Small Business Grants For African American Males – Written by AJ Dellinger Written by AJ DellingerArrow Right Contributor AJ Dellinger is a contributor to . AJ writes about auto loans and real estate. A. J. Dellinger and Robert Thorpe Written by Robert Thorpe. Arrow Right Editor Robert most recently worked as an editor and writer for The Ascent by The Motley Fool, covering a range of personal finance topics including credit cards, mortgages, and loans before joining The Motley Fool. Connect with Robert Thorpe on LinkedIn Linkedin Robert Thorpe
Edited by Helen Wilbers Edited by Helen WilbersArrow Right Helen Wilbers has been editing since late 2022. He values clear reports that help readers confidently close deals and make the best choices for their finances. He specializes in car and small business lending. Helen Wilbers
Small Business Grants For African American Males
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White Men Are Now The Minority Of Business Owners In The United States
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Minority-owned businesses account for about half of all new businesses created over the past decade. They have helped create nearly five million new jobs and generate around $700 billion, but still face significant financial challenges.
Minority Small Business Grants provide funds to minority business owners, groups that historically have not had equitable access to business capital. Unlike small business loans, these grants do not have to be repaid, although you are likely to face a lot of competition for these funds.
Here’s a look at the best small business grants for minorities and additional resources that can help you secure funding for your business.
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The 2021 Federal Reserve Report on Firms Owned by People of Color highlights the financial challenges facing minority small business owners. In 2020, small businesses owned by minorities:
Grants.gov is a federal government-run website that hosts over 1,000 funding opportunities, including for small businesses and minority-owned businesses.
These grants are offered by federal agencies such as the US Department of Commerce and the US Small Business Administration. Once registered, you can search for available grants and find the options that are best for 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 on the government’s System Award Management (SAM) website and apply for grants as they are 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. Although the USDA Rural Business Development Grant Program does not apply to minority-owned businesses, it is a valuable resource for rural areas where minorities are a leading source of economic growth.
The USDA offers two types of grants: Opportunity Grants and Enterprise Grants. Both can be used for projects such as community improvement, feasibility studies, strategic planning, and leadership training. But Enterprises grants go further and include projects such as training and technical assistance, rural distance learning and land acquisition.
Businesses that would like to apply for the USDA Rural Business Development Grant Program must have no more than 50 employees and less than $1 million in gross income. In addition, they must work in an acceptable rural area.
The SBIR and STTR programs provide early high-risk funding for small businesses that conduct 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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Through the HHS, the National Institute for Minority Health and Health Inequality (NIMHD) provides grant funding to small businesses from all walks of life that are conducting research and development to address the health equity challenges facing low-income communities.
Both the SBIR and STTR programs consist of three stages: Stage I awards can be up to $250,000, while Stage II awards are typically $750,000 for two years. Phase III funding is not provided by these programs, but there may be funding and production contracts that come from sources unrelated to SBIR/STTR.
You will need to determine your eligibility before you can apply for the SBIR and STTR grants, which are usually reserved for U.S. businesses with 500 employees or fewer. Eligible companies will need to explore current opportunities and register with several web-based systems, including the Commons Awards Management (SAM) and Electronic Research Management (eRA) Commons, before proceeding with the application process.
Direct grants alone will not be enough to overcome the social and economic hardships faced by minority small business owners. Here are some additional federal resources to look out for:
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Minority business owners are just one group that continues to fight hard for equal access to capital. Women-owned businesses, veterans, and LGBTQ+ business owners have also historically lacked support and funding opportunities. That’s why the Small Business Association allocates federal dollars each year for contracts. For more information, see the SBA Contract Assistance Programs.
The Black Business Coalition is a multi-corporate initiative to fund businesses owned by minorities. The coalition includes American Express, ADP, AIG Foundation, Altice USA, Dow and S&P Global Foundation.
Eligible companies receive $5,000 in grants, as well as mentoring and training. Several promising businesses are also receiving $25,000 expansion grants.
The Black Business Coalition Grant is for small black-owned businesses located in economically disadvantaged communities with between three and 20 employees.
Affirmative Action In The United States
Applicants can 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 by providing Form W-9, employee identification number, and other supporting information about their business. The 2022 application period has passed, so come back in 2023.
Four times a year, the National Association of the Self-Employed (NASE) offers business grants of up to $4,000 to small business owners through its Growth Grant Program. Funds can be used for marketing, advertising, hiring, expanding facilities, and other specific business needs.
While these grants are open to small business owners in general, they can be a great resource for people who run their own organizations and are looking to grow, including the growing number of business owners of color.
To apply for the NASE Growth Grant, you must become a member
Black And Latinx Business Banking
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