Grants For African American Small Business Owners – Written by AJ Dellinger Written by AJ DellingerArrow Right Contributing Author AJ Dellinger is a contributing author for . AJ writes about auto loans and real estate. AJ Dellinger and Robert Thorpe Written by Robert ThorpeArrow Right Editor Before joining , Robert was an editor and writer at The Ascent by The Motley Fool, covering a range of personal finance topics including credit cards, mortgages and loans. Connect with Robert Thorpe on LinkedIn Linkedin Robert Thorpe
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Grants For African American Small Business Owners
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Grant Opportunities For Minority Owned Small Businesses
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Minority-owned businesses account for about half of all new businesses formed in the last decade. They’ve helped create nearly five million new jobs and generate nearly $700 billion in revenue, but still face significant financial challenges.
Minority Small Business Grants provide finance for minority business owners – groups who have historically not had fair access to business capital. Unlike small business loans, these grants do not have to be repaid, although you will likely face stiff competition for these funds.
Here’s a look at the best small business grants for minorities and additional resources that could help you secure funding for your business.
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The Federal Reserve’s 2021 People of Color-Owned Businesses Report highlights the financial challenges faced by minority small business owners. In 2020, minority-owned small businesses:
Grants.gov is a federally operated website with more than 1,000 funding opportunities—including those for small and minority-owned businesses.
These grants are awarded by federal agencies such as the Department of Commerce and the U.S. Small Business Administration offered. Once you sign up, you can browse the grants available and find the options that best suit your business.
Companies applying for grants through Grants.gov must have a DUNS number, a nine-digit identification number provided by Dun & Bradstreet. Once this number is obtained, the business owner can register through the government’s System Award Management (SAM) website and apply for grants as they become available on Grants.gov.
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Rural business development grants can be used for technical assistance, training and other projects that benefit rural communities. While not specific to minority-owned businesses, the USDA Rural Business Development Grant Program is a valuable resource for rural regions where minorities are the primary sources of economic growth.
The USDA offers two types of grants: opportunity grants and corporate grants. Both can be used for projects such as community improvement, feasibility studies, strategic planning, and leadership training. However, business grants go further and include projects such as training and technical assistance, rural distance learning and land acquisition.
Businesses that wish to apply for the USDA Rural Business Development Grant Program must have 50 employees or less and less than $1 million in gross sales. They must also be based in an eligible rural area.
The SBIR and STTR programs provide high-risk, early-stage funding for small companies conducting federal research/research and development (R&D). Grants come from eleven federal agencies currently participating in the programs, including the Department of Health and Human Services (HHS).
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As part of HHS, the National Institute on Minority Health and Health Disparities (NIMHD) awards grants to small businesses from diverse backgrounds that provide research and development specific to the health equity challenges of underserved communities.
Both the SBIR and STTR programs have three phases: Phase I awards can be worth up to $250,000, while Phase II awards are typically $750,000 for two years. Phase III funding will not be provided by these programs, but there may be funding and production contracts that come from non-SBIR/STTR sources.
You must determine your eligibility before you can apply for SBIR and STTR grants, which are typically reserved for US for-profit companies with 500 employees or fewer. Eligible companies must research current opportunities and register with several web-based systems, including the System for Award Management (SAM) and Electronic Research Administration (eRA) Commons, before proceeding with the application process.
Direct grants alone will not be enough to overcome the social and economic disadvantages of minority small business owners. Here’s a look at some additional federal resources to check out:
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Minority entrepreneurs are just one group that continues to face an uphill struggle for equal access to capital. Women-owned businesses, veterans, and LGBTQ+ business owners have also historically lacked support and funding opportunities. For this reason, the Small Business Association provides federal contract dollars each year. See the SBA Contract Assistance Programs for more information.
The Coalition to Back Black Businesses is a collaborative multi-corporate effort to fund minority-owned businesses. The coalition includes American Express, ADP, AIG Foundation, Altice USA, Dow and the S&P Global Foundation.
Qualifying companies receive $5,000 in grants, as well as mentoring and training. Some promising companies will also receive grants of up to $25,000.
The Coalition to Back Black Businesses Grant is available to small, black-owned businesses located in economically disadvantaged communities that employ between three and 20 people.
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Applicants may express their interest by providing their company name, zip code, industry and contact information. Grant finalists will be contacted and must complete a complete application and submit a W-9 form, employee identification number, and other supporting information about their company. The 2022 application deadline has passed, so check back in 2023.
Four times a year, the National Association for the Self-Employed (NASE) offers small business owners up to $4,000 in business grants through its Growth Grants program. Funds can be used for marketing, advertising, hiring staff, expanding facilities and other specific business needs.
While these grants are generally open to small business owners, they can be a great resource for people who want to run their own organizations and grow — which includes a growing number of business owners of color.
To apply for a growth grant from NASE, you must become a member
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