Yes. Minority business grants are available in the state of Michigan. It is important to note that anywhere you position your new venture, there will be a plethora of helpful financial institutions. Financial institutions, which include banks, credit unions, government agencies, corporations, and others, offer resources to help entrepreneurs start or expand their businesses.
It is commonly evident that women and minority-owned enterprises lag much further behind when it comes to finding funding for their business.
According to data published by the US Commerce Department’s Minority Business Development Agency, minority-owned enterprises are often less successful in obtaining financial support than white-owned enterprises, particularly those with fewer than $500,000 in gross receipts.
Furthermore, for minority-led enterprises that find financing, rates of interest are usually greater than those of their white-owned contemporaries.
It should be noted that a Minority Business Enterprise is usually characterized as a business controlled and run by a U.S. citizen whose ethnicity is at least 51 percent African American, Asian American, Pacific Islander, Latinx or Hispanic, or Native American.
Frequently, a publicly listed business is required to be least 51 percent minority-owned, and the organization’s core leadership and activities have to be managed by associates from such minority groups.
One of the obstacles to minority businesses obtaining funding is the long-held perception that such business owners are higher-risk choices for bank loans and other lines of credit. In Michigan, however, there are grants available for minority-owned businesses.
The grants are intended to assist women-owned enterprises, Black-owned enterprises, Latino-owned enterprises, Asian-owned enterprises, Veterans, and other underserved groups in obtaining needed capital. to run their business.
Top Business Grants for Minorities in Michigan
Moderate grant initiatives are available in Detroit, Grand Rapids, Lansing, Ann Arbor, and throughout the state. Here’s how and where to get available financing or grants for your enterprise.
Table of Content
- Comcast Rise Program
- The Olga Loizon foundation
- Black Leaders Detroit
- Michigan Occupational Safety and Health Administration
- Moving Flint Forward
- Detroit Development Fund
- Bay County Small Business Grant Program
- Detroit Means Business
- Wayne County Small Business Hub
- WomanUp & Pitch Business Plan and Pitch Competition
Comcast Rise Program
Enterprises in the Detroit area operated by racial minorities and/or women can apply for Comcast Rise grants. The Free Comcast initiative could provide up to $10,000. The emphasis is now on small enterprises controlled by women, Black, Asian, Indigenous, or Hispanic people that desire funding to expand. Other advantages include marketing, free internet access, and more.
- The operator is Black, Indigenous, or a Person of Color;
- The owner of the commercial enterprise is the chief decision maker and is directly involved in the everyday running of the company.
- The owner possesses at least 51% of the company.
- Enterprise is licensed to operate in one of the forty-eight (48) bordering the United States or the District of Columbia.
- The company is solely owned and operated by its owner.
- For at least one (1) year (twelve (12) months), the business has been in regularly active activity.
How to Apply
To apply for the Comcast Rise program in Detroit, go to https://www.comcastrise.com/rise-apply/ and fill out the necessary forms.
The Olga Loizon foundation
Over time, this foundation will provide $10,000 grants to women-owned businesses in Michigan. All candidates must be Michigan residents, possess a business plan, and satisfy other requirements. This is a grant initiative that is funded by donations and starts up on a regular basis supply monetary support. The beneficiaries are chosen by the Team Schostak Family Restaurant team.
Grant candidates should be U.S. citizens, identify as women, be based in Michigan, demonstrate economic need, and submit a solid business plan.
How to Apply
- Examine your eligibility
- Show your enthusiasm
- Keep in touch during the application review period
- Obtain a grant
Black Leaders Detroit
They provide a variety of support initiatives to Black and African American enterprises. Grants are made available on a continuous basis. Social media networking, community containment, as well as other support initiatives exist in Detroit to assist minority-owned enterprises (and the larger community) finds success.
Enterprises will first fulfill specific requirements to be able to qualify for the assistance program, such as having around three and twenty full-time, part-time, or perhaps contracted workers and being situated in an economically marginalized community.
How to Apply
Visit https://www.blackleadersdetroit.org/ to apply.
Michigan Occupational Safety and Health Administration
The Michigan Occupational Safety and Health Administration offer $5,000 grants for infrastructure upgrades. For enterprises with fewer than 250 workers, government funds must be utilized for health and/or safety devices, preparation, or materials. The available funds will also target minorities, women, veterans, and underserved enterprises.
Michigan small enterprises with 250 or fewer workers can still apply for a complementary grant of up to $5,000 from the Michigan Occupational Safety and Health Administration (MIOSHA) to strengthen safety and health at work.
How to Apply
Apply online at https://www.michigan.gov/leo/bureaus-agencies/MIOSHA/.
