The National Association For The Self
The National Association for the Self-Employed has awarded close to $1 million in grants to small business members through its Growth Grants program. Eligible small businesses can receive grants worth as much as $4,000 through the programawarded on a quarterly basis.
You must become a member of NASE before you can apply for the Growth Grant program. Once you join, you will have the opportunity to apply for the small business grants on a quarterly basis, according to the schedule below:
The grant committee reviews all applications the month after the quarterly submission deadline ends. Recipients must demonstrate an identifiable business need, explain how they would use the grant to satisfy that need, and show a potential for growth and success should their business receive the funds.
Alternatives To Minority Small Business Grants
Applying for a minority small business grant doesnt guarantee that youll be awarded the funds. If all of the research and effort involved in applying for a minority small business grant doesnt appeal to you, there are other sources of funding for your business. Some alternatives include:
- Small business loans: You can obtain a business loan through a bank or online lender. SBA loans are government-backed and come with long terms and low rates, while online lenders have relatively lenient qualification requirements and simple application processes. One option for SBA financing is the SBA Microloan, which provides up to $50,000 and is originated by community-based nonprofits.
- Personal loans for business: Best suited for startups unable to obtain a business loan, these loans are based on your personal credit history, and therefore dont require business plans and projections. By using an unsecured personal loan for business, you wont need to compromise collateral equity, and you can still supply startup capital to your business.
- Rollover for Business Startups : If you have existing retirement savings that youre willing to utilize, a ROBS allows you to utilize those retirement funds to provide funding for your small business. A ROBS isnt a business loan, so theres no debt to repay or interest payments to make.
Free Money To Start A Small Business
Free money to start a small business is a possibility if you think of grants for minority businesses in that light.
Funding options for a new business can be far and few between, but they definitely offer a lifetime of value that is worth the hard work and the unwavering dedication invested in the process.
There are several types of grants for small businesses from federal small businesses such as the United States Small Business Administrations $100M Community Navigator Grants to third-party grants such as the 31 updated list of grants for Black women.
Whatever path you choose to go in your quest for minority business funding, what you should have at the back of your mind is the fact that grants are free money to help you start a business or grow one.
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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.
Rebuildtheblock Small Business Relief Fund
Rebuildtheblock is a business liaison that works diligently to provide funding opportunities for Black-owned small businesses. Their Small Business Relief Fund aims to help businesses recover from the effects of COVID-19.
Your business must meet the following criteria to be eligible:
- Small, Black-owned business in the United States
- Launched before January 1, 2020
- Impacted by the pandemic and/or suffered looting-related damage
The RBT Small Business Relief Fund runs in three-month cycles, giving business owners four grant opportunities each year.
There is no set grant 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 Offering Back to Business Grants?.
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What Kind Of Grants Can I Get To Start A Business
- Government grants: The federal government usually offers economic development grants to small businesses. You can learn more about these on the site for federal grants.
- Grants for veterans: This can include opportunities like Navs small business grant, which offers up to $10,000.
- Grants for women-owned businesses: You can check for these at Womens Business Centers near you.
The National Minority Supplier Development Councils Business Consortium Fund
The National Minority Supplier Development Council provides a grant program known as the Business Consortium Fund, which is intended to support certified minority-owned businesses. To become a certified minority-owned business with the NMSDC, minority business owners must own and control at 51% of the business. Minority business owners include entrepreneurs who are African American, Hispanic American, Native American, Asian-Pacific American or Asian-Indian American.
Through the NMSDC, certified minority-owned businesses can access working capital loans and grant funding through the Business Consortium Fund, an organization of suppliers and vendors associated with the NMSDC. To learn more, visit the NMSDC website.
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The Us Sba 8 Business Development Program
The U.S. SBA 8 Business Development Program aids small business owners who are economically disadvantaged, providing business development support and consultation support for management.
To qualify, the business must be 51% owned and controlled by an entrepreneur who is economically and socially disadvantaged with a net worth of $250,000 or less. For a more specific definition on what constitutes economically and socially disadvantaged, see Title 13 of the Code of Federal Regulations.
