BUSINESS FUNDING FOR MINORITY OWNED BUSINESSES
Small Business Grants for Women
There are many amazing grants for female entrepreneurs. The Amber Grants for Women provides $4,000 monthly for female entrepreneurs. The Amber Grant has a monthly application that requires the owner to share the story of how their business was created. It has an application fee of $15 and will automatically enter the owner into a $25,000 grant at the end of the year.
The Cartier Women’s Initiative Award is designed for women running early-stage companies and lasts for approximately two to three years. An early-stage business refers to a business that has not made any profits or revenue yet, or is still a concept. The project must be an entirely original for-profit business creation, that was entirely conceived by the team. The business also must be incorporated to get approved. The Founder, Director General Manager, or Project Leader, and the main shareholder, CEO, or Chairman must be a woman to get approved. Up to two co-founders will be accepted, if they are both women, and they will be expected to represent their project to the CWIA throughout the awards. Seven laureates from each region will receive $100,000, and the fourteen finalists will each receive $30,000.
Appy now: cartierwomensinitiative.com
Grameen gives microloans to women. These loans range from $2,000 to $15,000. Grameen also offers free financial training and support programs. The company will report payments to Equifax and Experian.
Apply Now: grameenamerica.org
Small Business Funding for Native American Entrepreneurs
First Nations Development Institute offers grants that help Alaska Natives, Native Hawaiians, and Native Americans. This organization will also help with the application process in addition to providing funds. There are no open grants opportunities for this year, but that could change. For the latest information, visit: firstnations.com/grantmaking
Rural Business Development Grants for Native Tribes offers technical assistance, technical training and funding for small rural businesses. Federally recognized tribes are eligible. Opportunity grants are limited to a total of 10 percent of the company’s annual funding.
Apply now: rd.usda.gov/programs-services
Small Business Funding for African American Entrepreneurs
The purpose of the National Black MBA Association Scale-Up Pitch Challenge is to help newer businesses that have an African founder, who has equal ownership of the business. The grand prize is $50,000, second prize is $10,000, third prize is $1,500, and the people’s choice prize is $1,000
Apply now: nbmbaa.org
Small Business Funding for Latinx Entrepreneurs
Camino Financial is one of the main companies that lend funds to Latinx-owned businesses. This organization has loans that go up to $400,000. Camino Financial offers instant quotes and funding within 24 hours.
Apply now: caminofinancial.com
Small Business Funding for Members of all Minorities
Union Bank’s loans are meant for small businesses that are looking for up to $2.5 million. To qualify the business cannot have annual sales that total over $20 million. They offer a fixed rate, equipment-secured loans, secured or unsecured loans with terms of up to 7 years for UCC and loans up to 25 years for owner-occupied commercial real estate financing. Variable-rate, unsecured, or secured lines of credit are subject to annual renewal.
Apply now: unionbank.com/business/lending/diversity-lending
Accion is a micro-lending program that offers small businesses loans from $300,000 to $1,000,000 for pre-existing businesses and start-ups.
Apply now: https://www.accion.org
SBA Community Advantage Loans for Members of All Minorities is designed for small business owners that have a chance at not qualifying for traditional financing. This organization encourages local, mission-based lenders, like nonprofit organizations, to make loans for up to $250,000. The SBA guarantees up to 85% of the loan and the interest is prime+6%.
Apply now: sba.gov/funding-programs/loans