Moving Flint Forward
General Motors and other conglomerates are providing free grants to Flint businesses. A significant emphasis is placed on low-income, underprivileged businesses.
Moving Flint Forward is the name of the support program. Every grant will be worth up to $10,000, with priority given to minority, female, and veteran-owned small enterprises. The funds will be used to assist businesses to grow by investing in stock, mortgage, sales management, and other expenses.
- Would have to be a resident of the city of Flint.
- Prior to actually applying, potential applicants are advised to attend at least one class.
- Attend an Informational Webinar (Recorded February 21, 2022)
- To obtain the full grant, all candidates must pass every stage of the application procedure.
- Businesses should organize at least one site visit with workers devoted solely to this initiative to demonstrate grant progress/completion.
- An existing business plan would have to be available for submission with the grant application.
- The company may not be a franchise.
- The company should be in good standing as of the submission date and not in bankruptcy.
- Owners really shouldn’t be on the Michigan State Police Sex Offender Registry, and they must follow the U.S. Patriot Act
How to Apply
If you are looking to apply, visit https://developflintandgenesee.org/moving-flint-forward/ and fill out all necessary forms.
Detroit Development Fund
This is intended to assist smaller firms in the city in gaining access to financial resources. The grant is for entrepreneurs who are unable to obtain financial assistance from financial institutions or other alternatives. The Detroit Development Fund will also assist candidates with poor or even no credit.
- The company should be based in the city of Detroit.
- Boast of at least $100,000 in annual sales and far less than 50 workers
- Have always been in operation for at least 12 months.
- Have showed potential for growth and the desire to expand and maintain or add new jobs
- Find it challenging to procure adequate financing from traditional lending sources
- The financing sums for small businesses span from $50,000 to $150,000.
- Most loans will have terms ranging from 24 to 84 months, depending on the use of the funds.
How to Apply
Bay County Small Business Grant Program
This initiative is for enterprises that have been impacted by the COVID global epidemic and require monetary support to recoup.
A maximum of $1 million is now being offered throughout the county. Every eligible business, such as minority or women-owned businesses, will receive up to $20,000 in free grant money, which can be used to cover the bills such as utilities, facility rent, e-commerce transactions, payroll, and more.
Applicants are expected to reside within Bay County or outside the city boundaries of Bay City. Candidates may have been experiencing COVID difficulties since March 3, 2021.
How to Apply
To apply for a grant from Bay County Michigan, go to https://www.bayfuture.com/main/grants/.
Detroit Means Business
This is a primary platform for small enterprises, new ventures, and anybody willing to participate in entrepreneurship. It serves as an information center. It will help you gain knowledge regarding free corporate and government grants, workshops and seminars, and the numerous supportive services available in Detroit.
Coaching, business accelerators, minority/women certification, interest-free loans, and many other programs are available. A significant emphasis is placed on veteran, minority, women, and even disabled enterprises.
Be a self-governing, for-profit or non-profit enterprise, partnership, or sole proprietorship. Have its head office or perhaps more than 51% of its unit operations in an economically challenged neighborhood or have a little more than 40% of its workers currently reside in an economically disadvantaged neighborhood
How to Apply
Visit https://www.detroitmeansbusiness.org/ to apply.
Wayne County Small Business Hub
This hub provides a broad range of assistance programs, including free grant money. Bookkeeping, publicity, dynamic content development, strategic plans, and legal representation are all available including monetary support.
The Hub is run in partnership with a number of non-profits and corporations, including the Ford Foundation, the William Davidson Foundation, the Hudson-Webber Foundation, JPMorgan Chase, the Ralph C. Wilson, Jr. Foundation, W.K. Kellogg, and The Kresge Foundation.
As per tax records, the company must have been in operation for more than a year. The company is in full compliance with the Michigan Department of Licensing and Regulatory Affairs (LARA) and is current on its tax obligations. The company was financially viable Pre-Covid.
How to Apply
Note that to apply, you will have to visit https://www.waynecounty.com/smallbusiness/home.aspx
WomanUp & Pitch Business Plan and Pitch Competition
The WomanUp & Pitch Business Plan and Pitch Competition give out free $10,000 grants to woman-owned enterprises, such as those controlled by Latinas and Black women. Winners will receive between $1,000 and $10,000 in cash, along with professional advice, mentoring, and other financial support.
- The company is based in Michigan.
- At least 51% are owned by women.
- Profitable enterprise.
- Contestants who have previously pitched in previous WomanUp & Pitch competitions are not eligible to apply with the same business.
How to Apply
If you want to apply for the program, go to https://miwf.org/wei/womanup/.