Veteran, black owned, women, Latino companies, LGBTQ and other minority owned businesses or startups in Indiana can get free grants, counseling, mentoring, or loans to help them operate. There is financial assistance from the government, corporations, non-profits and other agencies that may be near you, which are listed below. While any business in Indiana can apply for funds, each lender or program is allocating some of their loan or grant programs to women as well as minorities.
Financial help (in the form of direct grants or low cost/interest free loans) are combined with other business support services. As minority or women small to mid-sized business owners can get free advice on growing their business, sales support, assistance setting up online presence, and so much more. The funds can be used to pay costs such as rent or inventory, be used for working capital as well as other needs.
The non-profits and other lenders in Indiana give both financial help as well as free advice to help Black, Latino, veteran, women, and other disadvantaged businesses grow. Programs are offered in Indianapolis Indiana, Fort Wayne as well as throughout the state.
Small business loans and grants for women or minorities in Indiana
An updated list of free grants and loans is below. The programs are updated daily. Women, veterans, the disabled and other small business owners or entrepreneurs can apply for help.
September – October 2020
Marion County and City of Indianapolis is offering the Indianapolis Small Business Recovery Grant for Minority, Immigrant and Women-owned Businesses. A focus is on helping disadvantaged businesses that were impacted by COVID. The free money is for rent, utilities, paying down debt, and other bills. Black, Latino, Women, Asian, and other small disadvantaged businesses can apply, but retail, service, travel industry will often have a better opportunity. Local non-profits and the government are partnering on this assistance program, including Kheprw Institute, Indy Chamber Hispanic Business Council, Forward Cities, the City of Indianapolis as well as the Indy Black Chamber of Commerce. Learn more. https://www.lisc.org/indianapolis/covid-19/indianapolis-small-business-recovery-grant-for-minority-immigrant-and-women-owned-businesses/
Qualified, limited number of expenses can be paid by the Indiana Small Business Restart Grant. All minority, women, and other businesses or startup companies need to have (1) less than 50 employees and (2) under 50 employees. They also need to have been impacted by the COVID – coronavirus pandemic. Use the government money for rent, advertising, ecommerce operations, salaries, utilities, and other bills. Apply here. https://backontrack.in.gov/
Small businesses or sole-proprietors based in East Chicago or Gary Indiana can apply for free hardship grants ranging from $2500 to $5000. The Legacy Foundation and Indiana Black Expo is administering the funds, and it is for sole-proprietors up through small business or startups with less than 26 employees. Latino, Veteran, female, disabled and disadvantaged businesses can apply. It can pay for inventory, working capital, help pay bills or rent and more. The free grants can help businesses ranging from hairdressers to restaurants, gyms, and many other hard hit companies. Apply here. https://legacyfdn.org/community-programs/covid-19-relief/
LaPorte, Lake, and Porter county residents can get business assistance from the Northwestern Indiana Regional Planning Commission (NIRPC). They have free cash grants, with the majority of the funds allocated for minority as well as women owned businesses. Business counseling, funds, and other support is offered in partnership with Economic Development Administration. Find details here. https://www.nirpc.org/
By Jon McNamara