6 Amazing Grants for Small Minority-Owned Businesses
Let's face it, we all want to be able to run a successful business, but its increasingly difficult for Black and Brown-Owned Businesses to get funding, especially since the start of the COVID-19 Pandemic. Here's why:
"Loans provided through the government’s Paycheck Protection Program for small businesses, administered by the Treasury Department and the SBA, reached only 20% of eligible firms in areas with the highest densities of Black-owned firms."
However, even before the pandemic, funding was always slim for Minority-Owned Businesses. Wether your business has been negatively impacted by the COVID-19 Pandemic, is brand new, or you've been seeking funding for your Minority-Owned Business for quite some time, below you can find 6 AMAZING Grants for Small Minority-Owned Businesses.
1. Minority Businesses Development Agency
"This development agency of the U.S. Department of Commerce promotes the growth of minority-run small businesses by connecting owners to financing resources, federal contracts and market opportunities. You can contact a local MBDA business center for more information." - Source: Nerd Wallet
2. Fast Break For Small Businesses
"Black-owned and diverse businesses can seek grant funding through the Fast Break for Small Business program, which is sponsored by LegalZoom as well as the NBA, WNBA and NBA. The program aims to distribute grants to more than 5,000 small businesses for a total of $6 million in cash awards. Grants come in $10,000 increments, and winners will also receive $500 in LegalZoom services."- Source: Forbes
View Legal Zoom's Grant Here
3. SBA 8(a) Business Development Program
"Socially or economically disadvantaged small-business owners are eligible to receive help through this SBA 8(a) program, which provides business development assistance, training, and management and technical guidance. To qualify, a small business must be at least 51% owned and controlled by a citizen who has been subjected to cultural bias or prejudice and placed at an economic disadvantage because of race or ethnicity." - Source: Nerd Wallet
4. FedEx Small Business Grant Contest
"Many small businesses have struggled as a result of the Covid-19 pandemic. In response to the crisis, FedEx created the FedEx Small Business Grant Contest. For the year 2022, 10 small businesses (defined as having less than 100 employees) will receive one of the following grant award packages.
Grand Prize: Three winners will receive a $50,000 grant, $4,000 in FedEx Office credits (for business and print services) and more.
First Place: Seven winners will receive a $20,000 grant, $1,500 in FedEx Office credits and more." - Source: Forbes
5. National Minority Supplier Development Council
"The council is a corporate member organization focused on increasing 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." - Source: Nerd Wallet
6. USDA Rural Business Development Grants
"The USDA Rural Business Development Grant (RBDG) 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 (gross revenue) and has 50 new workers or less." - Source: Forbes
While gathering funding for a small minority-owned businesses can be difficult, there are a few resources available for you to take advantage of. We hope you're able to secure one of the six grants above, and when you do, don't forget to put funding aside for marketing efforts. While developing the product and service is important, it's equally as important to invest in the overall branding of your business.
Know of any other grants that minority owned businesses can secure? Drop them below in our comments!
Dom G Creative Agency is a Black Owned and Operated Agency dedicated to bridging the gap between people and technology and specializes in working with Black/Brown-Owned Businesses.