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Research shows that BIPOC entrepreneurs receive less business financing, less often, and at higher interest rates compared to white business owners. Small business grants can be helpful alternatives (or supplements) to more traditional forms of funding.
How To Apply For A Minority Small Business Loan
Small business grants can be competitive and require a lengthy application process. The fee, however, is free funds that you don’t have to pay.
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Here are some grants that may be good for minority business owners and what you need to know to apply.
This federal portal is a great resource for finding grants that apply to your specific industry and qualifications. In total, Grants.gov offers eligibility guidelines, application information, and deadlines for more than 1,000 small business grants.
All federal government agencies that offer grants will post their information on this site. More than two dozen federal agencies offer grants, including the Department of Agriculture, the Department of the Interior, the Environmental Protection Agency, and the National Aeronautics and Space Administration.
In particular, minority-owned businesses may be found in searches based on the category “small business,” or on your individual eligibility criteria, such as “Native American tribal organization, ” or “non-profits.”
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The SBIR and STRR programs provide business development grants for small businesses involved in cutting-edge research and development. Eleven government agencies including NASA, DOD, DOE, DHHS, and the National Science Foundation reserve a portion of their research and development funds for this grant program.
Grant eligibility requirements and grant amounts are very specific to the program and individual grant you are applying for. You must have an American-owned and independently operated, for-profit small business, with a principal investigator working in your business. Your business must also have 500 employees or fewer.
Do you run your business in a rural area? If so, you may want to check out the Rural Business Development Grant program from the USDA, which offers small business grants between $10,000 and $500,000.
This program is available to businesses operating in rural areas, with a population of less than 50,000. In addition, the grant money must be used for projects that benefit your rural area or town. A variety of entities are eligible for this program, including nonprofit corporations, federally recognized tribes, rural cooperatives, state agencies, and others.
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The USDA Water and Waste Disposal Loan and Grant Program helps qualified business owners who cannot obtain more traditional business financing. This program, as the name suggests, provides both grants and business loans.
To be eligible for this grant program, your business must be in the field of water or waste disposal in an eligible area—a rural area or town with a population of 10,000 or less, land in tribes in rural areas, or colonies. Most state and local government entities, private nonprofits, and federally recognized tribes are eligible for this program.
MBDA provides grants to organizations that operate their Minority Business Centers throughout the United States. Through one of these centers, you can receive business consulting, procurement matching, and financial assistance for your minority-owned business.
In addition, MBDA also runs a separate ongoing grant competition program. In 2021, this program is looking for proposals to open and operate one of the four MBDA Export Centers.
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This program helps socially or economically disadvantaged small business owners compete for government contracts that are set aside and sole source. Although the SBA 8(a) program is not technically a grant program, it offers excellent opportunities for minority-owned businesses. In addition to the actual business contract, those who qualify for the program will receive access to the Business Opportunity Specialist, a mentor-protégé program, as well as business training, mentoring, and executive development.
The nonprofit association NASE runs their Growth Grants Program that offers microgrants of up to $4,000 each. These grants are designed to help businesses grow.
Although NASE does not exclusively offer grants for minority-owned businesses, this program is designed for small businesses that do not often find other financing methods. Additionally, a NASE Growth Grant can be used for a variety of business purposes—including purchasing equipment, hiring employees, or creating marketing materials.
AWGC provides grants for Asian American women-led organizations and individual artists in NYC. The nonprofit organization awards these grants to businesses that use arts and culture to create progressive social change, raise awareness and action on issues that affect Asian American women, women, and families, and promotes and promotes the central role of women in these projects.
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AWGC typically awards five to eight project grants each cycle (usually annually) in amounts of up to $15,000.
First Nations is a nonprofit that runs a national grantmaking program that provides technical and financial resources to Native nonprofits and tribes.
The Operation HOPE Small Business Development program is designed to assist small business owners in underserved communities. The nonprofit organization offers an eight-week entrepreneurship training program to provide minority business owners with business training, personal development, access to professional services, and mentoring. financial.
The program also helps business owners create and maintain a business plan, as well as gain access to funding and other business resources.
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The NBMBAA scale-up pitch challenge is a grant competition that encourages business owners to think about creative, scalable startup ideas. NBMBAA connects startups with early stage investors and venture capitalists and gives them the opportunity to present their business idea. The winning business owner or team will receive a grant of $50,000, second place will receive $10,000, and third place will receive $7,500. A People’s Choice Award will also be given for $1, 000.
This grant competition is a great option for Black-owned businesses looking for start-up funding for their first business or trying to launch a new idea. You must be a member of the NBMBAA to participate and the competition is held annually.
The FedEx Small Business Grant Contest is a nationwide competition that honors approximately 10 different deserving business owners each year. Grants range from $15,000 to $50,000, plus $1,000 to $7,500 for FedEx print services.
Many of the past winners of this grant contest have been minority-owned businesses—and generally, the grants are awarded to those with unique business ideas that positively impact the community.
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Also recognizes small business opportunities and other resources for women, Black women, veterans, and criminals. Check to see if these grants may also be suitable for your business.
Sally has over a decade of experience in print and online journalism. He was previously the senior editor at SmartAsset—a Y Combinator-backed fintech startup that provides personalized financial advice. There he edited articles and data reports on topics including taxes, debt, banking, credit cards, investing, insurance, and retirement planning. He has also held various editorial roles at AOL.com, Huffington Post, and Glamor magazine. Her work has also appeared in Marie Claire, Teen Vogue, and Cosmopolitan magazines. NYC Launches Fund to Provide Over $1 Million in Small Business Relief and Recovery Grants to New York City Minority-Owned Small Businesses
16 Community-Based Organizations and the Department of Small Business Services (SBS) of the City of New York are partnering in NYC to support small businesses in underserved communities impacted by COVID-19
NEW YORK, NY – NYC today announced the launch of the NYC Small Business Relief & Recovery Fund. The Fund will provide direct grants of $10,000 to minority-owned small businesses in New York City that are facing survival challenges in the face of the COVID-19 pandemic. The goal of the Fund is to help especially vulnerable small businesses to cope with the immediate impact of the pandemic and to support their possibility of long-term success. Eligible businesses are encouraged to apply for funding. Businesses applying for funds must be located in New York City; owned by a minority; has 20 or fewer employees; and have an annual income of less than $500, 000. Priority is given to small businesses located in designated low to moderate income neighborhoods. Grantees may use funds to meet expenses such as payroll, rent, overhead, marketing, technology and infrastructure upgrades, employee training, and related costs.
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For more information on NYC and this new funding opportunity, visit /nyc. Businesses interested in applying for a grant can access information in English and Spanish.
As part of its commitment to promoting economic diversity and stability in the five boroughs of New York City, NYC is working with local partners to deliver these grants, as well as technical assistance, to in small businesses. NYC has partnered with 16 community-based organizations to conduct outreach to small businesses, assess their eligibility, and help them prepare and submit applications for funding. These organizations will also connect small businesses with additional technical assistance and training to help them sustain their operations and ensure their long-term sustainability. Affiliated organizations include:
Through a partnership between NYC and the NYC Department of Small Business Services (SBS), businesses that receive grant funding will be referred by community-based organizations to local NYC Business Solutions Centers for additional, free business support. Grantees will receive guidance related to business continuity,
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