Minority-owned businesses have been a driving force in the U.S. economy, accounting for a significant portion of new businesses created over the past decade. The U.S. Census Bureau’s 2023 Annual Business Survey reveals that 1.3 million, or 23 percent, of employer firms are minority-owned.1 These businesses have contributed to the creation of nearly 5.5 million new jobs and have generated over $800 billion in revenue. Despite their impressive growth and economic impact, minority-owned businesses continue to face significant financial hurdles.
Small business grants for minorities provide essential funding to business owners from historically underrepresented groups who have faced barriers in accessing traditional forms of business capital. These grants offer a valuable opportunity for minority entrepreneurs, as they do not require repayment, unlike small business loans. However, due to the high demand for these funds, applicants should expect fierce competition when applying for minority small business grants.
Also See: Small business grants for everyone
Wish Local Empowerment Program
The Wish Local Empowerment Program, provided by Wish, is a grant program designed to support Black-owned small businesses in the United States. With a $2M fund, Wish aims to provide financial assistance to approximately 4,000 small business partners, promoting equality and diversity in American business.
Selected recipients will receive between $500 and $2,000, which can be used for various business expenses such as employee retention, rent, inventory costs, customer acquisition, or community opportunities. Eligible businesses must be Black-owned, have 20 or fewer employees, operate a brick-and-mortar store in the United States, and have an average annual revenue under $1M.
Freed Fellowship Grant
The Freed Fellowship Grant, offered by the Freed Fellowship, is a monthly grant program designed to support small business owners in the United States by providing resources, mentorship, and community to help them build successful and impactful companies.
Each month, one US business owner receives a $500 grant to invest in their existing business, with no strings attached or equity required. Applicants also receive feedback on their business based on the 5C Framework, along with a two-month free membership in Freed Studio, a virtual community for ambitious business owners. The grant is open to any micro or small business owner in the US, with special encouragement for underrepresented or overlooked groups.
Publish Her Business Impact Grant
The Publish Her Business Impact Grant (BIG) program, provided by Publish Her in partnership with BankCherokee, is designed to support women of color business owners in the United States. This grant program aims to empower and recognize female entrepreneurs who are making a positive impact in their communities and the world.
The BIG program will award a $5,000 grant to a woman of color business owner. To be eligible, applicants must be U.S. residents, 21 years or older, and own 100% of a legally established business that generates $50,000 or more in annual revenue and has been operating for at least one year.
Waves Of Change
The Waves of Change grant program is a program designed to support women of color entrepreneurs with early-stage businesses. This program focuses on relaunching existing businesses with a strong foundation, providing a comprehensive set of resources and services to help them succeed.
Waves of Change offers a stipend to cover the selected businesses’ operating costs for a year, along with various services such as design, copywriting, marketing assistance, and operations support. Applicants must identify as women of color, be at least 18 years old, be U.S. residents, and have businesses that make less than $50,000 annually. They should also demonstrate a need for resources and a positive impact on their community.
HerRise MicroGrant
The Corporate Counsel Women of Color (CCWC) Grant Program is an initiative designed to support and empower women of color entrepreneurs in the United States. By providing small business grants, the program aims to help these entrepreneurs compete and thrive in the modern marketplace.
The CCWC Grant Program awards $2,500 to each recipient. To be eligible, businesses must be for-profit, based in the United States, established as of January 1, 2020, with an EIN number, and have generated over $25,000 in revenue since that date. Applicants must be at least 18 years old at the time of submission.
Women Of Color Grant Program
The Women of Color Grant Program, provided in partnership with the Tory Burch Foundation, is an initiative designed to support and empower women of color entrepreneurs in the United States. This program offers financial grants, access to educational resources, and community support to help these businesses grow and thrive.
The Women of Color Grant Program selects 75 women-owned businesses to receive grants of $10,000 and $20,000. To be eligible, businesses must be for-profit, at least 51% owned by a woman of color, preferably one to five years old, and formed and operating in the United States. A minimum annual revenue of $100,000 is strongly preferred.
