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grants for minority-owned businesses

Small Business Grants for Minority-Owned Businesses

Minority-owned businesses continue to make up more of America’s business backbone, but they still face difficulties finding the financial assistance they need. Fortunately, a number of small business grants seek to rectify this problem.

As of the most recent information from the U.S. Census Bureau (2019), nearly 20% of U.S. employer businesses were minority-owned. Of those, there were:

  • 581,200 Asian-owned businesses
  • 346,836 Hispanic-owned businesses
  • 134,567 Black- or African American-owned businesses
  • 26,064 American Indian and Alaska Native-owned businesses
  • 7,331 Native Hawaiian and other Pacific Islander-owned businesses

While traditional means of funding are open to these businesses, they also have access to a number of grants and other aid only available to minority-owned businesses. The following are some of the grants available to minority-owned businesses.

8 Grants for Minority-Owned Businesses

Amazon’s Black Business Accelerator

Amazon’s Black Business Accelerator provides a number of service and grants to help minority-owned businesses grow.

Among the financial opportunities are a $500 credit for assisting with start-up and operational costs, $400 in advertising credits, free imaging services and cash grant opportunities. Amazon’s Black Business Accelerator can also connect businesses with a dedicated network of mentors and coaches, provide access to at least one year of strategic advisory services, free education resources to help you sell in Amazon’s store, and more.

Asian Women Giving Circle

The Asian Woman Giving Circle says it is “an all-volunteer group of Asian American women in New York City who are passionate about amplifying the transformative power of arts and culture to advance an equitable and just society.” The group has provided more than $1 million in grants in its 16 years of existence. In 2022, the group expects to dole out nine to 10 grants of $8,000 to Asian American women-led organizations trying to “bring about progressive social transformation; raise awareness and catalyze action around critical issues that affect Asian American women, girls and families; and highlight and promote women’s central role as leaders, creators, developers and managers of these projects.”

Coalition to Back Black Businesses Enhancement Grants

The Coalition to Back Black Businesses is a multiyear initiative, spanning 2020 to 2023, that supports black small business owners and the communities they serve in the wake of COVID-19. Their goal is to provide more than $14 million in grants, training and resources. That will come via $5,000 grants awarded to applicants each fall, followed by mentorship and training. A few of the grant winners will also receive $25,000 enhancement grants the following summer.

Comcast Rise Grant

The Comcast Rise Grant is another award system borne from the pandemic. Comcast will provide grants to businesses that are at least 51% owned and operated by someone who identifies as black, indigenous, a person of color, or female; is independently owned and operated; is not a franchise location; and has been operating for one or more years. Winners will receive “marketing consultations, media placements, commercial creative production services, or technology services from Effectv and Comcast Business.”

First Nations Development Institute Grants

Between 1993 and 2021, the First Nations Development Institute has awarded 2,611 grants totaling $51.6 million to Native American projects and organizations in most of the U.S. and American Samoa. The available grants change over time, but examples of current grants include Green Jobs in Indian Country Grant Opportunity, Protecting Bering Sea Marine Resources Grant Opportunity and Luce Indigenous Knowledge Fellowship: 2023.

Kinetic Business Black Business Support Fund

The Kinetic Business Black Business Support Fund aims to help black-owned small businesses access capital, as well as free internet and consulting services. Businesses must be a new or current small business customer in the state of Georgia; Charlotte, North Carolina; or Lexington, Kentucky, that is receiving broadband internet services from Windstream, and must also fulfill a few other eligibility requirements. The fund provides grants of up to $2,500, free fiber-backed internet services for one year and a free business consultation.

NBMBAA Scale-Up Pitch Challenge

The National Black MBA Association’s Scale-Up Pitch Challenge offers $50,000, $10,000 and $7,500 prizes as part of a challenge made to businesses that have at least one owner and that are in the initial stages of business development. To compete, a business must join the NBMAA, then pitch their business to a panel of judges, with the discussion to include who the target market is, what value the product/service adds to customers’ lives, what sets the product apart and how much revenue is expected in the first year.

Sephora Accelerate Grant

The Sephora Accelerate Grant aims to provide “consistent, cohesive, and ongoing support backed by digital and in-person resources” to innovative, inspirational founders in beauty who are people of color. “Content and curriculum provided is directly correlated to helping founders succeed at Sephora. In addition, brands will have the unique experience of building a heart-and-soul connection to our community and its ecosystem, as well as the opportunity of a lifetime—launching with Sephora, the world’s largest beauty retailer.”

Make Sure Your Small Business Has the Funding It Needs

These and other grants, scholarships and other resources can help minority-owned small businesses turn into midsize and eventually large businesses. And we can help you find this aid.

McManamon & Co. provides a wide array of consulting services to small and midsize businesses, including helping companies locate financing and funding, from grants to loans to investments.

If you’d like to learn more about what we can do for your firm, call us at 440.892.8900 or contact us online today.

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