U.S. Department of Commerce and other federal agencies
- Participate in export trade show exhibits and training workshops
Eligibility: Open to all state and government entities within the US
Business:
For small businesses and start-ups that are interested in expanding their business into the international market.
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Rebuildtheblock Small Business Relief Fund
Rebuildtheblock is a business liaison that works diligently to provide funding opportunities for Black-owned small businesses. Their Small Business Relief Fund aims to help businesses recover from the effects of COVID-19.
Your business must meet the following criteria to be eligible:
- Small, Black-owned business in the United States
- Launched before January 1, 2020
- Impacted by the pandemic and/or suffered looting-related damage
The RBT Small Business Relief Fund runs in three-month cycles, giving business owners four grant opportunities each year.
There is no set grant amount for this relief fund. Each of the fifteen recipients in each cycle is awarded monetary relief based on need and impact.
Also, check out this article to learn about more pandemic relief grants: Is Your State Offering Back to Business Grants?.
What Is A Minority Business Grant
A minority business grant is a grant given to minority-owned businesses, often in underserved communities. The term minority can refer to ethnic groups such as African American, Hispanic, Native American, and Asian-American business owners, but it also encompasses low-income communities, members of the LGBTQ+ community, and veterans. American women from all ethnicities are also considered a minority group by many grant-making organizations.
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Nj Clean Energy Stimulus Grants Available To Minority And Women
ByVictoria Arena
Clean energy consumption is an important issue for many businesses. In New Jersey the New Jerseys Clean Energy Program has a few programs designed to help small businesses improve their energy performance and air quality to create healthier and safer work environments.
Signed into law in August of 2021 by Gov. Phil Murphy, the School and Small Business Energy Efficiency Stimulus Program Fund created two distinct programs: 1) the School and Small Business Ventilation and Energy Efficiency Verification and Repair Program and 2) the School and Small Business Noncompliant Plumbing Fixture and Appliance Program.
These programs provide grants to improve air quality and energy performance in schools and small businesses through the repair, maintenance, upgrade, replacement, and installation of certain HVAC systems, and the installation of energy efficient and water-conserving appliances. Learn more and .
Under the Small Business Stimulus Program that is available to women and minority-owned small businesses, business owners can receive grants to implement clean energy solutions in their businesses. This program offers up to $500,000 to improve indoor quality, energy efficiency and water conservation to eligible small businesses with a commercial storefront.
The program covers up to 75% of the cost of projects to:
Topic: Grant for Women and Minority-Owned Small Business Owners
HVAC
Southeastern Nc Wilmington Region Bipoc And Mwbe Grants Loans And Financial Aid
Businesses in the southeastern part of the state, including the Sandhills, Lumberton and New Hanover County, can get assistance from the UNC-Pembroke Thomas Entrepreneurship Hub. This is startup help, an incubator, and many other resources for MWBE, Native American as well as veteran owned businesses. Or learn about free government grants, bank financing, and other ways to raise capital. Find details on the hub here.
Wilmington NC minority businesses can turn to Genesis Block. The non-profit helps entrepreneurs as well as existing small, black or Latino owned businesses start or grow. On occasion, they do have free grants, low cost loans, and other financial help. The non-profit also offers an entrepreneurship center, small business accelerator programs as well as other assistance. Apply here.
Wilmington businesses can also turn to The Network for Entrepreneurs in Wilmington, also known as NEW. Business owners and those seeking to start one can get free mentoring or networking. There is marketing help, advice on applying for low cost or interest free loans, website development and much more. Learn about NEW here.
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