Congratulations to the 324 Black small-business owners and entrepreneurs across the country who received $5,000 in the 2022-23 cycle! This round’s total grant funding reached $1.6 million. From transportation and plumbing companies, to artists and restaurant owners, we could not be more honored to back these 324 Black businesses. Since inception, the Coalition has distributed $8.1 million in cash grants to 1,414 Black small-business owners, while also offering mentoring and additional resources to help small businesses scale and thrive.
Express interest in receiving a grant by completing the streamlined application (available during application period).
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APPLICATION PERIOD
If eligible for grant, randomly-selected finalists and those on a waitlist will be asked to complete a full grant application.
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APPLICATION REVIEW PERIOD
We’ll take care of this step! Your full application will be under review.
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GRANTS AWARDED
Grantees will be notified with instructions on how to join the coaching platform and receive their $5,000 grant.
ELIGIBLE BUSINESSES MUST:
– Meet the criteria for being a Black-owned enterprise in a qualifying industry (See details below in “Who is eligible to apply?”). – Employ between 3 and 20 people, including the owner and any full-time employees, part-time employees, or individuals working under a 1099 or similar contractual agreement. – Be located in an economically vulnerable community, according to the Distressed Communities Index. – Have been harmed financially by the COVID-19 pandemic.
SEE IF YOUR BUSINESS QUALIFIES
Enter the zip code associated with your business (as listed on your W9 Form) to see if you are eligible:
Less than 20% of U.S. employer businesses are minority-owned, according to the U.S. Census Bureau. Yet the owners of these 1.1 million minority-owned businesses often face heightened challenges when it comes to securing business funding.
In fact, Black entrepreneurs were three times less likely to apply for credit out of fear of loan denial, according to a paper by Duke University and the UNC Kenan Institute of Private Enterprise that found significant funding gaps between minority groups and white male business owners.
Federal Grants for Small Business Minorities
1. Grants.gov
Grants.gov is one of the first resources you may want to look into for business grants—both minority grants and other opportunities. The database, maintained by the Office of Management and Budget (OMB), contains information about more than 1,000 federal grants. It also includes details about the eligibility requirements for each program.
To apply for a grant through the Grants.gov system, you’ll need to first establish a Workspace accountthat you (and your team) use to access the system’s applications. Once you complete this step, you’ll be free to search for federal grants that align with your business goals and apply for those you believe are a good match for you.
2. USDA Rural Business Development Grants
The USDA Rural Business Development Grant (RBDG) is another federal resource that provides small rural businesses with funding, technical assistance and training. While there is no maximum grant amount, $10,000 to $500,000 is the standard RBDG award range.
To be eligible for this USDA grant, you must own a small rural business that earns less than $1 million per year (gross revenue) and has 50 new workers or less. If you believe your business may be eligible for funding, you can visit the USDA website for information on how to speak with a Business Program Specialist in your state. The specialist can give you guidance regarding the forms and applications you will need to complete.
3. USDA Water & Waste Disposal Loan & Grant Program
The U.S. Department of Agriculture program isn’t directly available to small businesses. However, small businesses (and households, too) may benefit if an eligible applicant applies. This program, designed to help upgrade local water and waste disposal infrastructure, is only open to rural federally-recognized tribes, private nonprofit organizations or state and local governments.
This assistance is offered as a loan paid back over a term of up to 40 years. The exact term length and the interest rate offered depends on how critical the need for the infrastructure is and the area’s median household income. In some cases, the USDA may offer this assistance in the form of a grant instead of a loan.
4. Small Business Innovation Research and Small Business Technology Transfer Programs
If your business is developing innovative new technology through partnerships with research institutions, you may qualify for a Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) program grant. These grants can be offered up to nearly $2 million.
These competitive programs don’t place any restrictions on minority status.