TRANSFORM Business Grant
The TRANSFORM Business Grant, provided by TRANSFORM, offers support to entrepreneurs from systemically marginalized groups. This program combines a $1,000 microgrant with a customized, year-long business strategy and development program tailored to each grantee.
The $1,000 grant is designed to support anticapitalist businesses led by social impact focused individuals from marginalized communities, including BIPOC, disabled, formerly incarcerated, queer, trans, and nonbinary individuals. Grantees also receive a year-long mentorship program with access to pro bono services in branding, coaching, skill-based learning, and marketing.
National Black Business Pitch
The National Black Business Pitch (NBBP), organized by the National Black Business Pitch, is a competition that aims to connect Black-owned businesses with corporations seeking to diversify their supply chain. The program strives to create long-lasting relationships and sustainable contracts between Black-owned businesses and corporate partners.
The NBBP is open to Black-owned, founded, or controlled businesses throughout the United States. Interested companies must complete an application, submit a capability statement, and provide a three-minute video about their company. A panel of judges from the corporate supplier diversity community will review the submissions and select thirty companies to proceed to Phase Two.
Ingredients for Success Initiative
Famous Amos® and the National Black Chamber of Commerce have partnered to offer the Ingredients for Success Entrepreneurs Initiative, a national pitch competition providing grants to Black small business owners. The program will award three $50,000 grants to support the growth and success of Black-owned businesses.
In addition to the $50,000 grants, winners will receive resources and tools from the National Black Chamber of Commerce to help drive sustainable growth and success. Black founders, CEOs, and small business owners are encouraged to apply for this opportunity, which aims to support the Black community by closing the wealth gap.
Powershift Entrepreneur Grant
The NAACP, in collaboration with Medium Rare and The Shark Group, has opened applications for the fourth annual NAACP Powershift Entrepreneur Grant to celebrate Black Entrepreneurs Day. This grant program aims to empower and support the growth of Black-owned businesses across the nation.
Rising and established Black entrepreneurs are invited to apply for the Powershift Entrepreneur Grant, which provides selected businesses with a $25,000 grant and resources to propel their futures. Additionally, grant recipients will receive mentorship from Shark Tank’s Daymond John, helping them navigate the challenges of entrepreneurship.
Siete Juntos Fund
The Siete Juntos Fund, committed to empowering and supporting Latino communities, offers grants to Latino-owned bakeries, eateries, and food trucks. The fund has pledged 2 million dollars over the next 5 years to create positive change and build a more equitable future for underserved communities.
Each year, the grand prize winner will receive $50,000, while the second and third-place winners will be awarded $30,000 and $20,000, respectively. Additionally, up to 10 businesses will receive grants of at least $10,000 each.
#SupportSmallBiz Grant
Small Business Majority and Support Latino Business have launched the third annual #SupportSmallBiz Grant to honor and celebrate diverse small businesses across the nation. The grant program will award four businesses with $2,500 each.
To be eligible, businesses must have at least one Latino/x founder with 50% ownership, be legally registered in the U.S., and have been in operation for at least one year prior to September 2022. Applicants must be at least 18 years old and reside in the U.S., including the District of Columbia and U.S. territories.
Creciendo con TikTok Grant
TikTok and the Hispanic Heritage Foundation have partnered to offer the Creciendo con TikTok Grant, supporting Latinx small businesses across America. The $200,000 grant fund aims to recognize and assist Latinx small business owners who have demonstrated perseverance, resourcefulness, hard work, and entrepreneurial vision in their communities.
The Creciendo con TikTok grant program, launched in 2021, and provides $5,000 cash awards to 40 Latinx small-business owners in the United States. The grants are designed to support the growth and success of these businesses.
Ingredients for Success Initiative
The Navigate program, offered by REI, supports emerging Black, Indigenous, Latina/o/x, and Asian American and Pacific Islander (AAPI) entrepreneurs in the outdoor industry. The program provides funding, mentorship, curated programming, and access to REI’s experts to help participants connect, learn, and grow their businesses.
