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

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.

The Ultimate List of 22 Resources for Minority-Owned Businesses