Are there grants and loans designed to help a minority owned business get started? The short answer is YES. Below is a list of some of these grants and loans available with many specifically for minority-owned businesses.
This US government website helps find and apply for federal funding opportunities. It contains information on more than 1,000 grant programs across all federal agencies, including the Department of Commerce and the US Small Business Administration.
2. USDA Rural Business Enterprise Grant Program:
This is a grant for the development or expansion of small businesses in rural areas — minority-owned or not. To qualify, you’ll need to have 50 or fewer employees, less than $1 million in revenue and be located in an eligible rural area.
3. National Association for the Self-Employed:
This non-profit trade association provides educational and financial resources for small businesses and entrepreneurs. To apply for a grant, you will need to be an active member of the association.
4. FedEx Small Business Grant Contest:
Any for-profit small business that has been operating for at least six months is eligible to enter. This annual contest awards small businesses with grants of up to $25,000.
5. Small Business Innovation Research and Technology Transfer Programs:
These programs are designed to help capitalize and commercialize biomedical technologies and innovations.
6. National Minority Supplier Development Council:
The council is member-driven organization that helps increase business opportunities for certified minority-owned businesses. It operates the Business Consortium Fund, a nonprofit business development program, which offers financing programs and business advisory services for its members.
7. Operation Hope Small-Business Empowerment Program:
This program is designed for entrepreneurs in low-income neighborhoods, which often include minority communities. The program combines business training and financial counseling along with access to small-business financing options. Participants complete a 12-week training program.
8. Eileen Fisher Women-Owned Business Grant Program:
This business grant awards up to 10 women each year with a minimum grant of $10,000 each. There are several eligibility criteria, including that businesses be at least 51% women-owned, operational for at least three years, and annual revenue less than $1 million.
9. Zions Bank Smart Women Grants:
This grant awards $3,000 each to a female recipient in each of these six categories: arts and culture, business, community development, continuing education and teacher support, child and elder care, and human and health services. This grant is open to anyone whose proposal “promotes the empowerment of women or directly benefits women or low-income or underserved populations in Utah and Idaho,” where Zions Bank is based.
10. Amber Grant for Women:
The grant by WomensNet helps women fulfill their entrepreneurial dreams since first launching in 1998.
11. Minority Business Development Agency:
The MBDA regularly offers educational resources and grant opportunities for minority business owners and entrepreneurs.
12. MillerCoors Urban Entrepreneurs Series / Miller Lite Tap the Future Business Plan Competition:
While not explicitly for minority business owners, this grant program awards big payouts ($150,000 total spread out to five winners) and focuses specifically on diversity in entrepreneurship.
13. Huggies MomInspired Grant Program:
This program awards grants and business resources to moms to further the development of original product ideas and startup businesses.
1040TaxBiz helps minority entrepreneurs start their own business. Click here to contact us for more information https://www.1040taxbiz.com/contact-us/.