Small, especially minority business owners, often face roadblocks when starting or scaling up their operations. And one of the biggest issues they face is a lack of finance. Business grants can help bridge this gap significantly. Are you also facing this issue? If yes, here are some of the latest small business grants exclusively for minorities.
National Association for the Self-Employed
This is a non-profit trade association. It provides educational grants and resources for small businesses and minorities. You can apply for a grant of up to $4,000. Moreover, you need to become an active member of the association to avail yourself of this grant. Besides this, you will also need to explain how you will use the capital to support and grow your business.
FedEx Small Business Grant Contest
The FedEx Small Business Annual Grant Contest offers up to $50,000 to 12 small and minority businesses. Who can participate in this contest? Any small business with a shipping need can enter this competition. However, it should have an experience of at least six months and less than 99 employees when the contest starts.
Small Business Innovation Research and Small Business Technology Transfer Programs
These are two different programs that offer grants to small businesses that are in their early stages. These funds can be used to commercialize development and innovative research. Moreover, you can also check these secrets to grow your small business quickly.
Minority Business Development Agency
It is a leading development agency of the US Department of Commerce. It promotes minority businesses by connecting owners to federal contracts, financing resources, and growth opportunities. You can also consult the local MBDA business center for more details.
National Minority Supplier Development Council
It is a corporate member organization focused on boosting the increased business opportunities for minority-owned businesses. It manages a non-profit business development program, Business Consortium Fund. It offers effective business advisory services and financing programs for its eligible members.
The Coalition to Back Black Businesses
It is a joint effort among different corporations to finance minority-owned businesses. This coalition includes ADP, American Express, Altice USA, AIG Foundation, S&P Global Foundation, and Dow. Small businesses can get up to $5,000 in grants, training, and mentorship.
Moreover, a few promising businesses can also get a $25,000 enhancement grant. Please note that this grant only applies to black-owned small businesses in economically vulnerable communities and has a manpower of fewer than 20 people.
Fast Break for Small Businesses
It is a $6 million loan program in partnership with the NBA, LegalZoom, WBNA, and NBA G League. This grant is given to help develop manufacturing processes and to address inflation concern of small businesses.
So, these are the top small and minority business grants that you should look for in 2023. However, make sure you complete the application process properly to avoid last-minute rejections. Apart from this, you can also consult an expert to know more about these schemes’ eligibility and other details.
Linda Rawson, who is the founder of DynaGrace Enterprises (dynagrace.com), an 8(a) graduate and EDWOSB, contributed to the content of this blog. She is the founder of GovCon-Biz. For further information, please connect with Linda on LinkedIn, or contact her at (800) 676-0058 ext 101.
Please reach out to us at GovCon-Biz should you have any questions.