Access to small-business loans and affordable financing is challenging for minority business owners. Financial assistance and business grants can be used to bridge the funding gap.
These are the top small-business grants and other financing options for minority-owned companies. NerdWallet has also compiled a list with the top small-business loans available for minorities.
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We will start by asking you a few questions to better understand your business’ unique needs.
Our team will help you to move forward once we have identified your matches.
Grants.gov is a website that allows grant applicants to search for and apply for federal funding opportunities. This site contains information about more than 1000 grant programs from federal grant-making agencies including the Department of Commerce, the U.S. Small Business Administration, and many other grant opportunities.
You must apply for federal grants by obtaining a DUNS (a nine-digit unique identification number) from Dun & Bradstreet. Register to do business with the U.S. through its System Award Management website. Create an account at Grants.gov.
- USDA Rural Business Development Grant Program
This USDA grant is for rural small business development and expansion. It can be used to support minority-owned businesses. You must have at least 50 employees and less than $1,000,000 in gross revenue and be located in an eligible rural area.
Grants may be used for training, technical assistance, land acquisition, or long-term planning. The USDA’s Rural Development state offices accept applications once a year.
- National Association for the Self-Employed
This non-profit trade association offers grants and educational resources for entrepreneurs and small businesses. You will need to be an active member to apply for a grant up to $4,000 and to provide documentation.
- FedEx Small Business Grant Competition
FedEx Small Business grants up to $50,000 to 12 small businesses each year. A small for-profit company with a shipping requirement is eligible to apply, as long as it has been in operation for at least six months and has fewer than 99 employees when the contest begins.