Focus On Minority Women And Veteran
- Businesses owned by socially and economically disadvantaged groups are especially encouraged to apply due to the disproportionate impacts on these businesses, where pre-existing disparities like lack of access to capital compounded the pandemics effects.
- Socially and economically disadvantaged groups may include:
- Persons with limited English proficiency
- Persons with disabilities
Small Business Grants For Minority Entrepreneurs
High interest rates and loan denials can hold minority groups back from business ownership. Unfortunately, so do some business grant programs.
One study shows minority-owned businesses faced difficulties obtaining federal covid relief funds from the PPP . While the vast majority of lenders didnt track demographic data, for the 996k loans for which that information was available, an astounding 71% of relief funds went to white business owners.
Thankfully, there are grant programs designed specifically for minorities. Heres a look at 9.
This coalition gives grants to businesses owned by Black entrepreneurs meeting the following criteria:
- Operating in a distressed community
- Impacted financially by covid
The grant is $5k, and recipients get a chance to win another grant for $25k. Decisions are also quick, taking about a month.
Online resources and mentorship are available to assist Black-owned businesses overcome the financial impact of the pandemic and other roadblocks.
National Association For The Self
National Association for the Self-Employed is a non-profit trade association that helps self-employed people with grants and also educational resources for entrepreneurs and small businesses. This is a great program for the self-employed because it is provided many resources to them. Even, this great association offers grants of up to $4,000. And you can guess by the name because this program name already defined this great association for the self-employed.
If you want to apply for this program, then you must be eligible for this amazing program. And to apply for this grant, then you will have to become a member of this association. And you have also provided a detailed of explanation, how you will be utilizing the funds from the grants. Even, along with this, you have also been required to show them how the grant will be helping your business with required documents and supporting the claim. All these things are necessary to show them if you want to apply for this great grant. This National Association for the selfemployed is the best for employers and you can easily apply for this grant.
Frequently Asked Questions
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Small Business Grants For Specific Demographics
Small business grants arent readily available to people wishing to start businesses. However, there are demographics that the government may want to promote and offer helpful resources for their businesses. Three of the largest groups are veterans, women, and minorities. Learn more about each of these subsets in the following sections:
Treaty Seven Economic Development Targeted Wage Subsidy
What is it?
The Targeted Wage Subsidy , put on by Treaty Seven, provides funding to businesses and employers that are willing to hire First Nations individuals who lack the necessary work experience and skills required for the job. The aim is for these First Nations individuals to become full-time employees through the help of funding, and once the funding is complete, they will keep their positions within the business. The wage subsidy cannot exceed 12 weeks in duration.
How much is awarded?
The TWS subsidy ensures the employer will receive a reimbursement of a percentage of the wages of the hired individual on a monthly basis. The maximum amount allowed is either $10.00 per hour or 50% of the total wages- whichever is the lesser amount.
Who can apply?
Eligibility for this funding is divided into eligible employees and eligible employers. First Nations individuals applying as an employee must be unemployed, possess marketable skills but have been unsuccessful in finding employment, and be able to work full-time. Persons with disabilities are eligible for part-time positions.
Apprenticeship training for new and existing employees is not eligible for this wage subsidy program.
How to apply?
Employers can apply for the Wage Subsidy Program by requesting an Employer Wage Subsidy Application form from one of the Urban Indigenous Employment Centres. Once complete, a Career Counsellor from the Centre will forward your application package to CFT7 for a funding decision.
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Small Business Innovation Research Grants
The SBIR Grants program is designed to support small businesses in terms of providing funding opportunities for these businesses to help them thrive. -mandated set-aside program that aims to help small businesses stimulate technological innovation. This program also provides for some business support and technological backup in many areas of your business development.
Applying For Small Business Grants
As a business owner, applying for grants may be part of what your business does in terms of cash flow to keep you in business. The same thing applies to new business owners who have just taken the plunge to start their own businesses.
Indeed, learning how to navigate the business world to find Grants that meet your needs can mean all the difference in your business. Heres some helpful step-by-step guide to finding and applying for small business grants you should know about:
- Know what Grants you seek
- Do your research ahead of time
- Make sure you meet the eligibility requirements
- Get all the application essentials
- Apply early to have a better chance of getting awarded
Business grants for minorities come in federal, state, or even through the county where ones business is located. Though there are other options such as third-party grants that are offered by agencies and organizations that are committed to helping women starting small businesses succeed.
As a minority woman starting her own business, the first step you want to take is to find grants that are tailored for your type of business. When you are familiar with what type of grants to look for, the next step would then be to apply for these grants.
