There are federal government programs, nationwide lenders, banks, and other organizations that issue loans or free grants to minority as well as women owned businesses, regardless of what state the business is located in or where you live. Below you will find an updated, ongoing list of places to turn to for funds. While each lender will vary in their application process, generally the loans will be for black owned businesses, women, Latinos, veterans, and other disadvantaged groups, and there may also be grants or funds for businesses with bad or limited credit histories.
In general, the funds can be used by an existing small business to help them grow. Or some national lenders or organizations (such as non-profits) will provide loans or grants to entrepreneurs and start up companies. Generally, most of the organizations will also provide some type of free advice or mentoring services to help the business as well. The goal is to both provide funds to help the business grow and also ongoing support, which benefits the lender as well as business owner.
National free grants and loans
Find an ongoing list below of different sources of funds. It will be updated with new announcements each and every day. Every organization, bank, or lender listed will have some form of offering for minority businesses, whether a women owned small business, Black owned company, Latino, veteran, or LGBTQ business. Or they will gave priority to other disadvantaged group owned or run businesses as well. Note these will almost always be free grants as well as loans that are available nationwide – regardless of where your business is located. However always read the fine print of the program terms and conditions.
Ongoing
Black Girl Ventures helps Black and Brown female owned businesses and/or entrepreneurs. They help minorities access capital, apply for grants, get loans (even if they have poor credit), and the organization offers other support as well. There is an ongoing list of assistance programs offered by partners of the organization, including non-profits, banks, and corporations. Read more here. https://www.blackgirlventures.org/
Black Restaurant Accelerator Program is for black owned restaurants only. Pepsi and the Urban League are partnering together on this financial assistance/grant program. Existing restaurant owners can get capital, mentoring, training, and other support to help them keep their restaurant open, start, or grow one. Not that the accelerator program is ONLY offered in the cities of Atlanta, Baltimore, Chicago, Cincinnati, Cleveland, Houston, Jacksonville, Las Vegas, Los Angeles, New Orleans, Philadelphia as well as Washington, DC. Read more here. https://nationalurbanleague.salsalabs.org/black-restaurant-accelerator-program/index.html
CDFIs (Community Development Lenders) have partnered together on a program known as the Opportunity Finance Network. They work to bring capital to minority owned businesses, small businesses in inner cities or low income parts of the country, and offer ongoing support. Capital may be in the form of loans, government grants, equity investments, and more. The Opportunity Finance Network will also help minority owned businesses with ongoing support, ranging from mentoring to free support on setting up or growing a company. Or read more about CDFI loans.
Comcast is offering cash grants to minority and female owned companies as part of RISE – Representation, Investment, Strength and Empowerment (RISE). Not only will free grants be paid out, but there is also training, counseling, assistance such as internet access, computer hardware, and more. Up to $10,000 may be paid out. Applicants can be female, Black owned, Latinx, Latino and Asian owned businesses, also known as BIPOC. Small business training is also arranged. Apply here. www.comcastrise.com/apply
H&R Block is offering free coaching, tax advice, and credit building assistance to Black Owned businesses. They are partnering with the Urban League on this service, which is called Block Advisors, There will be application to micro-grants, financial coaching, debt help, and other help arranged. Read more on this H&R Block program. https://www.blockadvisors.com/
Operation Hope is working with banks, lenders, non-profits, and many other businesses to help start black owned businesses. It is a multi-year effort with a goal of trying to create hundreds of thousands of black male and female owned businesses. Financial aid in the form of grants or loans are offered as well as mentoring, accounting services, website development and more. Other partners include Shopify and more. Find more on the national program. https://operationhope.org/
Southern Opportunity And Resilience (SOAR) Fund is for minority businesses located in the southern as well as southeastern part of the country, including (but not limited too) states such as Texas, Florida, Georgia, Virginia, the Carolinas, and others. A wide variety of assistance programs, including financial help or loans, as well as many other free resources are offered. There are programs for Hispanic owned businesses, Black owned companies, Asian, Latino, Native Americans and other minorities. Both for-profit as well as non-profit can get help from SOAR. Learn about the services here. https://www.connect2capital.com/p/soar-fund/#
WomensNet is a resource from female business owners and entrepreneurs. They offer a recurring Amber Grant, which may be $10,000. There is also funds for Marketing Assistance, monthly mini-grants for certain businesses such as restaurants, hair stylists, health and fitness, beauty companies and others. Other free services are offered as well, and read more on the non-profit and the funds here. https://ambergrantsforwomen.com/free-grant-tips/
April 2021 and May 2021
Visa and Black Girl Ventures are working together to help Black owned businesses develop their e-commerce operations. Visa is committing at least $1 million dollars to the program. The funds can help them with setting up a storefront, search engine marketing and optimization, online marketing, fulfillment and more. There will also be mentoring and coaching as part of this program, including from tech leaders. Learn more on She’s Next. https://usa.visa.com/run-your-business/women-small-business.html
