According to the 2023 Annual Business Survey, people from racial minority groups owned 1.3 million of the 5.9 million businesses with employees that operated in the United States in 2022. However, minority-owned small businesses still don’t always receive equitable funding and financing opportunities. For instance, according to the U.S. Federal Reserve, over half of all Black-owned businesses have been denied bank loans—that’s twice as many denials as white business owners.
Likewise, Latino-owned startups received less than 2% of all venture capital investments in 2022. Many organizations seek to close the gap by providing minority small business grants – funding that businesses don’t have to repay. Your minority-owned business can use grant funding to reach a wide range of professional goals.
Often, access to capital stands in the way of turning a brilliant business concept into a successful venture. Expenses for launching a new business can include licenses and permits, legal fees, insurance, equipment, inventory, physical location, and more, often adding up to thousands of dollars. That’s why many grants fund businesses in the early stages or help cover start-up costs.
In addition to monetary awards, some grantors offer mentorships, coaching, and networking opportunities that new entrepreneurs can use to get ahead. One example, the Juntos Crecemos Greenhouse Accelerator offers up to eight Hispanic food and beverage businesses a one-on-one mentorship and business development program. Select companies also receive $20,000 grants, with one business receiving an additional $100,000. Accelerator programs like this one can help launch your new business even if you don’t ultimately receive funding.
Outdated technology can hold your business back. It’s essential for tech companies to stay on top of the latest advancements. However, even non-technical companies can sharpen their competitive edge by upgrading their technical capacities. Integrating emergent technologies into your processes can make them more efficient. For example, a grant may help your company build an effective chatbot to answer support requests quickly.
Some funders may specialize in technology grants. The Lenovo Evolve Small Initiative has historically supported minority, disabled, and women-owned small businesses with both monetary grants and in-kind technology upgrades. Starting in 2025, the program is pivoting to provide grants specifically for businesses integrating Artificial Intelligence. If your business could use an upgrade, consider researching the charitable arms of other technology and telecommunication companies for similar grant opportunities.
While recovering from a disaster is never easy for small businesses, minority-owned businesses often face outsized challenges. For example, Asian restaurants lost an additional $7.4 billion compared to other restaurants in the wake of the COVID-19 pandemic, leaving many Asian small business owners with a difficult path to recovery. Minority-owned businesses likewise face systemic barriers to accessing business financing resources that may help other enterprises weather difficult times. Grant funds may help minority-owned businesses get back on track.
If a crisis has impacted your business, you may be eligible for certain grants. The Bridge the Gap Fund from Rebuild the Block offers monetary awards to qualifying Black-owned businesses affected by COVID-19. If your business has survived a crisis, you may want to mention it in any grant application. Even if a funder doesn’t specialize in disaster relief, that aspect of your business’s story is a testament to its resilience, which may resonate with funders.
Major corporations often have marketing teams with the capacity to launch major campaigns. But small business owners don’t always have the budget—or the time—to invest in extensive marketing efforts. If you want to expand your customer base, consider applying for a small business grant to cover marketing strategy and materials.
You may be able to leverage money and other benefits from certain grantors to improve your marketing approach. The Comcast Rise fund not only offers select eligible minority-owned small businesses a $5000 grant but also complete production of a 30-second commercial, a media strategy consultation, and media placement for 180 days (in addition to other resources). Using grants to bolster your marketing budget could have long-term returns for your business.
Maybe it’s time to take your venture to the next level. A grant may give your business the financial boost it needs to break into a new market, open a second location, or launch a new product or service. To leverage grants for expansion, consider the gaps in your budget. Some grants may be best suited to pay for assets like equipment upgrades, inventory, renovations, or a new building, while others may support growing operational expenses, like payroll and taxes.
Organizations focusing on the growth of established minority-owned businesses may offer flexible funding to meet a wide range of needs. Each year, the Fifteen Percent Pledge Achievement Award provides three Black-owned businesses “no-strings-attached” funding and mentorship to facilitate growth. Before you begin a grant application, always check the terms and conditions for eligibility requirements, reporting expectations, and award restrictions.
A thoughtful grant strategy can help your business thrive. As you complete grant applications, don’t forget to include quantitative measures of success as well as storytelling that demonstrates your business’s role in your community.
While large grants can have a significant impact, don’t overlook small awards. Even a few thousand dollars could have a meaningful impact on a small business, especially if it comes with networking and mentorship opportunities.
Persistence pays off—applying to a few grants a year that align with your background and vision for the future can lay the groundwork for success in the next phase of your business.
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