Are you starting your business or looking to finance your current one? Are you a minority group in America looking for stable financing? If the answer to these questions is yes. Then you’ve come to the right place! Exploring the market on your own can be difficult and may even leave you confused. But luckily, we’re here to break down the top financing options for your business. There are many groups, companies, and NGOs that help minority groups conduct their business. So join us as we list your top options for financing your business.
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The Vanguard Accelerator Program
This is one of the biggest programs for women from minority groups. The Center for Economic Inclusion (CEI) sponsors it. They provide 20 $5,000 grants to Black or Latina women in the Minneapolis—Paul area. Moreover, the winners of these grants also receive scholarships to the Founder’s First Business Accelerator Program. This also includes winning forgivable loans of up to $250,000!
Do I Qualify?
– You must be a Black or Latina woman business owner with at least three employees. Your business must be within the Minneapolis-St—Paul area. Moreover, your business must generate $75,000 – $ 3 million per annum.
How to Apply?
– Submit an online application via CEI. Then, film a short pitch video that describes your business and why they should award you the grant. Moreover, provide profit and loss statements and an organization chart.
Deadlines?
– Mid-January to mid-February.
Ingredients for Success Entrepreneurs Initiative Program
Famous Amos and the National Black Chamber of Commerce (NBCC) lead this program. They provide three $50,000 grants to Black-owned businesses per year. So, if you win this award, you also receive ongoing mentorship and resources from the NBCC.
Do I Qualify?
– You must be 21 years or older to apply. Your business must be 90% Black-owned and have been running for less than five years.
How to Apply?
– Submit an online application via NBCC. Then, film a short pitch video that describes your business and how you will use the grant.
Deadlines?
– Mid-May to late June.
Black Girl Ventures (BGV) Pitch Program
This is an annual competition providing funds and coaching to Black and Brown small business owner women. So, it is a one-of-a-kind competition that urges Black and Brown women to start up small businesses. So, the ones who qualify present a three-minute pitch to an audience. Then, they vote for their favorite pitches by contributing money. Thus, the business with the most votes wins. There are prizes for the top three winners of $10,000, $6,000, and $2,000, respectively. Moreover, all the qualifying participants will receive free subscriptions for tools, resources, and capital opportunities.
Do I Qualify?
– Your business must be revenue generating and 51% Brown or Black-owned. Moreover, it should be running for at least one year.
How to Apply?
– Submit an online application and describe how you will use the grant.
Deadlines?
– November.
Black Ambition Prize Program
The famous musical artist Pharrell Williams founded the Black Ambition Prize program. This is a competition for Black and Hispanic business owners. So, it aims to help them build early-stage ventures in various fields. The winners receive awards ranging from $20,000 to $1 million. Moreover, you’ll also receive leadership and coaching to boost your business.
Do I Qualify?
– It must be a for-profit business, having raised less than $1 million, run by Black or Hispanic business owners. You should be at least 18 years old and have two members on your team. The business should fall under the following categories. Healthcare, web 3.0, media and entertainment, technology, artificial intelligence, consumer products, and services.
How to Apply?
– Submit an online application outlining your business’s solution, market segment, and business model. Moreover, include a product or prototype if possible.
Deadlines?
– March to early May.
Coalition to Back Black Businesses Program
This program is in partnership with American Express. They offer grants of $25,000 to support people still recovering from the effects of the COVID-19 pandemic. Moreover, the winners of this grant receive training and mentorship. This comes along with more support from other partners like Optimum and Cummins.
Do I Qualify?
– You must be a Black business owner in an economically unstable community. Moreover, your business must only have 3 – 20 employees.
How to Apply?
– Submit an online application and answer the essay questions provided.
Deadlines?
– August 2024.
Merchant Maverick Opportunity Program
Merchant Maverick provides two $10,000 grants to struggling business owners every year. Here, they finalize businesses from different niches every year. So, their main aim is to help those communities that are facing difficulties in finding financing. Thus, their grants have helped Black women and Native American business owners. They have also supported Asian-American and Pacific Islander restaurant owners and Portland, Oregon startups.
Do I Qualify?
The grant eligibility criteria change from year to year. Additionally, your business must be based in the U.S. and fit the current year’s criteria.
How to Apply?
– Submit an online application and describe your business’s goals and how you will use the grant.
Deadlines?
– September to November.
The National Black MBA Association (NBMBAA) Scale-Up Pitch Challenge
The NBMBAA arranges a Scale-Up Pitch Challenge every year. They invite startup founders to compete for $50,000, $10,000, and $7,500 prizes. So, the winner of the “People’s Choice Award” receives a $1,000 grant. So, you’ll create a three-minute pitch that describes your product/service, its value, target audience, and revenue model. Moreover, you’ll highlight the differences between the company and its competitors.
Do I Qualify?
– One member of your team must be a member of the NBMBAA. Additionally, the team must have one Black founder with an equal stake in the business.
How to Apply?
– Submit an online application and prepare a pitch for your business. Then, six weeks after the application window closes, only ten finalists pass. After that, these finalists attend an annual conference, where they present their pitch to the judges and the audience.
Deadlines?
– Mid-June to early August.
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Ending Notes
These programs help Black-owned businesses with money, mentorship, and proper training. This enables you to set your business on the right track. So mark the dates on your calendar and apply for the grants that you qualify for!
