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Minority-owned businesses face difficulties in establishing or expanding a small-sized business, such as obtaining affordable small-business loans. Business loans and financial aid will help to bridge the funding gap.
Here are the most effective small-business grants and other helpful financing sources for minority-owned companies. NerdWallet also has created the best Small-business loans for minorities. What is the amount you’ll need?
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Free Money for Minorities
We’ll begin by filling out a brief questionnaire to help you with your company’s specific needs.
After we’ve identified your customized matches, Our team will contact you regarding the steps to take ahead.
- Grants.gov grants seekers can search for and make an application for federal funding. It provides information on the more than 1000 grant opportunities across federal grant-making organizations, including those of the Department of Commerce and the U.S. Small Business Administration. To apply for federal grants, you need to acquire a DUNS number through Dun & Bradstreet (a unique nine-digit identification code) for your business. Sign up to conduct business through government agencies through the U.S. government through its System Award Management Website. Create an account on Grants.gov.The USDA Rural Business Development Grant Program
- This is a USDA grant to expand or develop small enterprises in rural areas, owned by minority groups or not. To be eligible, you’ll need to have at least 50 new employees and less than $1 million of gross revenues and be within an area eligible rural area. Grants are available for various purposes, including training, technical assistance, acquisition or development of land, and long-term business planning. The application process is handled by the USDA’s Rural Development’s State offices in the state every year at least once. National Association for the Self-Employed
- This non-profit trade association, The association, offers grants and educational materials for entrepreneurs and small-sized businesses. In order to apply for a grant that can be up to $4,000, you’ll need to join as an active part of the organization as well as provide a clear description of the way you’ll utilize the money, explain what the funding will do to help your business’s growth and submit supporting documents.FedEx Small Business Grant Contest
- The FedEx Small Business annual grant contest gives small-sized businesses the chance to win as much as $50,000. Any small for-profit business that needs to ship can participate as long as it has been operating for a minimum of 6 months and has less than 99 employees at the time the contest’s annual deadline approaches. Small Business Innovation Research and Small Business Technology Transfer Programs
- These two Small business programs offer grants and contracts to small businesses at the beginning of their development, seeking to commercialize their latest research and development. Minority Business Development Agency
- This development agency from the U.S. Department of Commerce is a part of the U.S. Department of Commerce that promotes the growth of small enterprises by linking their owners with financing resources as well as federal contracts and market opportunities. Contact the local MBDA business centre to find out more. National Minority Supplier Development Council
- It is a business member group that is focused on expanding opportunities for business-certified minority-owned companies owned by minority owners. It is responsible for through Business Consortium Fund, A non-profit business development program that provides financing and assistance to its members.SBA 8(a) Business Development Program
- Small businesses that are economically or socially challenged owners are entitled to assistance through this SBA 8(a) programme. It offers business development support in the form of training, business development, and technical guidance. To be eligible, a small enterprise must be at or above 51% owned by and controlled by a person who has been subjected to discrimination or bias and is at a disadvantage due to race or other ethnicities. Here’s a list of the eligibility conditions. Operation Hope Small-Business Empowerment Program
- The Operation Hope program is designed for entrepreneurs who are aspiring to locate in poorer neighbourhoods and often includes minorities. The program offers business education and financial guidance, along with access to financing options for small businesses. Participants go through a comprehensive training program as well as seminars on financing for businesses and managing money and credit. Fast Break for Small Business
The grant program of $6 million is a joint venture between LegalZoom and The NBA, WBNA, and NBA G League. Businesses are eligible to receive grant money and LegalZoom’s services. Accion Opportunity Fund is the non-profit administrator of the program.
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