Dozens of Black owned restaurants will be able to receive free grants from Kraft Heinz, Southern Restaurants for Racial Justice and the LEE Initiative. This is a nationwide service in which each qualified Black owned restaurant owner can be provided as much as $20,000. The funds can help Black chefs that own their establishment, bakers, managers, cafe owners, and other type of “eating” establishments. Apply here. https://form.jotform.com/210907223109144
“Shuttered venues” can apply for free SBA grants and/or low cost loans. There will be financial assistance for places such as museums, concert halls, stadiums, theatres, and many more. The goal of the grants as well as low cost loans from the SBA it to support cultural type venues that have been hard hit, closed, or under pressure due to the COVID-19 pandemic. The SBA may provide financial help that allows the venue to re-open or stay open. The program is formally known as SVOG – Shuttered Venue Operators Grant. Apply here. https://www.svograntportal.sba.gov/s/
$5,000 grants are being provided by the EnrichHER Small Business Grant assistance program. The funds are for female started companies as well as Black, Brown, and Asian owned companies. The funds can pay for a wide variety of bills as well as operating costs. Or use the free grants for working Capital. Regardless the company is providing financial help to give back to disadvantaged small businesses. Read more. https://app.enrichher.com/
Black entrepreneurs can get free grants of up to $50,000. The funds are targeted at start ups and Black entrepreneurs who have an idea (or company) that makes a social impact. The funds are offered by the Marcus Graham Project as well as Hennessey. There are business start up boot camps, workshops, e-learning programs, and other resources. Apply here https://application.neverstopneversettlesociety.org/application/new
February and March 2021
Visa and Black Girl Venture are offering grants to black and minority owned businesses in select cities, including Chicago, Atlanta, Detroit, Los Angeles, Miami and Washington, D.C. The funds will be used to help digitize their operations – so focused on e-commerce, website development, SEO, and other tasks. In addition to the free grants, there is mentorship, educational classes, and other assistance offered. The name is SheGrant. Apply here. https://ifundwomen.com/visa
The Third Round of PPP loans are now accessible. (Paycheck Protection). There are stages, with applications available sole-proprietors, businesses with fewer than 20 employees, and then (late) more mid-sized companies. The initial focus on smaller companies is to help more minority, women, LGBTQ, and veteran businesses get forgivable loans, as they are often much smaller in size. The SBA and its lenders will also try to get funds and loans to borrowers with limited or poor credit history. For details on PPP round three, read here. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
Women, minority, immigrant or BIPOC owned restaurants can get help from Doordash. Free grants of up to $20,000 each are being issued to dozens of restaurants in “hard hit COVID lockdown” cities of Los Angeles, NYC, Chicago, Atlanta and Philadelphia as part of the Main Street Accelerator Program. The restaurant grant program is run in partnership of Accion Opportunity Fund (AOF) and Doordash. Find details here. https://blog.doordash.com/announcing-the-main-street-strong-accelerator-1033b7c46005
Customers Bank offers has helped minority, Black, and Latino owned businesses apply for PPP loans. In fact, billions of dollars have been facilitated by this lender and they have helped provide billions of dollars in government loans to small businesses. They have programs and systems, including a White Label one, that involves the female ow minority business owner in working with a Customers Bank employees on understanding the PPP process. They also help with completing applications, disbursing funds, and offering other support. Read about the lender here. https://www.customersbank.com/
The Our Fair Share program is a partnership between Sean ‘Diddy’ Combs, Kabbage, SBA, Paypal and others including JP Morgan Chase. The national bank and media mogul are helping Black and Brown owned businesses, including struggling companies and applicants with poor credit, get financing. The free Our Fair Share program will help them find and apply for financial help such as PPP loans, state or local government grants near them, and even $300 for opening a checking account among other resources. Find details here. https://www.ourfairshare.com/
Barefoot Wine is offer several Black, Female Business owners $10,000 grants. The applicant needs to have at least one employee and have been operating for several months (at minimum). The grants are also part of a program known and run by New Voices. Black, women owned businesses can use these funds to start or grow their company, and apply here. https://apply.newvoicesfamily.com/prog/2021_new_voices_barefoot_westanforher_grants/
The NAACP as well as L’Oréal USA are providing grants of up to $10,000 to Black owned beauty brands. They are also partnering with a company called Hello Alice. A number of other resources may be offered to Black owned cosmetics, personal care, make up, and similar companies too. Apply here. https://helloalice.com/communities/loreal-women-in-digital/applications/l-oreal-usa-inclusive-beauty-grant-program?utm_source=loreal.com&utm_medium=referral&utm_campaign=Loreal&utm_content=Loreal%20Grant
December 2020 and January 2021 and February 2021
Siemens is providing grants to black owned businesses as well as entrepreneurs in cities including Atlanta, Baltimore, Chicago, Detroit, New York, Orlando as well as Pasadena. The corporation is working with MBDA Centers in each city, and up to $20,000 may be issued. Siemens also puts minority owned businesses into their supply chains and ensure that women and minorities are partners. Read more https://new.siemens.com/us/en/company/about/usa-foundations.html
Minority and women owned companies can apply for PPP Round 2 loans. Applications are being processed by CDFIs first, which are local community lenders. The PPP loans are for businesses impacted by COVID. Find a CDFI loan program near you.