To apply for support through the SBA 8 Economic Development program, you must first be certified by the agency. To do so, visit the agencys website and create a profile. Then, follow the steps outlined to complete the certification process. You will receive correspondence via mail to confirm whether you were approved for certification.
Once accepted into the program, your certification will last for up to nine years. However, it is required that certified businesses complete annual reviews to remain in good standing with the program.
Other Business Funding Options
While grants are great , you may also want to consider other financing options.
For example, you can try crowdfunding your business. Crowdfunding for business can take a long time, and it tends to work best for product-based businesses, but its another way you can get money you dont have to repay.
Or you can look into low-cost business loans. Kiva microloans dont have any interest. So while you do have to pay them back, they cost much less than business loans from other lenders. And if youre up for paying a little more, weve rounded up the best business loans for minorities.
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Other Forms Of Funding For Minorities
Minority business loans are definitely an option for minorities looking for working capital to fund their businesses. But, there are other options for acquiring cash including peer-to-peer microlending sites and non-traditional lenders of working capital.
Of course, many minorities obtain loans through friends and family and even angel investors who are willing to invest in a portion of a business in the infancy stage with the hope that they will be able to make a profit as the business grows.
Grants for Minority Business Loans
Another source of funding for small businesses is grants. These are typically more difficult to get, but there are programs just for minority business owners. It pays to do a little internet sleuthing and to check community organization websites to see what is available.
The Obama administration launched a grant program called the Small Business Innovation Research Small Business Technology Transfer Program grant that is focused on providing money to businesses focused on early-stage research and development. This program has reached out to socially and economically disadvantaged firms.
Here are a few other grants to consider for your minority-owned business.
Northwestern Mutual Black Founder Accelerator
The Northwestern Mutual Black Founder Accelerator invests in up to ten companies per year that are led by Black founders. Participants receive $100,000 investment and their startup will receive a 12-week accelerator program. Through gener8tor and Northwestern Mutual, founders will receive growth support through experienced mentors, technologists, industry experts, angel investors and venture capitalists.
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Federal Minority Business Grants
The United States governments commitment towards minorities extends in funding of their businesses and new ventures. The government sets aside more than $1 billion on funding projects undertaken by minorities. Among these, small businesses started by minorities are important from the governments perspective because they offer a chance for people to start something of their own, gain their own footing in the world of business and also generate employment at the local level. As a result, these grants are available at the local, State and national level. From a political perspective, these are incredibly important. Politicians leverage their position and use it to provide benefits to minorities in exchange for votes.
Grants for Minority Owned Businesses:
The U.S. Small Business Administrations 8 Business Development Program helps minority owned businesses to grow and develop their business through training workshops, counseling and management and technical guidance. They help in administering small business grants for minorities.
Certain minority groups are presumed to be socially and economically disadvantaged and can qualify for this program. Individuals who do not belong to these minority groups are also eligible provided the can prove that they have been discriminated against and are economically disadvantaged.
Who is Eligible?
There are also minority grants available for start-up costs in the form of federal minority grants, if you meet the eligibility requirements.
Usda Water & Waste Disposal Loan & Grant Program
The USDA offers a grant program to nonprofit organizations, government entities and federally-recognized tribes to support businesses from eligible rural communities that operate in the water and waste disposal fields. Eligible business recipients must also have a maximum of 50 new employees for a chance to qualify for funding.
The USDA offers both loans and grants to eligible businessesboth minority-owned and otherwise. Grants may be combined with USDA loans in certain circumstances to keep the overall financing costs affordable to qualified borrowers. You can use the grants for a variety of purposes, including:
- Legal fees
- Land acquisition
- Equipment
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Resources To Find Minority Small
Finding grant opportunities requires consistent research to prevent missing application deadlines. Aside from conducting comprehensive Google searches, other resources to find minority small-business grants include:
Business Development Bank Of Canada
Additionally, you should also take a look at funding offered by the Business Development Bank of Canada , the nations only financial institution that operates solely for entrepreneurs. The BDC has many financing programs and training resources for a wide range of business people including:
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First Nations Development Institute
The First Nations Development Institute is dedicated to improving the living conditions of Native Americans.
