Find where and how to apply for small business financial assistance programs in Alabama. There are free grants or low cost loans available as well as free coaching, technical support, and other resources for minority as well as women owned companies. The government, non-profits, banks, and other lenders provide funds as well as coaching and more to help people start a company or grow their small to mid size business. Find details below on MWBE and veteran business assistance in Alabama.
Each agency or program will allocate some of their funding for minority owned businesses or the disadvantaged in Alabama, including Black, Latino, Veteran, Asian, immigrants and others. There are low cost loans as well as free grants being allocated to women who either (1) want to start a business or (2) who may be in business today.
Small businesses or start up companies in Birmingham, Huntsville, Montgomery or Mobile can get help as well as residents in more rural Alabama. The free grants, counseling, and financial aid gives priority to MWBE, veteran, as well as BIPOC (Black, Indigenous, People of Color) owned small businesses. Each financial aid program or coaching service has their own terms, criteria, and application process in place.
List of business loans or free grants in Alabama
The list below is updated daily as the state (or lenders) issue more loans or grants. There are also year round programs, including community lenders, business development organizations and other free small business resources.
January and February 2025
Innovate Alabama is a grant program that is for more established companies, with a focus on tech organizations. However there is one priority given (to among others) to owners or businesses with some type of relationship to Historically Black Colleges and Universities, which ill of course help minority businesses. Learn more on the free government grants from Innovate Alabama. https://www.tfaforms.com/5066957
September and October 2023
Innovate Alabama is a federal grant program for small businesses, in particular parts of AL that are low-income and “underserved”. A focus is on small businesses, with some grant money allocated to women and minority owned businesses. Tens of millions of dollars will be disbursed over a multiple month period, and find details on apply here. Various programs are offered. https://innovatealabama.org/
August 2023
Women’s Foundation of Alabama is providing grants to non-profit organizations only that focus on issues that women face. The funds will need to be used to empower women, help them grow, address educational or economic-self-sufficiency and other needs. As noted, grant money (up to $1 million total) will be given to various non-profits in Alabama. Apply here. https://www.grantinterface.com/Home/Logon?urlkey=womensfundbirmingham
June and July 2023
Non-profits in the counties of Dallas, Greene, Hale, Perry, or Sumter can apply for grants from the Mike & Gillian Goodrich Foundation. The financial assistance is for non-profits or charities in the so called Black Belt region of Alabama. https://mggoodrichfoundation.org/focus-areas/black-belt/
April and May 2023
Regions Community Development Corporation and the lenders foundation are providing support. They have several assistance programs or minority owned businesses, including the Birmingham Black-Owned Business Initiative, grant programs, and low cost loans. There are also business accelerator programs, free coaching as well as mentorship opportunities, technical help for startups, or free to use co-working spaces in Alabama. Get details here. https://doingmoretoday.com/investing-in-our-communities-one-deal-at-a-time/
Black Belt Community Foundation (BBCF) is providing free $3,000 grants in the counties of Bullock, Choctaw, Dallas, Greene, Hale, Lowndes, Macon, Marengo, Perry, Pickens, Sumter, and Wilcox Counties. A focus is on non-profits. However all grant fund are for businesses that are helping kids or students with after school care or during summer break, such as with educational needs, food and more. All funds are for minority owned non-profits too. Apply here. https://blackbeltfound.org/
December 2022 and January 2023
University of South Alabama has multiple programs for minority owned businesses. There is a program for people with an idea or “very-early” state companies, and that is the Minority Business Development Center services, or MBD. It gives multiple week training, a small cash prize/grant, help from Subject Matter Experts and more. There is also a Minority Business Accelerator program for MWBE-owned businesses in Southern Alabama. Learn more on the programs here, which is for businesses that have been operating for more than one year. https://www.southalabama.edu/colleges/mcob/mcei/mba.html
July and August 2022
Alabama is providing grant money (in the tens of thousands of dollars per business) to companies with a high-tech, internet or health care focus. Applicants need to be in emerging technology fields, be an existing businesses, and be hiring and expanding in Alabama. Some of the free government grants will be allocated to veteran, women-owned, or minority businesses. Learn more and apply here for the Innovate Alabama Supplemental Grant Program. http://innovatealabama.org/programs/
November and December 2021
Birmingham Alabama businesses in lower income/underserved regions can apply for grant funding that is provided by PNC Bank. The lender is providing $50,000 for this financial assistance program. A major focus is on businesses owned by people of color as well as female owned companies. Call Urban Impact at (205) 328-1850 for details on this as well as other services, as they are issuing the funds on behalf of PNC.
July 2021
Community Foundation of Greater Birmingham is providing grants, low cost loans, and other support to Black, Minority, Women, and underserved businesses. Up to $1 million will be paid out (in total). The funds for the small businesses and startups is coming from CDFIs, non-profits, and other lenders. Small businesses can use the money to pay operating costs, invest in inventory, and other critical needs. Apply here. https://www.cfbham.org/grants/
February 2021
Many banks, credit unions, and other lenders are offering PPP loans. This is government supported funding for hard hit businesses (from the pandemic). There may be financial help for Black, Latino, Immigrants, and other minority owned businesses in Alabama as well. Continue with Regions Bank funding and loan programs. https://www.regions.com/small-business/small-business-financing/paycheck-protection-program
By Jon McNamara