Applying and receiving grants do not happen without some commitment and some lengthy work on your part, but you can rest assured its a worthwhile business investment.
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How To Pitch Your Idea To The Nbmaa
As the contests name suggests, the Scale-Up Pitch Challenge revolves around a pitching process, in which entrants explain their business to a panel of judges.
Your pitch should discuss:
- Who the target market is
- What value the product/service adds to customers lives
- What sets the product apart from competitors
- How it will generate revenue
- How much revenue they expect in the first year
Each business gets three minutes to deliver their initial pitch, which must be accompanied by a PowerPoint presentation. The pitch segment is followed by a three-minute Q& A session with the panel of judges.
As the organization states 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.
An Overview Of The Mbda
The Minority Business Development Agency began more than 50 years ago as the Nixon administrations Office of Minority Business Enterprises .24 President Richard Nixon created this office as part of his Black Capitalism political strategy, which promoted the idea that more entrepreneurial behavior among people of color would promote economic opportunity and equality.25 However, the OMBE was just that: a political strategy that was largely symbolic, with no real authority, dedicated budget, or power to expand access to wealth and capital. Over the following years, the OMBE was moved to the U.S. Department of Commerce, transformed into a federal agency charged with fostering the establishment and growth of minority-owned businesses, and renamed the Minority Business Development Agency.26 Today, the small agency pursues its mission through policy, research, and public and private sector programming.27 While the MBDA does not directly fund small businesses, its network of 44 business centers renders management and technical assistance and helps clients secure contracts and capital.28 Despite its largely symbolic origins, the MBDA remains the only federal agency that exists solely to improve the economic well-being of people of color.
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Coalition To Back Black Businesses Fund
- Submission Dates: Applications typically open in late Summer.
- Entry Requirements: Black business owners in eligible industries may apply. Eligible businesses must employ between three and 20 people. Businesses must also be located in an economically vulnerable community according to the Distressed Communities Index. Businesses must also show that they have been negatively affected by the COVID-19 pandemic.
- Website:
The coronavirus hit small businesses hard in 2020, and the effects are expected to be felt for years to come especially in economically vulnerable areas. This is why a number of organizations, including American Express, Shopify, Stanley Black & Decker, and the US Chamber of Commerce Foundation, came together to form the Coalition to Back Black Businesses.
This initiative is set to run through 2023 and provides Black business owners impacted by the coronavirus with free minority business grants. Grants are valued at $5,000 and are distributed on a rolling basis to hundreds of eligible small businesses each fall, and a select few business owners will receive $25,000 enhancement grants the following summer. In the previous round of funding, a total of 25 $25,000 grantees were selected, but the number of grants may fluctuate slightly each year based on available funding.
Find Programs For Veteran
- Hire our Veterans Tax Credit: This program provides a State income tax credit to small businesses who hire qualified veterans. The credit is based on wages paid to those veteran employees.
- Military Personnel and Veteran-Owned Small Business Loan Program: Small businesses that employ or are owned by military reservists, veterans, National Guard personnel are provided with no interest loans.
- : Each State agency in Maryland must structure procurement procedures with the goal of achieving an overall minimum of 1% of the agencys total dollar value of procurement contracts to be indirectly or directly made up of veteran-owned small businesses.
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Dont Forget To Form Your New Business
Once youâve decided to set up a new company, the most important next step is to form your business.Most small businesses set up as an LLC .
This keeps all your assets separate from the company, limiting your personal liability, while giving the pass-through tax benefits of being a sole proprietor.
The process of forming your company can be really simple. Incfile can handle everything for you for $0 â all you pay is any state fees. Form your company for $0 now at Incfile.
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The Business Ownership Gap Is Fueled By Racial Disparities In Wealth And Access To Capital
The United States is home to inseparable racial disparities in wealth, access to capital, and business ownership. Wealth and capital are a prerequisite rather than just a product of entrepreneurship, and Black Americans have been systematically prevented from accumulating wealth and accessing capital for centuries. Despite this reality, lawmakers have consistently suggested that entrepreneurship seminars, technical assistance, and tax breaks for wealthy investors are all that are needed to produce wealth and opportunity in Black communities. It is more than clear that the United States cannot hope to close the business ownership gap without first addressing racial disparities in wealth and access to capital.
