Resources And Grants For Minority Small Businesses
Minority Business Development Agency : The MBDA is part of the Department of Commerce that aims to help minority business owners or minorities who wish to become entrepreneurs. The agency itself doesnt give grants, but it does have many grant funding programs designed to help minority businesses by supporting the creation of jobs and helping them obtain contracts and capital. Each year, the MBDA organizes grant competitions funded by angel investors.
Operation HOPE Small Business Development Program: HOPEs Small Business Development Program aims to empower aspiring entrepreneurs with training. The knowledge and skills they acquire will help them navigate their way to small business ownership and help them understand what they can do to overcome funding challenges.
First Nations Development Institute Grant: First Nations has a grant-making program for Native American, Alaska Native, and Native Hawaiian communities which provides financial and technical resources. The program is dedicated to the development of projects and businesses for these communities.
National Minority Business Council: The NMBC provides business assistance to minority- and women-owned business enterprises .
To apply for a minority small business grant, you need to get certified as a minority-owned business by the Minority Business Enterprise . The minimum eligibility criteria for MBE are as follows as stated by the MBE:
Member of a presumed group includes:
Minority Business Grant Resources To Consider
While the idea of receiving grants for Black-owned businesses or business grants for minorities sounds attractive, you still need to know where to go online to apply. Review these resources prior to your small business financial planning.
Here are our top five picks for business grants for minorities:
Rural Relief Small Business Grants
Local Initiatives Support Corporation, in partnership and with financial support by Lowes, is providing 900 Grants and $18 million. Institutes of Health provides grants for domestic small businesses to engage in biomedical Research/Research and Development that has the potential for commercialization.
First Nations, with support from Indigenous Peoples Fund at Tides Foundation, expects to award up to 13 grant awards of approximately $32,000 to support Native American-led food sovereignty work. Grant Deadline: January 14, 2021
In partnership with the Association for Enterprise Opportunity , Fiserv aims to support Black- and minority-owned businesses that have been impacted by COVID-19 and social unrest. Award: up to $10,000Annual Grant Deadline: January 29, 2021 February 16, 2021 March 15, 2021
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Small Business Innovation Research Grants/small Business Technology Transfer Grants
The Small Business Innovation Research grant and Small Business Technology Transfer grant were created to give small businesses the opportunity to do research and development work for the federal government.
This competitive, award-based program pushes small businesses to see just how far they can improve in their technological and research development.
If your small business is in the early stages of collaborating with a nonprofit research group to develop groundbreaking technology, these grants are the best way to procure seed money.
Find opportunities for your small business or, if you are ready for the application process, learn how here.
Both SBIR and SBTT grants are offered by the U.S. Small Business Administration. The SBA has long advocated for the support of small and minority-owned businesses, so be sure to check their website to stay abreast of any new grants theyre offering.
How Can I Certify As A Minority
You can get certified as a minority-owned business through a few different organizations, including the SBA and the NMSDC. Qualifications are different depending on where you are trying to get certified, but generally, youll need to prove your business is at least 51% owned by a minority, be a US citizen, and meet other requirements.
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Best Small Business Grants For Minorities
Are you a minority business owner looking to start or grow your business? Heres a list of the best small business grants for minorities. Minority grants are available from the government and private sources.
Minority business owners and aspiring entrepreneurs often face various obstacles when starting or expanding their ventures, including the lack of access to funding. The good news is that many small grants are available to help minority-owned small businesses get off the ground. These small business grants for minorities can be found through government agencies, foundations, and private companies.
Weve compiled this comprehensive resource to take a deeper dive into minority small business grants: what are they, who qualifies, and what are the top opportunities available? Continue reading to learn more.
Small Business Grants For Minority
Minority small business grants are free money that has been made available to individuals looking to start a minority-owned business.
Are you a minority business owner, looking for funding opportunities for your business?
You have come to the right place to find business opportunities and funding options.
If you are a part of minority-owned businesses, or a minority entrepreneur and are looking for financial support and other business tools and resources made available to help you in starting or growing your business, keep reading.
Minority business owners are known to be some of the most business-minded entrepreneurs, in spite of the challenges that come with starting and running a minority-owned business.
Understandably, minority business startups and individuals who are growing their businesses may require some form of funding to help them get started, from sourcing funding options to get tools and resources to help them along the way.
We are committed to bridging the gap between these funding options that are available to minority business owners, and how they can access these funding successfully.
We have a list of businesses that support minority business owners in finding grants for their business ranging from starting group homes to beauty salons, food trucks, restaurants, and much more.
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The Coalition To Back Black Businesses
The Coalition to Back Black Businesses is a partnership of several brands that have come together with the goal of empowering Black-owned businesses.
The Coalition is supplying $14 million in minority grants, resources and training over a span of four years through 2023 that is meant to help small businesses recover from pandemic-related setbacks. The Coalition includes American Express, ADP, AIG Foundation, Altice USA, Dow and the S& P Global Foundation.
Select businesses will qualify for grants in the amount of $5,000 each fall, in combination with training and mentorship benefits. When the summer arrives, a few initial grant recipients will receive additional $25,000 enhancement grants as a means of additional funding and support.
Eligible businesses must be Black-owned enterprises located in economically distressed communities. You can apply on the Coalitions website in the fall when the application process opens. The grant committee will select 400 or more eligible applicants at random to receive cash awards and other benefits.
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.
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How To Apply For Minority Small
Its critical to read the eligibility requirements and application process for each grant you apply to. Each is different, so we’ll cover the basic steps and requirements for most minority grants.
