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Data from the United States Department of Commerce shows that businesses owned by people of color are less likely to receive financing than businesses owned by whites, especially businesses with gross receipts of less than $500,000.
In the year In 2021, women-founded companies raised just 2.3% of the total capital invested in venture-backed startups in the U.S., according to venture capital research site PitchBook, and businesses run by black women received less than 1%. In the year In a 2018 survey by credit site Experian, 62% of LGBTQ respondents reported experiencing financial difficulties because of their gender identity or sexual orientation.
If you’re a person of color who owns a business, it’s harder to get the money you need than your white counterparts. But there are financial opportunities available specifically for you. Here are some things you should know.
Amazon’s Black Business Accelerator Program. Established to support black entrepreneurs, the program provides financial assistance, mentoring, business advice and promotional support to black-owned businesses. Eligible sellers will have access to free image services, cash gift opportunities, advertising credits, and money toward start-up costs.
Amber Grant Foundation. With a simple goal of supporting women entrepreneurs, the Amber Grant Foundation was founded in 2010. Founded in 1998, it offers a $10,000 grant each month and an additional $25,000 grant in December to women entrepreneurs with a compelling story.
BIPOC grants small business annual fee freedom. It was created by financial advisory firm Annuity Payment Freedom in response to the pandemic’s impact on BIPOC (Black, Indigenous and People of Color)-owned businesses. Marketing support is available to help drive traffic and microgrant opportunities. Grants are awarded to businesses when winners are announced on the last day of each month.
Black founder startup grant. The Black Founder Startup Grant Program from the Sogal Foundation, a global funding platform for diverse entrepreneurs, provides grants of up to $10,000 to Black and multiracial women and non-binary entrepreneurs. The program accepts applications on a rolling basis and is open to legally registered business entrepreneurs who plan to qualify for investor financing.
Capital One Business Grant. Capital One Bank’s Business Grant Program, in partnership with the Enterprise Opportunity Association, aims to support black-owned businesses with $10,000 to help any business lost during the Covid-19 pandemic. Grants are still available.
Fearless Strivers Grant. Credit card company Mastercard and primary financier Fearless Fund are partnering to create the Fearless Trivers Grant, an initiative to support black women-owned small businesses. It aims to provide 11 small businesses with a $10,000 grant, one-on-one mentoring and digital tools to help them grow. Applications are open until the end of the year.
Foundation for a Just Society Grants. The non-profit Foundation for a Fair Society provides grants to local, national, regional and international organizations and networks that support the rights of women, girls and LGBTQ individuals. You can email the organization for more information about special grants.
Go be. A higher fund. Formerly known as the Good Business Network, the organization aims to help entrepreneurs of color and women small business owners. Go be. Funding of up to $4,000 is available for projects aimed at growing your small business. To be eligible for this giveaway, you must be a Go.Be. Customer, so go to their website and see if your small business meets the entry criteria.
IFundWomen’s COVID-19 Relief Fund. Platform IFundWomen has launched a Covid-19 relief fund that provides community-supported microgrants and free training to women-owned businesses affected by the pandemic. Grants are still available and distributed on a rolling basis. To be considered, women entrepreneurs should start a campaign on IFW.
Swiftarc beauty fund. Swiftark Ventures, a venture capital firm, has launched a $10 million beauty fund focused on female-led beauty and wellness startups. This fund is backed by influential women in the beauty and investment industries and offers not only financial support but also peer-to-peer networking opportunities and mentorship.
In addition to the resources mentioned above, the federal government also has training and contracting opportunities, including:
8 (a) Business Development Program. The purpose of this program is to assist small businesses owned by socially and economically disadvantaged people through the US Small Business Administration. Participating certified businesses will receive training and technical assistance and qualify for specific contracting opportunities with the federal government.
HUBZone program This program helps businesses in underutilized business zones by making them more competitive for certain government contracts. Businesses that join the HUBZone program can compete for individual contracts and be given priority over others, including the option of a 10% price assessment in open contract competition.
Minority Business Development Agency (MBDA) Department of Commerce. Grants and loans aimed at helping businesses owned by underrepresented groups are offered throughout the year.
Service-Disabled Veteran-Owned Small Business Program. This federal contract program provides assistance to small business owners who are service-disabled veterans. Eligible small businesses must be more than 50% owned/owned by one or more service-disabled veterans and have day-to-day operations and long-term goals managed by at least one service-disabled veteran.
SBA Programs for Women-Owned Businesses. Under the Small Business Administration, the Women’s Business Ownership Office provides training and loans and capital to women entrepreneurs under the coordination of local offices. Another SBA program helps women-owned companies compete for federal business contracts.
Finally, remember that nearly $600 million in federal funds — much of it targeted at businesses owned by underrepresented groups — is being funneled into the Delaware Valley. State Small Business Loan Initiative.
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