Yes, there are available grants for Hispanic small businesses in the United States of America. Hispanics are the fastest-growing economic sector and the demographic among American entrepreneurs.
This is a result of their strong entrepreneurialism which has allowed them to contribute billions annually to the American economy.
Claritas estimates that 14 percent of the approximately 33 million enterprises in the United States are held by Hispanics. According to research from the Stanford Graduate School of Business, Latino-owned businesses grew at a rate of 34 percent, faster than the 1 percent average growth rate for all business owners.
Note that white-owned firms had a 6 percent drop. More than any other population during that time, there was a high increase in the number of self-employed Latinos or entrepreneurs. Research from the Kaufman Indicator of Entrepreneurship supports the statistics.
In the year 2019, 44 out of 10,000 Latino adults become business owners, as opposed to 31 out of 10,000 Asians, 29 out of 10,000 Caucasians, and 24 out of 10,000 African American adults.
The U.S. Census Bureau predicts that the Hispanic population will expand from 19 percent (62.3 million) in 2020 to 28 percent (approximately 111 million) by 2060.
Grants Available for Hispanic Small Business Owners
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Grant.gov
Grant.gov is a U.S. government organization that gives access to the most extensive collection of federal funding. Various grant possibilities are available on grant.gov for all business types, including those run by Hispanics. On the website, small business owners can submit their applications. Before applying, it is important to know your eligibility status because each organization has different requirements.
Eligibility Requirements
Make sure you are qualified to apply for the award before the application process begins. Two factors determine eligibility which includes:
- Creating an account on grants.gov to apply
- Knowing the legal requirements for the funding opportunity.
How to Apply
- To get a general overview of grants, visit the grants learning center
- Before applying, be certain that you are qualified
- Look for federal funds that are relevant to your work
- Become a member of grants.gov to apply through the workspace
- Utilizing the workspace, complete and submit your application
- For submission status, enter your grants.gov tracking number(s).
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Comcast Rise
Comcast Rise is working to assist smaller companies, especially those that are operated and are led by women and minorities, who have been financially affected by the global epidemic.
Note that, in addition to financial schemes, beneficiaries may receive counseling sessions with Comcast’s local effective advertising and investigation workgroups, publicity campaign assistance, the creation of a 30-second TV commercial, or a technology facelift. Enterprises should meet the following criteria to be eligible for grants:
Eligibility Requirements
- At least 51 percent of businesses are owned and managed by an individual of color, such as black-indigenous, Asian American, and Hispanic entrepreneurs.
- Must be owned and controlled autonomously.
- Must be registered in the United States.
- It has been in operation for over a year.
- Must be situated within Comcast or an effective service area.
How to Apply
To apply for the Rise grant, you should visit the Comcast Rise website.
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Hispanic Business Program of the PepsiCo Foundation
The PepsiCo foundation will award $10,000 in financial support to 150 Hispanic-owned food and beverage enterprises in collaboration with Allies for Community Business, Accion Opportunity Fund, Ascendus, DreamSpring, and LiftFund.
Eligibility Requirements
- Must be owned by Hispanics
- In 2023, a revenue of $1 million or less was garnered
- It is situated in New York City
- Have no more than three locations.
How to Apply
Simply visit their page to fill in the necessary details.
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UPS Small Business Grant for Latinx-Owned Companies
UPS is collaborating with the US Hispanic chamber of commerce to provide $5,000 in small business grants to Latinx-owned smaller companies adversely affected by Covid-19.
Eligibility Requirements
- Must be owned by Hispanics
- Have fewer than 20 full-time staff
- You must have an EIN or ITIN number
- Must have been in operation for at least nine months.
How to Apply
Visit their page for the application for a grant.
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National Association for the Self-Employed
Small business owners can receive small business grants through the National Association for the Self-Employed (NASE). This trade association supports small businesses and entrepreneurs. It does not just target Hispanic business owners, but all self-employed businesses that need funds to grow.
You need to be a registered member of the NASE for at least three months, and also have a strong business plan to be eligible to get a monthly grant of up to $4,000. Members enjoy discounts on business expenses, in addition to loans and other resources that facilitate business growth.
Eligibility Requirement
- Must be owned by Hispanics
- Have fewer than 20 full-time staff
- You must have an EIN or ITIN number
- Must have been in operation for at least nine months.
How to Apply
Visit their website to fill out the applications when it is made open. Ensure you have all the required documents handy when filling out the form.
