The United States has seen a drastic increase in the number of businesses owned by women and minority groups over the recent past. The number of women-owned enterprises in the country rose by 21 percent between 2014 and 2019, according to the 2019 State of Women-Owned Businesses Report. But, minority communities and women struggle to raise capital to start businesses. The following are five sources of business grants for minority women.
1. U.S. Department of Commerce Minority Business Development Agency (MBDA)
Richard Nixon established the MBDA in 1969. It offers financial aid to minority business owners. The agency offered contracts and capital awards worth over $3.6 billion to minority-owned enterprises in 2012. The Minority Business Development Agency provides information on loans, government contracts, and grants. You can visit its website to access business advice. Besides, it guides minority groups on how they can apply for minority certifications.
2. National Association for the Self-Employed Growth Grants
The National Association for the Self-Employed (NASE) offers resources and tools to investors whose businesses have stagnated. The association offers Growth Grants of $4,000 and members-only resources. Entrepreneurs can use grants to advertise and market products, expand facilities, and hire workers. You need to have a good standing as a NASE member to qualify for a growth grant. Also, the National Association requires you to show how the grant will fulfill a specific business need.
3. U.S. Small Business Administration (SBA)
SBA offers a variety of extensive services such as education and training, technical help, and business management. It helps women and minority business owners access capital and markets. The Small Business Administration runs a Business Development Program that helps disadvantaged and small businesses compete in the marketplace. It provides manufacturing contracts of up to $6.5 million, and goods and services contracts of $4 million.
4. GingerBread Capital x IFundWomen Covid-19 Relief Grant
GingerBread Capital collaborated with IFundWomen to provide 25 companies with $10,000 business grants. It targets businesses in states that are hard hit by COVID-19. Investors need to have profit-making companies that have operated for two years or more, and generated revenue of at least $250,000 in 2019. Also, the businesses aren’t supposed to have raised venture capital money and they should have had at least five employees before the coronavirus outbreak.
5. Verizon Small Business Recovery Fund
The Local Initiatives Support Corporation partnered with Verizon to form the Verizon Small Business Recovery Fund. It is a $7.5 million program that offers grants to American small businesses. The program prioritizes underserved communities and women business owners. Applicants need to be 18 years and above to qualify for business grants of up to $10,000. The application process has three rounds.
The coronavirus pandemic has adversely affected enterprises run by women and minority communities. Most non-essential businesses have closed for several months. Although the federal government has offered funds in the Paycheck Protection Program (PPP), many small businesses have financial constraints. Call New USA Grants on (1-888-364-1123) if you need business grants for minority women. Our financial experts will guide you on how to apply for minority Hispanic grants. Please visit here to know more: https://www.newusagrants.com/minority-hispanic-grants