The current state of Black-owned businesses reflects persistent inequities in wealth and access to capital. Prior to the coronavirus crisis, the United States was home to just 2.5 million Black-owned businesses, less than 5 percent of which had employees.15 The 114,400 Black-owned employer firms constituted less than 2 percent of the more than 5.7 million American small businesses with employees.16 Research suggests that even when Black-owned firms do get off the ground, they are often smaller, younger, and less profitable. Even highly rated businesses in Black neighborhoods experience annual revenue losses as high as $3.9 billion when compared with similar businesses in non-Black neighborhoods.17
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Coalition To Back Black Businesses Grants
This program supports Black-owned small businesses with funds to help recover from the pandemics impact, and mentorship and educational resources for longer-term guidance. Awarded funds include $5,000 grants and $25,000 enhancement grants. Applications are due in September and grant payments are expected to clear before December.
To qualify:
- You must have been financially harmed by COVID-19
- You must employ between three and 20 people
- Your business must be located in a distressed community
- Your business must have at least 51% Black ownership
The Federal State Technology Partnership Program
FAST currently provides $3 million in total funding for outreach, financial support, and technical assistance to next generation research and development focused small businesses. Theyâre especially interested in women, socially/economically disadvantaged individuals, and applicants from underrepresented or rural areas who are competing in the SBIR and STTR programs.
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Funding Options For Minority
Many government agencies and organizations offer grants, funding and low-cost loans that are intended to help minority-owned businesses grow.
By: Sean Ludwig, Contributor
From companies like FedEx to government institutions like the U.S. Department of Treasury, there are several funding options geared toward minority-owned businesses.
If you operate a minority-owned business, there are many opportunities to obtain government and corporate contracts that are allocated specifically for businesses with this classification. However, what if your business is just getting started or has hit a rough patch and you could use some additional funding?
Many government agencies, banks, corporations and associations offer grants and loans designed to provide aid to minority-owned enterprises. While some of the best funding opportunities specifically target minority-owned businesses, other still-good options for funding have broader eligibility but should still be explored. Additionally, some venture capital firms specialize in investing in minority founders.
Here are nine public and private programs that offer good funding options for minority-owned businesses.
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Comcast Rise Investment Fund
In 2020, Comcast NBCUniversal announced a multi-year plan to help fight injustice and inequity. To do that, they promised to allocate $75 million in cash and $25 million in media over the following three years. The Comcast RISE Investment Fund is part of that initiative. The program will provide 500 grants of $10,000 each. The grants are available in five cities:
- Washington, D.C.
Each city is allotted 100 grants. To qualify for one, your business must be at least 51% owned and operated by someone who identifies as a person of color, including Black, Indigenous, Hispanic, and Asian American owners. All women entrepreneurs are also eligible for this grant.
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Sogal Black Founder Startup Grant
While Black women founders are the fastest growing demographic of entrepreneurs out of any throughout history, they are also the group most likely to be met with barriers to funding. Black women entrepreneurs receive only 0.5% of venture capital funding, and this is what the SoGal Black Founder Startup Grant aims to change.
In partnership with Winky Lux, bluemercury, twelveNYC, Twilio, Walmart.orgs Center for Racial Equality and other sponsors, the SoGal Foundation provides several $10k and $5k cash grants to Black women or non-binary entrepreneurs.
To qualify, a founder must:
- Self-identify as a Black woman or Black non-binary entrepreneur .
- Have a legally registered business.
- Plan to seek investor financing in order to scale, now or in the future.
- Have a scalable, high-impact solution or idea with the ambition to be the next billion-dollar business.
Grants are made on a rolling basis and applications can be submitted through a form on SoGals website.
First Nations Development Institute Grants
Since 1993, First Nations has been offering grants to help support Native American organizations and projects, totaling $51.6 million in grants, along with technical resources.
Past grant opportunities include programs for Covid-19 response, native youth and culture support, college scholarships and a native youth business plan competition, among others. Visit the First Nations website to learn more about new grant opportunities when they become available.
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Power Forward Small Business Grant
Vistaprint and the Boston Celtics Shamrock Foundation have partnered with the NAACP to award grants of $25,000up to $1 million. Grant recipients will also have opportunities to be featured on national co-branded platforms and receive marketing and design resources that fit their businesss needs.
Eligibility includes:
- Must have 1 to 25 employees
- Must be operating in Massachusetts, Maine, New Hampshire, Rhode Island, Vermont, or select areas of Connecticut.
- Showcase the impact your business has on your surrounding community
Small Business Innovation Research Grants/small Business Technology Transfer Grants
The Small Business Innovation Research grant and Small Business Technology Transfer grant were created to give small businesses the opportunity to do research and development work for the federal government.
This competitive, award-based program pushes small businesses to see just 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 procure seed money.
Find opportunities for your small business or, if you are ready for the application process, learn how here.
Both SBIR and SBTT grants are offered by the U.S. Small Business Administration. The SBA has long advocated for the support of small and minority-owned businesses, so be sure to check their website to stay abreast of any new grants theyre offering.
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