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Community Development Financial Institutions Fund
To ensure that the most impoverished communities receive financial assistance to support the expansion of small companies, Community Development Financial Institutions (CDFI) are essential. To promote economic growth, the U.S. treasury has been funding underprivileged communities.
Healthy food financing initiatives and financial aid awards in the form of grants, equity investments, credit union shares, and other forms are among the other CDFI programs for which you can apply.
Eligibility Requirements
- Must be owned by Hispanics
- Have fewer than 20 full-time staff
- You must have an EIN or ITIN number
- Must have been in operation for at least nine months.
How to Apply
To apply for the CDFI grant, you should first apply for a CDFI certification award. Once certified, you can now apply for a technical assistance grant.
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Amber Grant for Women
In 1998, the WomensNet established the Amber Grant for women in honor of Amber Wigdahl, a 19-year-old who passed away before pursuing her entrepreneurial goals. It seeks to assist female entrepreneurs, especially in light of the numerous obstacles that Hispanic women must overcome to grow their small businesses.
A stipend of between $10,000 and $25,000 is available to twelve female business entrepreneurs each year. The main qualification needed is a thorough business plan or proposal, and the $15 application fee.
Eligibility Requirements
- Give the description of your company
- Describes what you will do if you were awarded a $2,000 monthly grant or a $25,000 yearly grant
- When uploading the form, you should first stump up a $15 application fee. Note that monthly grant applications must be submitted by the end of each calendar month.
How to Apply
Visit the Amber Grant webpage to apply for this grant.
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U.S. Hispanic Chamber of Commerce
The U.S. Hispanic Chamber of Commerce can provide support to business owners who are looking for financing. As the biggest Hispanic business organization in the country, the USHCC has worked to maximize the economic development of more than 4.7 million Hispanic-owned companies.
Qualified locals can apply for several awards from the USHCC and Wells Fargo, an American international financial services organization, ranging in value from $5,000 to $15,000.
Eligibility Requirements
- Must be a Hispanic business owner
- The business must be registered
- You must have a business plan.
How to Apply
The application process is stated on their website when it is open to the public.
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United State Department of Agriculture (USDA) Grant
Latino and Hispanic small business entrepreneurs in rural areas can take advantage of the funds provided by the US Department of Agriculture to grow their companies. The application process is available to applicants at the local or state offices of the USDA. Once the process is complete, eligible applicants can now learn how much they can receive.
Eligibility Requirements
- The grant is only open to proprietors of small businesses with less than 50 employees and a yearly gross income of no more than $1 million.
How to Apply
The application process is stated on their website when it is open to the public.
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Small Business Innovation Research and Technology Transfer
Small businesses can get incentives and grants to investigate their potential for innovation and commercialization through the Small Business Innovation Research and Technology Transfer (SBIR and STTR) programs. Five separate U.S. federal government entities are responsible for these funds. The maximum grant available to Hispanic and other minority firms is $1.15 million.
Eligibility Requirements
- The grant is mainly for creative science and technology-based firms with less than 500 employees based in the United States.
How to Apply
The application process is stated on their website when it is open to the public.
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The Entrepreneurial Spirit Fund By Sia Scotch
Carin Luna-Ostaseski, among the first Hispanic business owners in antiquity to establish a blended scotch brand, started up SIA Scotch on Kickstarter.com in 2012.
In striving to keep up with the brand’s idea of inspiring everyone to attain the surprise and providing funds, guidance, as well as a community too small business owners of color, such as Hispanic small business owners, SIA Scotch has committed $110,000 to assist business owners of color in the food and beverage industry.
Eligibility Requirements
- Person(s) of color own 51 percent or more of the company
- Be a for-profit company with annual gross revenue of less than $5 million
- Operating and/or conducting business in at least one of the following states: California, Colorado, Connecticut, Florida, Georgia, Illinois, Massachusetts, Minnesota, New Jersey, Nevada, New York, Rhode Island, and Texas.
- Is not a holder of any alcohol beverage retail permit (including a bar, eatery, hotel, or establishment that sells or provides alcohol)
- Expected to be a US citizen or legal permanent resident
- Expected to be at least 25 years old as of November 1, 2023
- Be the majority shareholder or a person legitimately permitted to legate the business for the tasks of program participation.
- Should not have control in or be made an investment in an alcohol beverage retail licensee (including a business or establishment which possesses a license to make, sell or serve alcohol).
- Should not work for any retail license holder.
How to Apply
Visit the grant page and gather all stipulated information.