Where is the best place to apply for a minority business grant for your startup? If YES, here are 12 best places to get minority small business grants with ease.
Like all entrepreneurs, minority business owners must contend with a constantly fluctuating market and day-to-day obligations. Between purchasing new inventory, expanding staff and moving into different premises – running a small business takes money, and oftentimes, that means it requires borrowing.
While loans maybe good, but grants are a fantastic way to finance a small business as you don’t have to worry about paying back. There are a number of business grants specifically made for minority entrepreneurs and those operating in disadvantaged communities.
12 Best Places to Get Minority Small Business Grants With Ease
- Rural Business Opportunity Grants
The RBOG program gives up to $100,000 to support training for business development, in order to stimulate the economies of rural communities. If you’re looking for loans for a minority small business and think you could qualify, you should definitely check it out.
- Community Connect Grants
If you live or operate in a rural area lacking an Internet broadband speed of 3 Mbps or more, and are looking to fix that, then check to see whether you’re eligible for this Department of Agriculture grant.
- Water & Waste Disposal Loan & Grant Program
Though not explicitly targeted towards small businesses, this grant initiative—like many others—includes Federally-recognized tribes among its eligible applicants. If you are a business owner operating in recognized tribal lands, looking for loans for a minority business, and you’d like to invest in water or waste disposal, this cash can help you out if you are able to get it.
- First Nations Development Institute Grant
The Native Arts Capacity Building Initiative gives up to six grants of $30,000 each to Native American institutions supporting arts and culture. However, to qualify you must already have programs in place supporting this goal.
The program is also limited to those initiatives that support Native American artists in Minnesota, North Dakota, south Dakota, and Wisconsin, although if you have a strong case, make it. These grants for minorities are meant to help develop projects and businesses that can strengthen each community.
- MillerCoors Urban Entrepreneurs Series
Though not exclusively available to minority business owners, this grant program focuses on diversity in entrepreneurship, which can be a good option if you are looking for minority small business loans. They award up to $150,000 to five winners, plus the consumer’s Choice award grant of $10,000.
- Improving Minority Health Grant Program from the USDA
The Improving Minority Health Grant program from the USDA provides grant funds for minority-run nonprofits, organizations, native tribes, faith-based organizations and other agencies that specifically seek to improve the health of individuals in minority communities.
- Rural Business Enterprise Grants
Available to small businesses, the RBEG program offers funds for rural development—including, by not limited to, infrastructural development, working capital for startup businesses, purchasing equipment, and real estate development.
Smaller requests are actually given higher priority, and grants usually range between $10,000 and $50,000.
- FedEx Small Business Grant Contest
The FedEx Small Business Grant Contest is one of the best grant providers on this list, that is if you have a strong digital presence. With three prize packages totaling nearly $50,000, you won’t need a minority business loan if you can win this.
- Miller Lite Tap the Future
For entrepreneurs with a compelling idea, the Miller Lite Tap the Future contest (previously the MillerCoors Urban Entrepreneurs Series) is held annually.
Contestants get to pitch Daymond John of Shark Tank, and winning pitches get $20,000 plus the chance to move forward to the $200,000 grand prize round.
- POWER Initiative
The POWER Initiative is a program that helps communities impacted by a declining coal mining industry. Grant money awarded can be used to diversify workforce opportunities for those who have lost coal mining related jobs.
- Startup Runway Foundation – Equity-Free Competition For Minority Led Startups In Atlanta
The Startup Runway Foundation is awarding $10,000 to high-velocity tech startups from minority and women founders headquartered in the Southeast. The prize money is equity-free, which means that the winner of the funding retains full ownership of the business.
- Tribal Energy Development Capacity Grant
The Tribal Energy Development Capacity grant gives funding to business owners who want to start or expand businesses that develop energy resources on Indian land.
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