Take Advantaged of Minority-Owned Small Business Development Grants
Take Advantaged of Minority-Owned Small Business Development Grants
Fortune 500 businesses and large corporations can secure funding during this economic downturn. This leaves many local businesses struggling to obtain basic funding. In this sea of dolphins, whales, and sharks, your minority-owned business can obtain funding to help you thrive during this current economic climate.
Verizon Small Business Grant
In response to the novel coronavirus, which is wreaking havoc across American households, the Verizon Small Business Recovery Fund is offering up to $10,000 grants to underrepresented minority-owned business owners through the LISC program.
Presently, more than 400 small businesses have received grants to assist with rent arrearages, payroll, and other operational needs. Out of the 400 firms that have received grants, 46% were owned by African Americans, 63% were women business owners, and 11% were veterans.
The LISC program is accepting applications for round five. You must submit your request by August 3, 2020, before midnight EST. Non-profit organizations are not eligible for the grant. Recipients must prove they are operating services in the best interest of the community. Apply for the grant at www.lisc.org/covid-19/small-business-assistance/small-business-relief-grants/.
Minority Business Development Agency Grants
The United States Department of Commerce operates the Minority Business Development Agency grants that allow minority-owned businesses compete in the marketplace and succeed. There are three grant competitions — Enterprising Women of Color, Minority Business Enterprise Inner City Innovation Hub Grant, and the Enterprising Education Program for business owners who were formerly incarcerated. The next round of applications will start for 2021.
The SBA Prime Grant
The PRIME grant, Program for Investment in Micro-Entrepreneurs, offers grants to minority-owned small businesses in economically disadvantaged areas. You can obtain grants for:
- Training and technical assistance: 75% of grant allocations.
- Research and development for micro-enterprises: 10% of grant allocations.
- Expanding capacity services: 15% of grant allocations.
- Discretionary funding: less than 10% of grant allocations.
Organizations can receive up to $250,000 in funding annually in one of the four areas, as listed above, for projects that will last less than five years. Businesses can submit applications on www.grants.gov.
South East Asia Resilience Fund
The India Center Foundation is supporting Asian minorities in the creative arts. The South Asian Resilience Fund will provide grants up to $2,000 for minority-owned businesses negatively impacted by COVID-19. Companies must be US-based corporations that specialize in the visual arts, literature, and the performing arts. Members must have Asian heritage from Bangladesh, Maldives, Nepal, Pakistan, Sri Lanka, Bhutan, India, and Afghanistan.
Applicants must demonstrate need through the loss of income because of the pandemic. Business owners should be at least 21 years of age and cannot be pursuing a university degree. Recipients can use grant funds towards any future projects that can be developed, presented, and completed within four to six weeks from the reception of funds.
The panel is distributing funds on a rolling basis. The minimum grant is $1,000. The current initial funding for the program is $20,000, with $37,000 raised. To fund future projects, the India Center Foundation is still accepting donations. Apply for funding at theindiacenter.us/artsfund.
HOPE Small Business Development Grant
Operation HOPE has established the HOPE Mini-Grant. The program is designed to assist minority business owners and private residents in the economically disenfranchised areas that are experiencing challenges with inferior credit and limited access to capital and financial services.
Entrepreneurs can apply for grants at www.hopeinsidecovid.org/recovery. Applicants can use grants to pay for rent or mortgages, utilities, and even personal credit card bills. Potential candidates must complete three sessions with a financial coach, submit a short online application, and provide the financial coach a simple documented business plan. Recipients will receive a one-time $500 payment directly to the creditor or vendor of choice. Operation Hope also helps in other areas like:
- Credit counseling
- Housing, food, and clothing
- Access to federal assistance programs
- Consumer debt deferment
- Mortgage debt deferment
- Small business support
You can call (888) 388-4673 for live customer service assistance. The HOPE program is available in 22 states nationwide. Partners include FEMA and the American Red Cross.
Native American Business Development Institute Grant
The United States Department of the Interior’s Bureau of Indian Affairs provides funding for minority-owned business owners who are Alaskan or Native American descent. Since 2019, the program as provided 21 indigenous tribes $727,000 in funding to support local economic development projects or a new business startup.
The Native American Business Development desires to support Native American businesses by bringing innovative ideas in the marketplace through procurements from governmental and private entities. The NABDI grant supports this mission by providing tribes logistical studies for their proposed projects, which will make it easier to find capital investment, at www.bia.gov/as-ia/ieed/division-economic-development/nabdi.
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