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Key points
- Small business grants usually come with no strings attached, which means it’s not a loan and you don’t have to pay it back.
- Comcast RISE will award $5,000 to 500 business leaders who champion diversity inclusion and community engagement.
- Coalition to Back Black Businesses awards $5,000 to black small business owners, and the First Nations Development Institute awards grants to American Indian organizations each year.
TO Small business The grant is a form of start-up capital that helps business owners build their businesses. Because subsidies They come with no strings attached, grant programs see a high volume of applicants each year, which can make it difficult to land one of these highly sought after awards.
Competition is fierce, but many programs have begun to narrow the playing field by offering grants to minority business leaders, who have traditionally been underrepresented as grant recipients. To be sure, competition for these grants may still be tight, but if you’re a minority business owner, here are five programs to consider.
1.RISE by Comcast
What it is: A small business grant that supports diversity inclusion and community engagement.
How much grant money gives: $5,000 to 500 recipients.
What you need to qualify:
- An independently owned business with 100 or fewer full-time employees.
- A business that has been established for three or more years.
- Residence in one of the following cities: Baltimore, Detroit, Memphis, Philadelphia, or Portland.
Deadline to apply: June 30, 2023.
Where to apply: Online
2. Coalition to Support Black Business
What it is: A multi-year initiative to help African American small business owners recover from COVID-19 and establish a dynamic presence in economically challenged communities.
How much grant money gives: $5,000, with the opportunity to receive $25,000 the following summer.
What you need to qualify: A Black-owned business with 3-20 employees located in economically at-risk communities.
Deadline to apply: The deadline for the 2023-24 cycle has not been announced. Last year, applications opened at the end of August and closed at the beginning of September.
Where to apply: Check the black companies behind Homepage for more details.
3. First Nations Development Institute Grants
What it is: Grantmaking program that has awarded more than 2,700 grants totaling more than $54.7 million to Native American projects and organizations.
How much grant money gives: Each scholarship offers a different amount. For perspective, a recent program awarded $40,000 to about a dozen California-based tribal organizations and tribal-controlled nonprofits.
What you need to qualify: Check the requirements of each grant. Typically, your organization or non-profit must be majority Native owned (51% or more), but other qualifications may apply.
Where to apply: Since the institute offers numerous scholarships throughout the year, the best way to apply is to enroll in their mailing list and wait for an applicable grant period to begin.
4. National Association of Black MBAs Climbing Throw Challenge
What it is: A throwing competition for members of the National Black MBA Association.
How much grant money gives: $50,000 for 1st place, $10,000 for 2nd, $7,500 for 3rd and $1,000 for People’s Choice.
What you need to qualify: A startup that is at least 33% Black owned and at least one founder is an active member of the National Black MBA Association.
Deadline to apply: The 2023 deadline has not been announced.
Where to apply: When the 2023 application process begins, you can apply at the NBMBAA home page.
5. Quick Break for Small Businesses
What it is: A partnership between LegalZoom, the NBA, the WNBA, and the NBA G League to support Black-owned businesses and Black-identifying entrepreneurs.
How much grant money gives: $10,000 to 50 recipients.
What you need to qualify: A Black-owned (at least 51%) business that has been in operation for six months and has annual business revenue of less than $1 million.
Deadline to apply: The deadline for 2023 has already passed.
Where to apply: Check the Legal Zooms fast break page in early 2024 for next year’s application.
Where else can you find the grant money?
You can apply for grants from federal institutions, such as Grants.gov and the USDA grant. You can also join the National Association of Self-Employed Workers (NASE) and apply for their grants. But even if the deadline has passed for the grants mentioned above, check again next year. Many of these are ongoing and you could apply for them in 2024.
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