Private Grants for Small Business Minorities
5. FedEx Small Business Grant Contest
Many small businesses have struggled as a result of the Covid-19 pandemic. In response to the crisis, FedEx created the FedEx Small Business Grant Contest. For the year 2022, 10 small businesses (defined as having less than 100 employees) will receive one of the following grant award packages.
Grand Prize: Three winners will receive a $50,000 grant, $4,000 in FedEx Office credits (for business and print services) and more.
First Place: Seven winners will receive a $20,000 grant, $1,500 in FedEx Office credits and more.
Eligible businesses can create a FedEx account and enter the 2022 grant contest until February 28, 2022. The voting period and when FedEx announces the top 100 winners runs from March 22-31, 2022. The final winners are announced May 4, 2022.
6. The Coalition to Back Black Businesses
The Coalition to Back Black Businesses is a partnership of several brands that have come together with the goal of empowering Black-owned businesses.
The Coalition is supplying $14 million in minority grants, resources and training over a span of four years through 2023 that is meant to help small businesses recover from pandemic-related setbacks. The Coalition includes American Express, ADP, AIG Foundation, Altice USA, Dow and the S&P Global Foundation.
Select businesses will qualify for grants in the amount of $5,000 each fall, in combination with training and mentorship benefits. When the summer arrives, a few initial grant recipients will receive additional $25,000 enhancement grants as a means of additional funding and support.
Eligible businesses must be Black-owned enterprises located in economically distressed communities. You can apply on the Coalition’s website in the fall when the application process opens. The grant committee will select 400 or more eligible applicants at random to receive cash awards and other benefits.
7. National Black MBA Association Scale-Up Pitch Challenge
If you have an idea for a Black-owned startup that is scalable, it might benefit you to research the National Black MBA Association (NBMBAA) Scale-Up Pitch Challenge. NBMBAA designed a competition to “Make Big Ideas Bigger.” The competition aims to give eligible startups the opportunity to connect with venture capitalists and other early-stage investors.
NBMBAA’s judges will also select three finalists to receive cash awards. The grand prize is a small business grant worth $50,000.
When the application process is live, eligible businesses can make a virtual pitch to a panel of judges by sharing their business idea. Finalists will later have the chance to make a live, three-minute pitch to the judges explaining why their product or service should be considered for the grant.
8. Asian Women Giving Circle Grants
The Asian Women Giving Circle (AWGC) is a network that works to raise funds for Asian American women-led projects. Eligible projects must be related to arts and culture, promote social awareness regarding issues that affect Asian American girls, women and families, and be located in New York City.
The grant committee awards grants of up to $15,000 per project. But the total number of grants awarded depends on the availability of funding. When the application process is live, you can submit your application online.
9. The National Association for the Self-Employed Growth Grants
The National Association for the Self-Employed (NASE) has awarded close to $1 million in grants to small business members through its Growth Grants program. Eligible small businesses can receive grants worth as much as $4,000 through the program—awarded on a quarterly basis.
You must become a member of NASE before you can apply for the Growth Grant program. Once you join, you will have the opportunity to apply for the small business grants on a quarterly basis, according to the schedule below:
January to March
April to June
July to September
October to December
The grant committee reviews all applications the month after the quarterly submission deadline ends. Recipients must demonstrate an identifiable business need, explain how they would use the grant to satisfy that need, and show a potential for growth and success should their business receive the funds.
Black-owned and diverse businesses can seek grant funding through the Fast Break for Small Business program, which is sponsored by LegalZoom as well as the NBA, WNBA and NBA. The program aims to distribute grants to more than 5,000 small businesses for a total of $6 million in cash awards. Grants come in $10,000 increments, and winners will also receive $500 in LegalZoom services.
The next round of grant applications opens in the spring of 2022. You can sign up online for updates regarding future funding opportunities.
11. First Nations Development Institute Grants
Since 1993, First Nations has been offering grants to help support Native American organizations and projects, totaling $51.6 million in grants, along with technical resources.
My Black Lab 