Minority small business grants have always been in existence from time immemorial, but in recent times, they have exploded greatly. Minority businesses, in the last 10 years, as a matter of fact, accounted for over 50 percent of the two million new businesses that were founded in the United States alone and generated 4.7 million jobs.
More than four million minority-owned businesses are now in the United States, with annual sales totaling close to $700 billion. As minority businesses increase in both growth and acquisition, so are the funding needs of these minority-owned businesses. Applying and receiving grants in any form, be it business grants or minority business grants, carry the same type of expectations.
Small business owners have several options when it comes to finding funding to support their businesses. When given the options of saving up, taking out a business loan, or simply wait for the government to launch an SBA loan for minorities or, better still, grants for minority-owned businesses that you qualify for.
No doubt, this can help you eventually launch the business of your dreams, moving away, or working together for the greater good. In this grant article, we will be taking a close look at minority small business grants and how you can apply for them successfully.
The process for small business owners to apply and be awarded grants is pretty much laid out below. If you already own a minority small business or thinking of starting one, you have come to the right place.
What is a Minority Small Business?
Minority businesses are classified as businesses that are owned by those who identify as members of the visible minorities. However, in cases of business partnerships, the minority ownership would have to be at least 51% or more.No doubt, minority businesses have been on the rise in the last 10 years, thanks to increased entrepreneurship awareness, and the need to help grow an economy that is supported by businesses from all and sundry.
Minority small businesses have also shown tenacity and unwavering commitment to growth and expansion despite the economic challenges experienced in recent times. The need for financial backing for minority-owned businesses has not been greater. Hence, the compiling of grants for minorities to help with providing valuable information for grant funding and business opportunities for minority business owners.
What are Minority Small Business Grants?
Minority small business grants are financial assistance that is directly provided to minority-owned businesses. This type of funding is not repayable. However, there are some criteria that the grant-issuing agencies may require before accepting a minority business owner’s application. Minority small business owners have grant funding that has been created solely to support these businesses in their quest for growth and expansion.
However, to be able to apply for these grants, you would have to show proof of being part of the minority business community.
Finding and applying for minority grants require that you have documentation such as a detailed business plan and a grant proposal in many cases. Minority small business grants can range from anywhere from $5,000 to $700,000. hough in some rare cases, you may have some more grant funding availability. However, that would depend largely on what grant-issuing agencies are in charge.
The process of applying for minority grants can be quite complex if you are not sure how to approach grant applications. You have to be aware that no matter what the grant eligibility criteria may state, going above and beyond can definitely make all the difference when it comes to applying and receiving those grants successfully.
How to Apply for a Minority Business Grant
If you have been thinking, how exactly does one get to apply for a minority business grant, here’s the breakdown below:
After your research for grant funding, you finally find many promising minority grants that piqued your interest. You have to understand that the grant agencies that are offering these grants help minority business owners who may struggle to find grants elsewhere.
Indeed, growing a minority business and still sourcing for grants to keep your minority business funded can come with many challenges, but successfully navigating through available small business minority grants can help make all the difference you need. So, to start the process of applying, you should first familiarise yourself with the company, agency, or the government body offering the grant.
Once you have established who the grants are offered by, the next thing you want to do is try to get a hand with the essential documentation required before you apply. In some cases, there may be non required, but they eventually have you proof the existence of your business, how much in grant you are interested in applying for, and lastly, what the grants are to be used for.
You may ask yourself, isn’t it a grant after all? Does this individual care about what you choose to do with the grant? After all, grants are free money that does not need to be paid back. What is grant indeed equals free money. However, being able to be upfront with them with what your plans for the grants are, shows that you are transparent, having a plan that can get you into a successful grant application world.
Top Minority Small Business Grants
Here are the top 21 minority business grants of 2023. Whatever business industry you may find yourself in, you are sure to find a grant that may benefit your business. We have grants from minority development agency grant to Amber grant to Sogal, and much more.
All of the grants listed below for minority business owners may require that you meet the stipulated grant eligibility before you apply. The process may also involve an initial grant assessment that you have to verify before proceeding with the actual application to be awarded the minority grants you are interested in.
The grant options are diverse and cater to the different business needs that minority business owners may find themselves. What particularly stands out about these grants is the fact that most of these grants are recurring. Hence, you can reapply after being awarded the first time. This makes it easy to scale your business and keep growth at optimal growth and scalability.
When you have checked each grant’s eligibility requirement and can confirm that you have all the requirements to apply for the grant, the next thing you want to do is to proceed with the grant application. We have also outlined the step-by-step process to help you get the very best benefits in applying for minority small business grants in your industry.
1. Minority Development Business Grant (MBDA)
We are starting this ultimate list of Minority Small Business Grants with the United States Department of Commerce, a federal program dubbed as Minority Business Development Agency (MBDA). This grant program is specifically tailored to meet the grant needs of minority businesses. The MBDA grant program is the go-to platform for minority business owners looking to either start a business or grow one.