They periodically offer grants to businesses that improve economic conditions for Native American communities across the country. They award several grants every year.
To date, this organization has awarded over $43 million in grants that support development efforts to areas inhabited by Native American tribes and people.
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.
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Small Business Administration 8a Program
If youre a socially or economically disadvantaged individual that owns at least 51% of a business, then you could qualify for business development help from the Small Business Administration . While the SBA doesnt have grants to help you build your business, it can help you get an SBA loan and get consideration for other federal grants and contracts through its 8a certification program. The SBA can also assist you with finding a mentor to help you through many different processes, from launching a new product to implementing a lean manufacturing process. The SBA may also be able to identify grants that you qualify for and find a mentor thatll help you successfully get through the grant application process.
Fill Out The Online Application
You must first submit an online application before the NMSDC may certify you as an MBE. Youll need to submit some basic information, such as your name and contact information for your company.
Youll also need a synopsis of your products and services, as well as information on your companys kind and history. After that, list the shareholders and owners names. Include the number of minorities who work for you.
Of course, youll need to know the racial or ethnic origins of the firms owners, as well as their citizenship status and gender. Also, figure out what his or her job is in the company. Finally, submit a list of customer references as well as your financials.
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The Fedex Small Business Grant Contest
FedEx offers an exciting opportunity for minorities and small businesses with its annual business grant contest. Winners can win up to $50,000 to expand and grow their business. The contest will give out prizes to 12 lucky winning businesses, including:
- A Grand Prize of $50,000 plus $7,500 in FedEx office printing services
- A Second-Place prize of $30,000 plus $5,000 in FedEx office printing services
- 10 Third-Place prizes of $15,000 plus $1,000 in FedEx office printing services
How to apply
To apply for the grant contest, you must write a short profile about your business, and include:
- Why you started the business
- What your company does
- How you do things differently from your competitors and how you stand out
- The social causes, if any, that your business embraces
- How you will use the FedEx winnings to improve your business
You can also include an optional one-minute YouTube video. The video should describe your company and its mission. Make sure the video can be viewed publicly so the judges and voters can easily access the media and get to know your company quickly.
You can increase your chances of winning by using your social media channels and email lists. Promoting your entry in this way will help your business get noticed by the judges who review the entries.
Why Is It Important To Be A Woman
There are a number of reasons why it is important to be a women-owned or minority-owned small business. First, these businesses often face unique challenges that can make it difficult to get funding and access to resources. Second, by being a women-owned or minority-owned business, you can help contribute to the growth of these industries. Finally, these businesses can play an important role in the economy by creating jobs and promoting innovation.
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The Best Grants For Minority
Securing grants for your minority-owned business can help in providing your business with a much-needed boost for growth and profitability. These grants serve the purpose of increasing economic development across different minority communities and serve as a no-debt, dilutive option for businesses that do not want to give up percentages of ownership or go into debt to grow their business.
Here are some of the best grants for minority small business entrepreneurs:
Can I Get A Grant To Open My Business
- Small Business Innovation Research Program : This program encourages small businesses to participate in federal research and development that has the potential for commercialization.
- Small Business Technology Transfer Program : Similar to SBIR, this program lets small businesses participate in federal research and development to help explore their technological potential and find new ways to innovate.
- USDA Rural Business Enterprise Grant Program: This grant offers technical assistance and training to small rural businesses.
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Usda Rural Business Development Grants
The USDA Rural Business Development Grant is another federal resource that provides small rural businesses with funding, technical assistance and training. While there is no maximum grant amount, $10,000 to $500,000 is the standard RBDG award range.
To be eligible for this USDA grant, you must own a small rural business that earns less than $1 million per year and has 50 new workers or less. If you believe your business may be eligible for funding, you can visit the USDA website for information on how to speak with a Business Program Specialist in your state. The specialist can give you guidance regarding the forms and applications you will need to complete.
