Women and minority business owners have historically had difficulty accessing capital. There are therefore now opportunities for grants aimed at remedying this inequality. Some are open to businesses across the country. 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 entrepreneurs
Here’s a look at some of the latest small business grants available to female homeowners in America:
Quick break for small businesses
The NBA and LegalZoom have teamed up to help underserved small business owners with $ 6 million in grants. It is a multi-year partnership, with the possibility of a grant as the first official initiative. They will be available twice a year for the next three years. And mentoring and professional training are also available. The companies say the grants will specifically serve businesses owned by women, minorities, immigrants and LGBTQ + people. Applications must be sent before November 23.
Howard University and the PNC National Center for Entrepreneurship
The PNC Foundation and Howard University have just announced a commitment of $ 16.8 million to support minority entrepreneurs. The grant goes to the university, which will then provide educational resources and community links to foster entrepreneurship. The partnership is expected to span five years. And PNC is also committed to improving the availability of loans to historically underserved business owners.
BREAKTHROUGH and advance black lanes
Digitalundivided and JPMorgan Chase Team Up to Support Black Women Entrepreneurs and LatinX. The initial program will reward 15 of these companies in Greater Los Angeles. But the companies plan to launch a nationwide subsidy program in the coming months. Advancing Black Pathways is an existing program of JPMorgan Chase to support black-owned businesses. Thus, Digitalundivided’s mission to support Black and LatinX women entrepreneurs aligned perfectly for their new BREAKTHROUGH partnership. Applications for the first round must be submitted by October 25.
Bank of America Access to the 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 funding. But it can be difficult to discover these opportunities. Thus Bank of America now offers access to the capital directory to highlight these opportunities. It is not a subsidy per se. But it can make it easier to find the apps that are relevant to your business.
The aid grant to diversified businesses
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 financing to underserved communities, especially minority businesses with ten or fewer employees. The state also offers direct grants as part of its fair payback program, with applications due on November 5.
Seattle Small Business Stabilization Fund
The city of Seattle provides 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 operate with two or fewer locations, have 50 full-time equivalent employees or less, and have an annual net income of $ 2 million or less. BIPOC and women entrepreneurs will also have priority. Applications must be submitted by November 9th.