Startup Business Grants For Minorities – The initial stages of starting a business are challenging to say the least. When the startup is minority owned, the challenges seem to multiply. This is especially true when it comes to getting financing from lenders.
Some financial institutions offer small business loans, but if they don’t think your business plan works, they won’t approve you for the loan.
Startup Business Grants For Minorities
To avoid this challenge, small business owners can take advantage of grant opportunities to strengthen their working capital from the start.
Small Business Grants: Here Are 23 You Can Apply For In 2023
The Small Business Innovation Research (SBIR) grant and Small Business Technology Transfer (SBTT) grant were created to give small businesses the opportunity to conduct research and development work for the federal government.
This competitive, award-based program pushes small businesses to see 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 get seed money.
Both SBIR and SBTT grants are offered by the US Small Business Administration. The SBA has long advocated for supporting small and minority-owned businesses, so be sure to check their website to stay up-to-date on new grants they offer.
Guide To Small Business Grants In Ontario
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The Comcast Rise Grant is a program created to provide small businesses with the resources and tools needed to survive the effects of the pandemic.
There are actually two different types of prizes, depending on what aspect of the program you are applying for.
If you need a cash flow, you should apply to the investment fund. If you need technology and expert advice on how to use it, they offer a Marketing Services and Tech Makeover price.
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Every entrepreneur could use a little more business financing. The Comcast Rise Investment Fund will award $10,000 to small businesses across the country.
So stay tuned and check back every year – you never know when your city will come back to cycling!
The prize also includes top-of-the-line computer equipment, and free Internet, technical assistance, and cybersecurity services for one year.
All of the above tools and resources can certainly help a struggling small business get a foothold.
Small Business Grants: Finding Free Money
Rebuildtheblock is a business association that works diligently to provide financing opportunities for Black-owned small businesses. Their Small Business Relief Fund aims to help businesses recover from the effects of COVID-19.
The RBT Small Business Relief Fund runs in three-month cycles, giving business owners four grant opportunities each year.
There is no set amount for this relief fund. Each of the fifteen recipients in each cycle is awarded monetary relief based on need and impact.
Also check out this article to learn about more pandemic relief grants: Is Your State Back to Business Grants?
New Sc Cares Act Funds For Nonprofits, Small Minority Businesses
Kinetic Business by Windstream offers grants of up to $2,500 to support Black-owned small businesses. These grants also come with free internet and business consultations.
This grant is for a very specific demographic. To be eligible, your business must be in one of these three locations:
If you receive a grant, your business must continue to meet these requirements for the duration of your one-year grant period.
If you are a Black small business owner and meet all of these eligibility requirements, you should definitely apply for this grant.
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To apply for this grant, you must be a NASE member. Once you have applied, you can fill out the grant application and a business plan for consideration.
Applications are accepted throughout the year and reviewed quarterly. The board reviews submitted applications and selects recipients based on need, potential, and the expected impact the grant will have on your business.
This challenge, facilitated by the National Black MBA Association, gives members a chance to secure a helpful amount of business funding and mentorship from successful investors.
Only NBMAA members are eligible to apply for this scholarship. Applicants must represent a business in which at least one of the owners is Black, and the business must be in the initial stages of business development.
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As the name of the competition suggests, the Scale-Up Pitch Challenge revolves around a pitching process in which entrants explain their business to a panel of judges.
Each business is given three minutes to deliver their initial pitch, which must be accompanied by a PowerPoint presentation. The pitch segment will be followed by a three-minute Q&A session with the panel of judges.
As the organization says on its website, the goal of the Scale-Up Pitch Challenge is “to help members create businesses that are scalable.” So if you decide to apply, be prepared to discuss your plans for scaling with the panel.
Before applying, you must register with SAM and obtain a DUNS number. Then contact your county’s rural development office to apply for this grant.
How To Get A Small Business Grant
Nine years ago, FedEx created the Small Business Grant Contest as a way to give back to the community and support economic development in the United States.
The company also maintains a Small Business Resources page on its website, which is an entire section dedicated to helping small businesses stay competitive.
FedEx posts application information on their Small Business Resources page at the beginning of each year. Check back regularly to make sure you don’t miss the opportunity!
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 running small businesses.
Fresno County Offers Small Business Grants For Minority And Women Owned Businesses
To be eligible for this grant, businesses must be run by an Asian American woman. The business must share the Giving Circle’s goal of using arts and culture to improve social and economic conditions for Asian American women and families.
These scholarships are awarded in the amount of $5000. Recipients who show exceptional promise will be considered for an additional $25,000 grant.
This coalition also offers online resources and mentorship to help struggling Black-owned businesses recover from the financial impact of COVID-19 and any other obstacles.
Speaking of resources, we have a whole page on resources for Black SMBs here: Black Tradelines, Support, and More.
Small Business Grants For Minorities
This year’s Sephora Accelerate Grant focuses on women of color who are doing amazing things in the world of beauty and wellness.
First, applicants will win a six-month, all-expenses-paid trip to a business “boot camp” where they will receive mentorship from industry leaders and participate in workshops related to:
Upon completion of the program, recipients will have their products featured on the shelves of Sephora stores worldwide.
Grantees also receive a small financial award and the opportunity to secure more funding, depending on how their products perform in business.
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Google is doing its part to help new black small business owners succeed online by giving them a chance to win up to $100,000 in cash and extra help in the form of Google Ads and Google Cloud Credits.
The Black Founders Fund of Google for Startups is open to those who have participated in the Google for Startups programs or have been nominated by someone who has.
In addition to the specific funding opportunities described above, there are many websites designed to help you find small business grants and business development programs.
This website is a database frequently used by those listing and searching for federal grants. There are hundreds of grants and aid programs to apply for in the Grants.gov database.
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To make it easier to find the one specific to your needs, locate the Eligibility drop-down menu on the left side of the page and select the “Small Businesses” box.
It is wise to check back periodically, as this database is the primary source of information on grants offered by many local and federal government agencies.
This website will not give you specific scholarship opportunities, but it will help you learn how to apply for grants. You can also visit one of MBDA’s business centers for face-to-face help with your business.
They provide periodic grants to businesses that improve economic conditions for Native American communities across the country. They award several scholarships every year.
Small Business Grants For Veterans (2023)
To date, this organization has awarded over $43 million in grants that support development efforts in areas inhabited by Native American tribes and people.
This institute awards annual grants ranging from $25,000 to $75,000. There can be anywhere from 20-35 grant opportunities per year.
It is important to keep checking their website for a “Notice of Funding Opportunity.” This is where the institute lists many of its scholarships.
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The Best Grants For Black Small Business Owners
Sure, it may take some time and energy to fill out the applications and follow the guidelines outlined above, and you’re never guaranteed to receive an award.
However, if you are selected as a grant recipient, imagine the possibilities that this financial assistance will bring to your business.
Small business loans are available to give you a line of credit, but these often come with high interest rates, especially if your credit score isn’t the best.
As a minority business owner, your persistence and perseverance in finding alternative financing can be the very thing that takes your business from survival. Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners.