Top 5 Business Grants for Minority-Owned Startups in 2024

Starting and scaling a business can be challenging, especially for minority-owned startups, but the good news is that there are many funding opportunities available to help. In this blog, we will explore the top 5 business grants for minority-owned startups in 2024, so you can find the support you need to grow your business.

1. SBA 8(a) Business Development Program

The Small Business Administration (SBA) offers the 8(a) Business Development Program to help minority-owned businesses compete in the marketplace. The program is designed to provide business development resources, mentorship, and, most importantly, access to government contracts. The program lasts nine years and focuses on helping socially and economically disadvantaged entrepreneurs.

• Eligibility: Business must be at least 51% owned and controlled by socially or economically disadvantaged individuals.
• How to Apply: You can apply through the SBA website here.

2. Minority Business Development Agency (MBDA) Grants

The MBDA, part of the U.S. Department of Commerce, funds minority-owned businesses through grant competitions that focus on a variety of areas including technology, innovation, and business growth. MBDA business centers around the country offer workshops and consultations to help minority entrepreneurs navigate the process.

• Eligibility: Businesses owned by individuals who identify as part of a minority group.
• How to Apply: Grant availability changes, so regularly check the MBDA's grant portal for updates on open opportunities.

3. Comcast RISE Investment Fund

The Comcast RISE Investment Fund is designed to support small businesses owned by people of color, particularly in economically challenged areas. The program offers not only financial support but also marketing consultations and media campaign services to help minority-owned businesses grow.

• Eligibility: Businesses must be 51% owned by people of color and have been operating for at least one year.
• How to Apply: Applications are accepted periodically, and you can learn more here.

4. National Association for the Self-Employed (NASE) Growth Grants

NASE offers growth grants up to $4,000 to help small businesses with a range of needs, such as marketing, purchasing equipment, or expanding operations. Minority entrepreneurs who are NASE members can apply for these grants.

• Eligibility: Must be a NASE member and a U.S.-based small business.
• How to Apply: Learn more and apply through NASE's website.

5. SoGal Black Founder Startup Grant

The SoGal Foundation provides grants to Black women and nonbinary entrepreneurs through its Black Founder Startup Grant program. These grants range from $5,000 to $10,000 and are aimed at helping Black founders take their startups to the next level.

• Eligibility: Black women and Black nonbinary entrepreneurs.
• How to Apply: Applications are accepted on a rolling basis, and you can apply here.

Tips for Applying for Minority Business Grants

Securing funding through grants requires a strategic approach. Here are a few tips to help:

1. Research Thoroughly: Make sure the grant fits your business model and goals.
2. Prepare a Solid Business Plan: Most grants require you to provide a business plan that outlines how the funding will help you grow.
3. Pay Attention to Deadlines: Grant applications are time-sensitive, so always submit your application before the deadline.
4. Follow Instructions Carefully: Grantors often reject applications for not following guidelines, so pay close attention to what is required.
5. Leverage Free Resources: Consider reaching out to local organizations, such as SCORE or the SBA, for guidance on preparing your grant application.

Conclusion

Finding the right business grant can be the key to unlocking the next level of success for your startup. These top 5 grants for minority-owned startups in 2024 are great places to start. From government programs to private foundations, there are numerous opportunities for BIPOC entrepreneurs to secure funding and take their business to new heights.

For more detailed guidance on applying for grants or personalized support, ECCRGroup offers specialized business coaching and grant writing services. We can help you navigate the process and position your business for success.

References

1. SBA 8(a) Business Development Program
2. Minority Business Development Agency (MBDA)
3. Comcast RISE Investment Fund
4. National Association for the Self-Employed (NASE) Growth Grants
5. SoGal Black Founder Startup Grant

By providing these valuable financial resources, ECCRGroup continues to build trust with BIPOC entrepreneurs and help them secure the funding they need to grow and succeed.