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Federal Grants For Minority Business – By AJ Dellinger By AJ DellingerArrow Contributing Writer AJ Dellinger Contributing Writer. AJ writes about auto loans and real estate. AJ Dellinger and Robert Thorpe By Robert ThorpeArrow Rights Editor Most recently, before joining The Ascent, Robert worked as an editor and writer at The Motley Fool, covering a variety of personal finance topics including credit cards, mortgages and loans. Connect with Robert Thorpe on LinkedIn Linkedin Robert Thorpe
Edited by Helen Wilbers Edited by Helen WilbersArrow Right Edited by Helen Wilbers since late 2022. It values clear reporting that helps readers make deals with confidence and make the best decisions for their finances. Specializes in vehicle and small business loans. Helen Wilbers
Federal Grants For Minority Business
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Places To Find Small Business Grants For 2017 And 2018
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Top Minority Owned Business Grants For 2022
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Businesses using minority languages account for about half of all new businesses created in the last ten years. They have created nearly five million new jobs and generated nearly $700 billion, but they still face significant financial challenges.
Minority small business grants provide money to small business owners—groups that historically have not had equitable access to business capital. Unlike small business loans, these grants do not have to be repaid, although there is likely to be a lot of competition for these funds.
Here’s a look at the best small business grants for minorities and other resources to help finance your business.
Small Business Grants: Finding Free Money
The Federal Reserve’s 2021 Report on Businesses Owned by People of Color highlights the financial challenges facing small business owners. In 2020, minority-owned small businesses were:
Grants.gov is a federally managed website that offers more than 1,000 funding opportunities – including those for small and medium-sized businesses.
These grants are offered by federal agencies such as the Department of Commerce and the US Small Business Administration. After registration, you can explore the available offers and find the best options for your business.
Businesses applying for grants through Grants.gov must have a DUNS number, which is a nine-digit identification number issued by Dun & Bradstreet. After receiving this number, the business owner can register on the government’s System Award Management (SAM) website and apply for grants as they become available on Grants.gov.
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Rural business development grants can be used for technical assistance, training and other projects that benefit rural communities. Although not specifically aimed at minority-owned businesses, the USDA Rural Business Development Grant Program is a valuable resource for rural areas where minority populations drive economic growth.
USDA offers two types of grants: Opportunity and Enterprise grants. Both can be used for projects such as community development, feasibility studies, strategic planning and leadership training. However, Enterprises’ contributions go further and include projects such as training and technical assistance, rural distance education and land acquisition.
Businesses applying for the USDA Rural Business Development Grant Program must have no more than 50 employees and less than $1 million in gross revenue. They must also work in a suitable rural area.
The SBIR and STTR programs provide early-stage, high-risk funding to small businesses conducting research/federal research and development (R&D). Grants come from eleven federal agencies that currently participate in the programs, including the Department of Health and Human Services (HHS).
Small Business Grants For Immigrants And Minorities
As part of HHS, the National Institute on Minority Health and Health Disparities (NIMHD) awards grant funds to small businesses of all backgrounds that conduct research and development specifically related to health equity challenges.
Both the SBIR and STTR programs have three tiers: Tier I awards are worth up to $250,000, Tier II awards are and level awards are typically $750,000 over two years. The III. phase funding is not provided by these programs, but there may be funding and product contracts that come from non-SBIR/STTR sources.
You must demonstrate eligibility before applying for SBIR and STTR grants, which are generally reserved for US for-profit businesses with 500 or fewer employees. Eligible businesses must review current opportunities and register in several web-based systems, including the System for Awards Management (SAM) and the Commons Electronic Research Administration (eRA), before proceeding with the application process.
Subsidies alone will not be sufficient to overcome the social and economic disadvantages affecting small business owners. Here are some additional federal resources to check out:
Small Business Grants: Where To Find Them And How To Get Them
Small business owners are just one group that continues to fight for equal access to capital. Businesses owned by women, veterans, and LGBTQ+ business owners have historically been denied support and funding opportunities. That’s why the Small Business Association sets aside federal contracting dollars each year. For more information, see SBA’s contracting utilities.
The coalition supporting Fekete Üzlet is a joint effort by several companies to finance minority-owned businesses. The consortium includes American Express, ADP, AIG Foundation, Altice USA, Dow and S&P Global Foundation.
Eligible businesses will receive a $5,000 grant as well as mentoring and training. Some promising businesses will also receive a $25,000 promotional grant.
The Coalition to Support Black Businesses grant is available to Black-owned small businesses located in economically vulnerable communities and employing between 3 and 20 people.
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Applicants can indicate their interest by entering their company name, zip code, industry and contact information. Finalists will be notified and must complete a complete application, including a W-9 form, employee identification number, and other additional information about their business. The 2022 application period has closed, so check back in 2023.
Four times a year, the National Association of Independent Entrepreneurs (NASE) provides up to $4,000 in business grants to small business owners through the Growth Grant Program. Funds may be used for marketing, advertising, staffing, facility expansion and other special business needs.
While these grants are generally available to small business owners, they can be a great resource for those who run their own organizations and want to grow the growing number of business people who are diverse.
You must be a member to apply for a NASE growth grant
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