Starting your own business is difficult in any situation, but the challenges faced by minority women can make things even harder. Fortunately, there are many agencies, both at the state and federal levels, which have allocated funds for providing grants for minority women.
Grants for minority women can take time to attain, but the process can be extremely beneficial for African American women and other minorities. Here are some of the grants for minority women that are available and can be used as assistance with small business.
The global pandemic that the world experienced in 2020 definitely affected the loss of businesses. Black businesses. no doubt was also largely affected. As a result, finding opportunities for grants that can help you get back to where you should be or where you plan to be welcome anytime.
- 1 The Latest Grants for Black Business Owners in 2020
- 1.1 US Department Of Commerce Grants
- 1.2 Small Disadvantaged Business Utilization Grants
- 1.3 Small Business Administration Grants
- 1.4 1. Backstage Capital
- 1.5 2. Founders First Capital Partners
- 1.6 3. Community Development Financial Institution
- 1.7 4. Harlem Capital Partners
- 1.8 5. Humble Ventures
- 1.9 6. Operation Hope Small Business Empowerment Program
- 1.10 7. National Minority Supplier Development Council
- 1.11 8. Minority Business Development Agency
- 1.12 9. National Association for the Self-Employed
- 1.13 10. The USDA Rural Business Enterprise Grant Program
- 1.14 11. Small Business Innovation Research Grants
- 2 Conclusion
The Latest Grants for Black Business Owners in 2020
African American Grants team of grant experts has compiled this current list of business grants. These grant availability can be accessed by individuals who are already in business, and those who are planning to start a business of their own. Note that most of these grants come with some eligibility requirements, make sure you check to know if you qualify before you apply for the stated grants.
US Department Of Commerce Grants
The United States Department of Commerce has a number of options and assistance programs available that are dedicated to providing grants for minority women through the Minority Business Development Agency.
In addition to offering grants, the MBDA offers other specialists that can help African American women develop their business plan, create proposals for grants given by their department and other sources, and much more.
Small Disadvantaged Business Utilization Grants
The Office of Small Disadvantaged Business Utilization is a branch of the Environmental Protection Agency that offers grants for African American women as well as grants for other minorities.
While the EPA may not be the first place to look, they do have many grants available if you plan on working in the construction field or dealing with equipment, construction services, or as a supplier in fields related to the EPA. These grants are available because the EPA is looking for more minority contractors and minority suppliers.
Small Business Administration Grants
The Small Business Administration is a federal program that is known for giving grants to minority women. In fact, the SBA gives out more grants to African American women and other minority groups than any other agency in the government.
In addition to their own grant program, they offer resources that will allow you to find state grants in your area that can be used as well.
The backstage capital is quite well recognized in the technology industry for its work with underrepresented founders which largely include African American businesswomen. This firm was established by Arlan Hamilton who had experienced homelessness in establishing Backstage Capital. She decided to do something to give back and help people who may have gone through that path or experiencing difficulties in other areas of life.
Hamilton decided to establish a Backstage Capital venture fund to support female, minority, and LGBT entrepreneurs who are experiencing a lack of access to funding. She was able to create a path for these minority entrepreneurs to be able to access funds for their small businesses. Hamilton’s experience of homelessness helped her realized just how to put back and unseen African American business owners and other minorities are often relegated to the background, she went to work to change that.
The Founders First Capital Partners is a program that provides funding that is connected to the concept of “revenue-based investment” for service-and production-based companies led by a minority, veteran, or women founders.
The organization provides access to a flexible payback model that ensures that the payments paid by those who have received the grants to help them grow their business. This program is particularly unique in the way that it creates a seamless flow of finances instead of being a set amount each month, which is what you usually would get with other grant-received from the general applicants who run a business or planning to start one.
The Community Development Financial Institutions (CDFI) Fund, is an extension of the U.S. Treasury Department. This agency plays an essential role to help lesser-served U.S. business owners from African American business owners and other minority business owners have seamless access to business capital.
