Women and minority business owners have historically had difficulty accessing capital. So there are now some grant opportunities aimed at addressing that inequality. Some are open to businesses nationwide. And others are focused on specific communities or educational initiatives. Here are a few for business owners to know.
Latest Small Business Grants for Women Business Owners
Here’s a look at some of the latest small business grants available for women owners in America:
Fast Break for Small Business
The NBA and LegalZoom have teamed up to help underserved small business owners with $6 million in grants. This is a multi-year partnership, with the grant opportunity as the first official initiative. They’ll be made available twice per year for the next three years. And mentorship and job training are also available. The companies say the grants will specifically serve women, minority, immigrant, and LGBTQ+ owned businesses. Applications are due by November 23.
The Howard University and PNC National Center for Entrepreneurship
PNC Foundation and Howard University just announced a $16.8 million commitment to support minority entrepreneurs. The grant goes to the university, which will then provide educational resources and community connections to foster entrepreneurship. The partnership is set to span five years. And PNC has also committed to enhance the availability of loans to historically underserved business owners.
BREAKTHROUGH and Advancing Black Pathways
Digitalundivided and JPMorgan Chase are partnering to support Black and LatinX women entrepreneurs. The initial program will award 15 of these businesses in Greater Los Angeles. But the companies plan to launch a national grant program in the coming months. Advancing Black Pathways is an existing program from JPMorgan Chase to support Black-owned businesses. So Digitalundivided’s mission of supporting Black and LatinX women entrepreneurs lined up perfectly for their new BREAKTHROUGH partnership. Applications for the first round are due on October 25.
Bank of America Access to Capital Directory for Women Entrepreneurs
Almost 60 percent of women entrepreneurs believe they do not have adequate access to capital. There are opportunities for grants and financing. But it may be difficult to uncover these opportunities. So Bank of America now offers an access to capital directory to highlight these opportunities. This isn’t a grant in and of itself. But it can make it easier to find the applications that are relevant to your business.
The Diverse Business Assistance Grant
The state of Wisconsin just announced two grant programs aimed at helping minority owned businesses. The Diverse Business Assistance Grant aims to help local chambers of commerce support underserved businesses in their community. The Diverse Business Investment Grant goes to lending institutions that will provide funding to underserved communities, specifically minority businesses with ten or fewer employees. The state is also offering direct grants through its Equitable Recovery program, with applications due November 5.
Seattle Small Business Stabilization Fund
The City of Seattle is providing grants of $5,000, $10,000, and $20,000 to businesses that have been negatively affected by the pandemic. Small businesses and nonprofits must be located within city limits, currently operating with two locations or fewer, have 50 or fewer full-time equivalent employees, and have an annual net revenue of $2 million or less. BIPOC and women business owners will also be given priority. Applications must be submitted by November 9.
This article, “Small Business Grant Opportunities for Women and Minority Entrepreneurs” was first published on Small Business Trends