Navigate participants receive a $25,000 grant and the opportunity for direct investments from REI’s $30M fund. Eligible companies must provide products that align with REI values, inspire people, and equip them for outdoor activities. Founders must be from the specified racial/ethnic groups, hold leadership positions, and have at least 20% founder equity. Companies must be U.S.-based and have generated $75K to $2M in revenue over the past 12 months.
Coalition to Back Black Businesses
The Coalition to Back Black Businesses is a grant-making initiative that provides financial assistance and long-term support to America’s small businesses. The funds help business owners cover essential expenses such as marketing, advertising, inventory expansion, and rent payments.
The program offers $5,000 grants each year to Black-owned businesses with three to 20 employees, along with a mentorship experience. Some grantees may receive an additional $25,000 upon completing the program. To be eligible, businesses must be located in economically vulnerable communities and have been financially impacted by the COVID-19 pandemic.
Restaurant Business Development Grant Program
The Feed the Soul Foundation has established the Restaurant Business Development Grant Program, a $15,000 fund to provide resources, training services, and community support for culinary businesses. The program aims to ensure the financial sustainability and operational advancement of participating businesses.
The program is open to food businesses with at least 51% ownership by individuals from the following categories: Black, Indigenous, Latinx, LGBTQ+, military veterans, persons with disabilities, or formerly incarcerated individuals. In addition to a financial stipend based on business needs, participants receive six months of consultation, educational training services, and continuous support to maintain and grow their businesses.
digitalundivided Breakthrough Grant Program
digitalundivided’s BREAKTHROUGH Program, sponsored by JPMorgan Chase’s Advancing Black Pathways, offers founders a comprehensive education on customer understanding, startup funding, growth marketing strategies, and networking opportunities to scale their ventures. Each company accepted into the program will receive a $5,000 grant.
To qualify, founders must identify as women, be at least 18 years old, have a majority ownership in a business registered for at least a year with a technology component, and generate a minimum of $50,000 in annual revenue. Selected participants will receive mentorship, feedback, banking relationship guidance, community access, visibility, and post-program support.
Greenhouse Accelerator Program Juntos Crecemos Edition
The Greenhouse Accelerator Program Juntos Crecemos Edition, a collaboration between PepsiCo Greenhouse Accelerator and PepsiCo Juntos Crecemos, is a five-month, mentor-guided program designed to support the acceleration of emerging food and beverage businesses. The program aims to identify innovative solutions that transform consumers’ lives while contributing to local communities’ economic prosperity.
The program will select up to 8 high-potential consumer packaged goods businesses that create snacks or beverages inspired by Hispanic flavors or culture. Each finalist will receive a $20,000 USD grant, with the winner awarded an additional $100,000 USD. Eligible businesses must have a net revenue between $100,000 and $2,000,000 in the last financial year, be licensed and operating in the United States, and be willing to work with PepsiCo mentors and attend program events.
Black Ambition Prize Grant
The Black Ambition Prize is a competition that supports Black and Hispanic/Latinx entrepreneurs by providing funding, coaching, and marketing opportunities. The program aims to empower underrepresented entrepreneurs and help them grow their businesses in various fields, including consumer products, healthcare, media, entertainment, technology, and AI.
Eligible ventures must have at least one founding team member who identifies as Black or Hispanic/Latinx, be legally incorporated or intend to incorporate in the U.S., demonstrate progress with a minimum viable product or existing consumer base, and have raised less than $1M in dilutive funding. The grand prize winner receives $1 million, while 15 additional teams receive between $15,000 and $250,000. All team members must be at least 18 years old, with a minimum of two members per team.
Other Grant Programs
In addition to the minority small business grants listed above, there are grant programs for other groups too. Check out:
Small Business Grants for Women
Small Business Grants for Veterans
Sources
︎Source link