Indeed Black-owned businesses have been helped by CDFIs in the past, and as such, these financial institutions were founded specifically in terms of providing access to loans, investments, financial support, and other financial services that are available for these individuals, and technical assistance to underserved populations and communities.
The Harlem Capital Partners and other partners debuted about $40 million to expand on the diversity-focused venture capital fund. This program helped to create a system of accessibility to funds to help minority business owners access capital for their businesses. The program covers both small business owners and those considering starting a business.
The firm provides resources to not just individuals, but also agencies and other organizations that are already generating some form of revenue with products that are considered “tech-enabled products and services”, and it plans to expand the programs that cover minority programs, and African American business owners are able to access these programs.
Humble Ventures was founded with plans to creates an enabling environment for “solving problems for growing demographic segments” that have so much to do with creating a sense of belonging for the community, especially the African American community that is focused on starting their own business or growing one. The program was established to help people understand the different areas of funding for minority businesses.
This program was founded to encourage aspiring entrepreneurs that are located in low-wealth neighborhoods, which often include African Americans and other minorities living together in the same communities. The Operation Hope Small Business Empowerment Program expands its process to be able to provide funding opportunities for these individuals.
The unique thing about this program is one that combines business training and financial counseling together to be able to grant access to access to small-business financing options. These business programs engage participants and help them undergo a complete 12-week training program, plus workshops on business financing and credit and money management.
The National Minority Supplier Development Council is an organization focused on increasing financial business opportunities for minority small business owners. This organization extends its many programs that have several programs that help build access to funding to African American Business Owners.
The NMSDC operates other programs that are aimed at creating the needed financial awareness for business owners, which the Business Consortium Fund, a nonprofit business development program, is part of the programs that this organization is in collaboration with, which provides financing programs and business advisory services for its members and applicants.
The Minority Business Development Agency as the name suggests is a program aimed at creating financial opportunities for African American Business Owners to expand and grow their business. The program was founded to help bridge the gap between minority business owners and their counterparts in the larger society.
The Minority Business Development Program (MBDA) creates different programs that are aimed at providing business strategies and training to Black Business Owners and those who are already in business and others to create the different areas of business sectors to help open up opportunities for minorities, particularly African Americans in business.
This program by the National Association for the Self-Employed (NASE) was established to help create accessibility to business development grants from the NASE worth up to $4,000! The National Association for the Self-Employed (NASE) helps to contribute financial programs for black businesses and those planning to start one.
This program was designed to help address a specific business need. Starting from $4,000 which was founded to help small businesses grow. To qualify for this grant, you’re required to register as a member. You may also have to show some of your plans for your business, and how you intend to grow your business with the financial award.
The United States Department of Agriculture’s Rural Business Enterprise Grant Program is a program established to help create more financial opportunities for African American Business Owners and other minority business owners who would like to grow their businesses.
It is important to ensure that all of the programs are checked to make sure that the minority business owners who apply for these grants meet the eligibility of the grants. The (USDA) program created a platform for these individuals to help create a seamless process for these black business owners to help build their businesses.
This well-researched small business and minority financing program provides not just grants, but contracts and other financial programs for new businesses that are looking to commercialize and expand their businesses. This is very important as their main focus is working with small businesses and providing them with tools and resources for sustainable growth.
This program combines several tools to help determine the level of engagement and growth that the applicants to this program. The Small Innovation Research Grant also provides different platforms to help the business involved to be able to create a reoccurring revenue through their businesses and the provision of services in collaboration with the agency.
As a business owner, the search for grants and another financial boost to your business may be on-going, however, finding the right program that actually provides you with not just finding for your business, but other financial tools stand out in many ways.
We have made conscientious efforts to ensure that we included some of the agencies that have gone above and beyond to actually provide training and other resources for small businesses to grow. If you are thinking of growing your business, starting one, or simply thinking about what you would like to go into, do feel free to reach out to us by e-mail at firstname.lastname@example.org