Minority-owned small businesses often face challenges securing capital for startup or growth. While loans are an option, many prefer alternative funding sources. Grants offer a valuable alternative, providing funding that doesn’t require repayment.
Many minority small business grants and assistance programs exist. However, finding the right one can be challenging. The following grants include prominent and lesser-known programs that may suit your needs. Each has a unique application process and requirements, so carefully review their guidelines to improve your chances of acceptance.
Grants.gov lists over 1,000 available government grants, including those for minority businesses. The website compiles grants from over two dozen government agencies, such as the U.S. Small Business Administration (SBA), the U.S. Department of Agriculture (USDA) and the U.S. Department of Commerce. Use the Search Grants tool to filter the list by keyword or opportunity number. To apply, register for an account and download an application package.
The Minority Business Development Agency (MBDA), operated by the U.S. Department of Commerce, helps minority-owned businesses access resources for growth and success. Grant competitions change regularly. Visit the MBDA Grants website for current opportunities. The MBDA’s grant budget was increased under the American Rescue Plan Act, providing an additional $100 million for technical support of underserved entrepreneurs.
Backing the B.A.R. Grant, a collaboration between the NAACP and Bacardi, aims to increase representation of minorities in the beverage, alcohol, and hospitality industries. It awards over $100,000 in acceleration grants and provides education, support, and solutions for Black-owned bars, restaurants, nightclubs, liquor stores, and small businesses seeking a liquor license. Eligible businesses must be majority-owned by Black individuals.
The NAACP Powershift Entrepreneur Grant supports Black entrepreneurs and businesses through funding and resources. Winners receive a $25,000 grant and other resources to help their businesses thrive. Applications are accepted from October 24 to November 1.
The National Minority Supplier Development Council (NMSDC) provides a grant program, the Business Consortium Fund, to support certified minority-owned businesses. To become certified, businesses must be at least 51 percent owned and controlled by an entrepreneur who is African American, Hispanic American, Native American, Asian Pacific American, or Asian Indian American. Certified businesses can access working capital loans and grant funding through the Business Consortium Fund.
The U.S. SBA 8(a) Business Development Program assists economically disadvantaged small business owners. It provides business development support and consultation services for management. To qualify, the business must be 51 percent owned and controlled by an entrepreneur who is economically and socially disadvantaged and has a net worth of $250,000 or less. Certified businesses must complete annual reviews to remain in good standing.
The Program for Investment in Micro-Entrepreneurs (PRIME) provides grants to small businesses, prioritizing women-owned businesses and economically and socially disadvantaged business owners. Grant opportunities include technical assistance, capacity-building, research and development, and discretionary grants. Eligible organizations include micro-enterprise development organizations, intermediaries, and Indian tribes.
The American Rescue Plan reauthorized and allocated $200 million to the SSBCI, distributed to states, territories, and tribes. The grants provide technical assistance, including legal, accounting, and financial help, to businesses owned by socially and economically disadvantaged individuals and very small businesses.
The USDA’s Rural Business Enterprise Grant Program provides grants to public entities to offer training and technical support to small businesses with fewer than 50 new workers and less than $1 million in gross revenue. These grants can be used for a wide range of purposes, including training, technical assistance, and business development.
Minority entrepreneurs can apply for the annual FedEx Small Business Grant Contest, where 12 businesses can win up to $50,000 each. Prizes include cash grants and FedEx printing services. To apply, submit a profile about your business and its mission.
The Amazon Black Business Accelerator offers valuable services for Black-owned businesses on Amazon, including enrollment credits, imaging services, advertising credits, and Buy with Prime credits. Businesses must have a Professional selling account and a certificate verifying Black ownership.
The Wish Local Empowerment Program gives grants of between $500 and $2,000 to Black-owned brick-and-mortar stores with 20 or fewer employees and annual revenue of less than $1 million. Grant recipients must join Wish Local, a mobile shopping app.
The Hawai’i FoundHer program provides grants to women business owners in Hawai’i’s local economy. To qualify, the business must be majority-owned by Native Hawaiian, Pacific Islander, and/or Asian women.
The Ingredients for Success Entrepreneurs Initiative awards $15,000 to marginalized professionals in the culinary industry. Funding is provided by corporations. In addition to grant money, recipients receive financial education, marketing training, and business development consulting.
BGV Pitch offers Black female business owners the opportunity to compete for grants by giving a three-minute pitch. Winners receive cash grants and membership in the BGV Connect Incubator.
Freed Fellowship Grants are awarded monthly to underrepresented small business owners. Recipients receive a free strategy call, a membership to the Freed Studio online mentorship community, and a feature in the Freed Stories podcast.
The Feed the Soul Foundation’s Restaurant Business Development Grant Program awards $15,000 to marginalized professionals in the culinary industry. Recipients also receive financial education and consulting.
This grant awards $2,000 to 10 businesses and $25,000 to America’s Top Small Business of the Year. Applicants can enter in up to five categories. All 100 selected businesses receive brand exposure and access to business experts.
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