Top 5 Minority Small Business Grants You Should Know About
Small businesses are a vital part of the US economy. They provide employment opportunities, contribute to the growth of the economy, and empower entrepreneurs to achieve their dreams. However, starting or growing a small business is not easy, particularly for minority entrepreneurs. Thus, to help minority-owned businesses overcome this challenge, many organizations offer small business grants. In this article, we will discuss the top five minority small business grants you should know about.
1. FedEx Small Business Grant Contest
The FedEx Small Business Grant Contest offers a total of $250,000 in grants and prizes each year. It is open to US-based small businesses with fewer than 99 employees that have been operating for at least six months. Applicants are required to submit a video that describes their business, its mission, and how they would use the grant money to grow their company. The first-place winner receives $50,000, while the second and third-place winners receive $30,000 and $15,000, respectively.
2. National Association for the Self-Employed (NASE) Growth Grants
NASE offers grants of up to $4,000 to its members who need funding for a specific business need. Applicants must be NASE members for at least three months before applying. The proposed use of the grant funds should be related to a business need such as marketing, purchasing equipment, or hiring employees.
3. Small Business Innovation Research (SBIR) Program
The SBIR program helps small businesses in the research and development of innovative technological products or services. It is a highly competitive grant program that awards funding of up to $150,000 to small businesses. The program is open to all US-based small businesses, with a focus on women, socially or economically disadvantaged individuals, and rural entrepreneurs.
4. Amber Grant for Women
The Amber Grant for Women is a $2,500 grant awarded to a woman-owned business. It is available to US-based businesses that have been operating for at least six months. The grant is intended to help women-led businesses overcome financial obstacles and grow. The winner of the monthly grant is also eligible to win a $25,000 grant awarded at the end of the year.
5. Small Business Administration (SBA) 8(a) Business Development Program
The SBA 8(a) Business Development Program provides assistance to socially and economically disadvantaged small business owners. The program offers training, counseling, and assistance in obtaining government contracts. Additionally, it offers access to a mentor-protégé program, where minority-owned businesses team up with larger businesses to learn from their experience and gain valuable skills.
Conclusion
In summary, starting a small business is not always easy, but obtaining a grant can help entrepreneurs grow their business. These five minority small business grants provide a range of opportunities for all types of small businesses. While the competition for these grants is stiff, applying can lead to great rewards, both financially and strategically. We encourage all minority small business owners to explore these grant options and take advantage of the opportunities they offer.