If you need help during the application process, reach out to the program to speak to a representative.
Who Qualifies For A Minority Business Grant
The individuals eligible to receive minority business financing are people of color or identify as non-white. This includes African Americans, Hispanics/Latinos, Asian Americans/Pacific Islanders, Native Americans, and any individual who identifies as members of those ethnic groups. Individuals from all backgrounds can apply for minority business grants if they meet the criteria established by the organizations offering them.
If youre a non-white business owner looking to scale your operations, you should consider capitalizing on these grant opportunities. They provide small business owners from marginalized populations the resources to launch viable enterprises and give them a leg up for competing against larger corporations and industries.
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Outside Sources Of Capital
HEDCO offers small businesses flexible and affordable loan options up to $400,000 with rates as low as 4%.
CommCap makes loans to small businesses for capital improvements, working capital, fixed asset acquisition, commercial real estate and leasehold improvements.
This organization funds micro loans for small business borrowers.
CIC is a nonprofit economic development lender providing loans and guidance to small business entrepreneurs in Connecticut and Rhode Island who have powerful ideas and need help to grow.
CI has several grants and loans available to help small businesses innovate. Perfect for growing IT, biotech and high-tech businesses.
SeCTer’s various loan programs provide loans from $10,000 to $2 million and can be combined with loans provided by partners .
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.
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The Best Grants For Minority
Securing grants for your minority-owned business can help in providing your business with a much-needed boost for growth and profitability. These grants serve the purpose of increasing economic development across different minority communities and serve as a no-debt, dilutive option for businesses that do not want to give up percentages of ownership or go into debt to grow their business.
Here are some of the best grants for minority small business entrepreneurs:
Minority Business Development Agency
A US Department of Commerce agency, the purpose of the Minority Business Development Agency is to help connect minority business owners to federal contracts and other financial resources. The agency also has historically periodically awarded grants to minority-owned companies for specific purposes.
There are MBDA centers in many major cities that can assist you in finding funding. From helping you find grants and loans to providing marketing and legal assistance, the MBDAs physical business centers are set up to offer a range of services to minority business owners and entrepreneurs. Heres a searchable directory of these MBDA business centers.
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The South Asian Arts Resiliency Fund
The South Asian Arts Resiliency Fund, operated by the India Center Foundation, is designed to support South Asian arts workers impacted by the COVID-19 pandemic. The fund will disburse grants up to $2,000, depending on financial need to U.S.-based arts workers of South Asian descent. This includes those in the performing arts, film, visual arts, and literature with heritage from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. Initial funding for the program is $20,000, but the India Center Foundation is soliciting donations to expand the grant program.
To be eligible for the South Asian Arts Resiliency Fund, applicants must be of South Asian descent, work in the arts and demonstrate loss of income due to COVID-19. Additionally, applicants must be at least 21 years old, not enrolled in a degree program, and able to receive taxable income in the U.S. Grant funding could be put toward any artistic project that could be developed, created, and presented within four to six weeks of receiving funding.
Ups Small Business Grant For Latinx Businesses
UPS has partnered with the US Hispanic Chamber of Commerce to offer Latinx-Owned small businesses impacted by Covid-19, small business grants of $5,000.
Eligibility requirements include:
- Must have less than 20 full-time employees
- Have an EIN or ITIN number
- Been in operation for at least 9 months.
The deadline to apply is Friday, June 11, 2021 at 11:59 PM ET.
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Lending Programs For Minority Business Owners
Business Center for New Americans: The BCNA works with immigrants, women, and other minority business owners specifically. They provide small business loans and micro loans to business owners who are unable to obtain loans from traditional lenders due to a lack of business history or bad credit. Loans range from $500 to $50,000 with repayment periods of 6 months to 3 years. Interest rates are 8.25% fixed for loans of $500 – $9,999 and 10% fixed for loans of $10,000 – $50,000.
Minority and Women Revolving Loan Trust Fund Program: The Empire State Developments program was created to offer low-cost financial assistance to minority and owned businesses who arent able to access to traditional financial services. The program provides fixed asset loans of up to $50,000 and working capital loans up to $35,000 for businesses located in New York.
Union Banks Business Diversity Lending Program: Union Bank offers minority small business loans to minority business owners whose business have annual sales that do not exceed $20 million whose borrowing needs are $2.5 million or less.
Business Consortium Fund loan: The BCF loan program is available to minority-owned businesses certified by the National Minority Supplier Development Council . The NMSDCs BCF Direct Loan Program gives lines of credit, term loans, and working capital loans. Qualified applicants can borrow $75,000 – $500,000.
Business Grants For Minorities
There are many business loans available for minorities, but just as for veterans, there are few grants.
In addition to those grants, MBDA also occasionally runs other grant competitions. Youll have to monitor their news to find these opportunities in the future, but there are no set schedules or eligibility guidelines for them.
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Business Grants For Minority
To make sure you dont miss the application periods for small business minority grants in 2022 and beyond, its a good idea to sign up for the grant organizations email list and follow their social media accounts on Instagram and Twitter. This way, you can stay on top of minority business grants submission dates and find out about any changes to the grant program.
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Get Certified As A Minority
The first thing you want to do as a minority-owned business is to get certified as one by the minority business enterprise . Not only will it help you get easier access to grants and make the applications easier, but they provide some other benefits like business development assistance. If you need help getting certified, the Minority Chamber of Commerce can assist you with the process.