In preparing to apply for the MBDA grant program, you are not required to have any minority-owned business certification. However, other requirements are stated on their website, that you should be aware of. These grant requirements are not unusual for most government business grants.
Therefore, if you are interested in grants for black women or grants for startup businesses, knowing how to navigate these grants requirements can be quite helpful in becoming successful in applying and receiving government grants. When you have finally found the ideal grants for your minority business, the next step would be to apply right away, as many grant applications are received and processed on a first-come, first-serve basis.
The United States Department of Commerce also runs several other grant and funding programs. However, the Minority Business Grants are largely dedicated to minority businesses. So if you have an established business, but looking for grants to help you grow and expand your business, the MBDA program is a great place to start your grant search.
2. The Amber Grant
If you are a minority business owner and have not heard about the Amber grant, then you are in for great access to the world of business opportunities, grants, and business funding for your business. The Amber Grant was founded to support minority businesses that require financial support to get their businesses off the ground.
The Amber Grant program also extends beyond just providing monetary support for minority business owners who are running away from the exorbitant rates that small business loans for minorities offer.
The Amber Grant has diverse programs that support business grants for minority women. The Amber Grant also has several business training opportunities that business owners can take advantage of to help grow their small businesses. The process is a simple one that involves filling forms that allow you to explain what your business is about, and why you are interested in applying for the grant.
The Amber Grant program also provides minority business mentorship opportunities for new business owners who are just starting their business journey. The mentorship program has helped provide tools and resources to new business owners looking to navigate the business world. Applying for the Amber Grant is open to both new applicants and returning applicants alike.
3. The Halstead Grant
The Halstead Grant program is open to minorities of all backgrounds and business acumen. The Halstead grant provides financial help to minority-owned businesses with challenges with their businesses financially or otherwise. The grant program also provides some artistic support for those who are into arts, music, and personal expression artists.
Halstead Grant offers different business development areas to help you build your business tools and entrepreneurial quest to better your product and service delivery. The Halstead Grant program offers mentorship programs for those who are interested in pursuing their grant prep programs to get you ready for the grant application.
One thing to note about the Halstead Grant program is that it is offered annually. Therefore, as a minority business owner interested in this grant award, you would need to prepare ahead to ensure that you are ready to apply when the grant application is officially open to the public.
Finally, the Halstead Grant program is also a renewable grant application. This essentially means you can still enter for the grant application year after year, regardless of your history of awards with the Halstead Grant program or any other grant programs for that matter.
4. The National Association of Black Accountants (NABA)
The National Association of Black Accountants, Inc (NABA) is committed to helping uplift minority businesses. NABA is not just those seeking to apply for African American Grants, but other minorities too who may not know where to start their business journey.
The National Association of Black Accountants (NABA), just as the caption states, “lifting as we climb,” believes in lifting others to help them reach their goals, be it professionally or economically or a combination of both. NABA takes pride in helping aspiring Black accountants reach their goals and accomplish their dreams of starting their own businesses.
NABA also helps to connect young students with opportunities in the accounting field that they may be interested in going into. The National Association of Black Accountants, (NABA) is committed to making a difference when it comes to carving a niche for themselves when it comes to the experiences of minority business owners in the United States.
The Association of Black Accountants is also very invested in creating a safe space for those who may want to use the medium provided by NABA. This can help them create the type of business outcome that they want to accomplish. The grant program helps in support the different programs that help make a change in the lives of minority business owners.
5. National Association for the Self-Employed Grant
The National Association for the Self Employed has grant programs for minority business owners and those who are looking for financial support to get their business plans to come true. The NASE program also helps to bring different people with different skills to help bring everyone together to be able to reflect on the level of engagement that is beneficial economically to the minority business group.
More importantly, the NASE also provides some helpful information for those who are interested in exploring the world of becoming self-employed themselves or need funding to be able to start something for themselves, that can eventually help create that sustainable business models for them today real-world situation.
The National Association for the Self-Employed has several programs that can be quite valuable for those who are still trying to figure out grant options that they need for their business. NABA can help in the areas of connecting you with the right resources to be able to navigate through minority grant needs and expectations.
6. FedEx Opportunity Knocks Small Business Grant
FedEx, a globally known shipping company is offering an opportunity grant for small business owners. This is a great business opportunity for both new businesses and those who are just starting their businesses. The FedEx Opportunity Knocks Small Business Grant is geared toward businesses looking for funding to help expand their business ideas and grow their revenue.
FedEx also provides some other business resources that new business owners can take advantage of. Minority small business owners can also apply for this grant funding opportunity to help start their business or grow an existing one. FedEx is committed to making a lasting change when it comes to providing opportunities for business owners around the globe.
FedEx application for start grants has been made quite accessible for everyone. All that you have to do is basically fill out the simple application process that is streamlined and easy to follow. The application also follows a pre-filled questionnaire that you can utilize in accessing the grant information for interested applicants.