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Grant For Minority Owned Business
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Many government agencies and organizations offer grants, financing and low-cost loans designed to help minority businesses grow.
From companies like FedEx to government institutions like the US Treasury Department, there are many financing options geared toward minority businesses. – Getty Images/kali9
If you operate a minority business, there are many opportunities to obtain government and business contracts that are specifically awarded to businesses with this classification. However, what if your business is just starting out or going through a rough patch and could use some extra funding?
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Many government agencies, banks, corporations and associations offer grants and loans designed to help minority businesses. While some of the best financing options specifically target minority businesses, other financing options that are still good have higher terms but should be explored. In addition, some venture capital firms specialize in investing in minority founders.
The Community Development Financial Institutions Fund (CDFI), part of the US Department of the Treasury, provides funding to community development organizations, banks, credit unions and other financial institutions. These recipients, in turn, provide low-cost loans and services to underserved populations and communities, including many minority businesses. You can search for local financial institutions that have received awards from the CDFI Fund.
The United States Department of Transportation’s Disadvantaged Enterprise (DBE) program aims to give minority and women-owned businesses “a fair opportunity to compete for federally funded transportation contracts.” The significant awards are presented annually to companies focused on highways, transit, airports and related projects. Although it does not offer direct funding in the form of grants or loans, this program is known for its contracting opportunities.
The FedEx Small Business Grant Contest awards more than $250,000 to 12 small businesses each year. The competition is focused on awarding grants to companies with “products that reach niche and underserved markets, business models focused on sustainability and comprehensive innovative products.” Many of the winners over the years have been minority and women-owned businesses. The 2020 winners have been announced, but the competition will reopen in early 2021.
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Watch this episode of CO— Blueprint to learn how and why it makes sense to create a more diverse and inclusive business model.
Many government agencies, banks, corporations and associations offer grants and loans designed to help minority businesses.
One of the best places to generally look for federal grants is the aptly named Grants.gov site. Although the site can be a bit difficult to navigate, it has access to thousands of financing options. Donations are associated with companies and individuals who can help the government with “projects to provide public services and stimulate the economy.” The types of projects receiving funding are incredibly broad and include economic recovery initiatives, innovative research, training programs and targeted work for US embassies around the world.
The Minority Business Development Agency (MBDA), an agency of the US Department of Commerce that “promotes the growth of minority businesses,” offers a variety of targeted grants and loans throughout the year . Some examples of grants include the “Ex-Incarcerated Entrepreneurship Education Grant” and the “Women of Color Entrepreneurship Grant.” Minority businesses can also take advantage of MBDA Business Centers located throughout the country. These centers can help companies “secure capital, compete for a contract, identify a strategic partner or prepare for export.”
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The National Association for the Self-Employed (NASE), the nation’s largest organization supporting self-employed workers and small businesses, offers grants of up to $4,000 to help its members. These “Growth Grants” provide NASE members with capital to train employees, improve their marketing assets, invest in hardware and software, and more. NASE says it has distributed approximately $1,000,000 in growth grants since 2006.
Businesses can apply for low-cost loans between $500 and $500,000 from the SBA. In addition, the SBA has a program called 8(a) Business Development, which specifically offers opportunities and contracts to companies that are “at least 51 percent owned and controlled by economically and socially disadvantaged American citizens.”
Small businesses can have a tough time competing with the bigger players when it comes to cutting-edge research and technology. The federal government’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (SBTT) programs are designed to counter this idea by offering hundreds of grants annually to innovative small businesses.
While most venture capital firms do not tailor investments specifically to minority businesses, in recent years some firms have been established that are designed to invest in minority or women-owned businesses. A few examples of VC funds that have been established with this mission include:
How To Get A Small Business Grant (2022)
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Black Business Grants
By continuing on our website, you consent to our use of cookies for statistical and personalization purposes. Learn more The Downtown Springfield Association will award its second round of ASCEND Small Business Diversity Grants on September 29.
ASCEND stands for “Advancing Springfield’s Commitment to Entrepreneurship, Networking and Diversity.” The first round of $5,000 grants was awarded to five downtown minority businesses in June.
The five winners of the second round will be announced at 10 a.m. on September 29 at the plant in the CoxHealth Innovation Room, according to a press release from the Downtown Springfield Association, which is a partner of the U.S. Bank Foundation in this business.
“The Downtown Springfield Association is excited to recognize and support another outstanding group of local entrepreneurs,” Downtown Springfield Association Executive Director Rusty Worley said in a news release. “Through the support of the US Bank Foundation, opportunities for BIPOC (Black, Indigenous, People of Color) to create and grow businesses in Center City have increased. We look forward to building on this momentum to offer more awards in 2023 with the experiences of our first two circles of receivers.”
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The Downtown Springfield Association said the motivation for the ASCEND grant program was that downtown Springfield and its surrounding neighborhoods are one of the most diverse places in Southwest Missouri with a population that is 21 percent BIPOC, but less than 5 percent of downtown Springfield businesses are BIPOC. -property -E.
Minority Business Executive Darline Mabins said last summer that she believes this will absolutely help black business owners if this is done consistently or other grants and opportunities like this become available in Springfield.
During the first round in June, grants were awarded to Eway Scooters, Jamaican Patty, MD Hair Supplies, Mimi’s Soul Food and Bell’s Marketing Consultant. Grants are awarded based on the identified needs of new businesses and in combination with existing resources from the Springfield Finance and Development Corporation, the City of Springfield and other community organizations. This grant program is limited to new and expanding businesses with downtown storefronts. In partnership with AEO, we are pleased to announce the Fiserv Back2Business program, which will award up to $10,000 to black or minority-owned businesses*. We equip these businesses with vital education, training and capital to fuel the growth of our communities, creating sustainable businesses and shared value for all.
*Minority ownership includes American Indian or Alaska Native, Asian, Black or African American, Native Hawaiian, Hispanic/Latino, or Pacific Islander businesses. Women’s businesses can also apply.
Local Minority Owned Business Owners Receive Grant From Fiserv
The grant application is currently closed because funds have been exhausted for the last grant cycle in Nebraska.
With this support, I can launch a line of herbal hair products and expand my services to a hair restoration clinic. I didn’t know where the funds would come from…that [I] needed for the hair restoration clinic, especially at this time. So I got information about this wonderful opportunity. I applied and received this grant. I cannot thank this organization enough.
I just wanted to send you a note that I received a grant. It helps me a lot to meet my obligation to pay my business bills.
In the name of Jai
Mbda Cares Act Small Business Strategic Consulting Fund Program
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