Small Business Grants & Loans

Below are a few funding opportunities for Diverse Businesses.  If you have any information that can help us expand this list, email us at contact@suppliertynews.com




You can do a search on Businessgrants.com or Grants.gov using keywords for your business, including “minority owned,” to find grants tailored toward funding your type of business. See a few of the suggestions below.

Grants

  • The National Association for the Self-Employed (NASE) Growth Grants Program offers access to capital for micro-business owners who have a specific business need, but lack the finances to carry out that goal. Through the program, members can apply for up to $4,000 to meet a specific business need such as the purchase of new equipment or software, or the funding of advertising, marketing materials or training.
  • The FedEx Small Business Grant Contest is a nationwide competition that will award $50,000 in total to six deserving U.S-based entrepreneurs and business owners. The top winner will receive a $25,000 grant and the remaining five winners will receive grants of $5,000 each. Small businesses, defined as having fewer than 100 employees, will compete for the grants by registering their business online.
  • Bank of America Diverse Business Scholarship Program:  The Bank of America Diverse Business Scholarship Program has been established by Bank of America, N.A., a national banking association, to provide targeted training and development support to qualified certified diverse business owners or an employee that holds a key position in the diverse business owner’s company and has been designated on the application by the diverse business owner. Thirty scholarships of up to $10,000 each will be awarded annually to eligible recipients by Scholarship America’s Selection Committee. Awards are not renewable, however, diverse business owners may reapply to the program each year eligibility requirements are met. Email at bofabusiness@scholarshipamerica.org
  • Annual Minority Business Development Agency’s Grant Competitions
  • Small Business Innovation Research Program If you operate a small business engaged in federal research or research and development which has commercialization potential, you may qualify for the Small Business Innovation Research R/R&D program. This competitive program enables small businesses in the research field to explore their technological potential and offers the incentive to profit from its commercialization.
  • Economic Development Administration The US Department of Commerce’s Economic Development Administration provides state and regional small business grants designed to support regional economic growth by encouraging innovation and entrepreneurship.
  • LendingTree issues a $50,000 annual grant to small businesses that are finding it difficult to grow. Previous recipients of LendingTree grants have shown they are passionate entrepreneurs, have a growth mindset, and offer enrichment to the community, including creating new jobs.
  • Amber Grant Foundation If you’re a female entrepreneur, then you may be eligible for a $1000 grant from the Amber Grant Foundation. Each month, the foundation awards $1000 to a different woman-owned small business. At the end of the year, one of the 12 grant recipients is awarded a further $10,000. The foundation’s board of advisors look for women who are particularly passionate about what they do and have a good story to tell.
  • Eileen Fisher Women-Owned Business Grant is awarded to women entrepreneurs. Awards totaling $100,000 are given to up to 10 female business owners every year. To be eligible for the grants, at least 51% of your business must be women owned and led. Businesses must have been operating for at least three years and bring in less than $1 million in revenue each year. Businesses must also be centered on social or environmental change.

Loans

  • Accion is the largest nationwide nonprofit lending network in the United States. They are a flexible organization that focuses on providiing lending solutions for new and seasoned entrepreneurs from various backgrounds and in a wide variety of industries.
  • Small Business Administration Loan Program works with lenders to provide loans to small businesses. The agency doesn’t lend money directly to small business owners. Instead, it sets guidelines for loans made by its partnering lenders, community development organizations, and micro-lending institutions.
  • Energy and Mineral Development Program helps to provide funds to Federally recognized Native American Tribes to perform technical evaluations of the energy (both renewable and conventional) and mineral resource potential of Indian reservations
  • The Business Center for New Americans’ Microloan Program provides small business loans and microloans to business owners who are not able to obtain loans from traditional lenders (between $500 – $50,000)

Other

    • Quicken Loans Detroit Demo Day is for businesses physically located in, or those committed to relocating to, the cities of Detroit, Hamtramck, and Highland Park. Business owners must be legal U.S. residents, able to travel on their own to present at Detroit Demo Day, be willing to work with us to perfect their pitch, and be in good standing with the IRS. (Prizes are awarded to 15 Finalists sharing $1 million in funding)
    • Ascend 2020 links business schools, business service-providing organizations, and Community Development Financial Institutions to create local support ecosystems for neighborhood-based, inner-city, and minority-owned businesses in Atlanta, the San Francisco Bay Area, Chicago, Los Angeles, Seattle, and Washington, D.C.
    • Small Business Financing in Michigan: Loans, Grants, and Investments Check out over 15 organizations looking to invest in Michigan based businesses today

The Ultimate List of 22 Resources for Minority-Owned Businesses

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