Apple is providing tens of millions of dollars to help Black and Brown business owners. There will be investments made in minority companies, partnerships with Historically Black Colleges and Universities, tech hubs created, free grants, and so much more. The Propel Center is being launched as well as a resource as well as the Developer Academy. They are offering this form of minority small business assistance in an effort to help address systemic racism. Learn more on the Apple racial justice infinitive. https://www.apple.com/newsroom/2021/01/apple-launches-major-new-racial-equity-and-justice-initiative-projects-to-challenge-systemic-racism-advance-racial-equity-nationwide/
The Lonely Entrepreneur is offering free classes for about a year to a select number of black entrepreneurs. They are using donations from individuals, corporations, and even sport teams like the Milwaukee Bucks Free coaching, online tutoring, and other help is offered. Learn more. https://lonelyentrepreneur.com/bei/
$15,000 grants are being issued to a number of restaurants from the James Beard Foundation Food and Beverage Investment Fund. The financial aid will be for hard hit Black, immigrant, or Indigenous, whether female or male owned. The JBF grants can help pubs, breweries, restaurants, and other eateries. The funds will be a combination of grants or investments. Learn more. https://www.jamesbeard.org/investment-fund
Black owned business can get help from Paypal. Millions of dollars will be distributed from the PayPal Empowerment Grant program. The online lender is partnering with non-profits including the Association for Enterprise Opportunity (AEO) to process applications and disburse the funds. Paypal also support CDFI, lenders, banks that invest in minority communities, and offers other resources. Apply here or learn more. https://aeoworks.org/
Visa (the credit card company) has several grant and loan programs that help small minority, female owned, and immigrant small businesses. One program is known as the Opportunity Fund, and it helps low income disadvantaged business owners with low cost loans. Free mentoring is offered for Black Owned businesses as well. Visa employees (or partners) can get business plan help, assistance with creating pro-forma revenue and expense projections, and other advice. Other services are offered by Visa with their partners, including the Opportunity Fund. Read more here. https://www.opportunityfund.org/
December 2020
The Fiserv Back2Business Grant program is for small, minority owned businesses. The financial assistance is combined with many other resources, including advice from subject matter experts, technology solutions, mentoring and other assistance. The free grants can be used to pay for rent, salaries, equipment, computers, website design and other expenses. Funds are aimed at Black, Latino, and Asian owned businesses, and Fiserv is partnering with the Association for Enterprise Opportunity. Read more https://aeoworks.org/fiserv/
November 2020
Courvoisier Cognac and the Urban League are partnering together to help small black owned businesses. There may also be funds for low income families, Latinos as well as other disadvantaged businesses, including those in the inner city. Free grants of up to $5,000 will be issued to minority owned businesses that have been negatively impacted by COVID-19. The business needs to have been operating prior to the pandemic and applications will be assessed on a one-off basis. Read more https://nul.org/event/small-business-entrepreneurship-summit
September 2020
Rural community small businesses can apply for financial assistance. Up to 900 small businesses will be assisted by the Rural Relief Small Business Grants. It is for areas/towns/cities across the country in which the population is less than 50,000 – this is what defines a rural community. The program is run by Local Initiatives Support Corp. as well as Lowes. Qualified small businesses in rural communities, including female or minority owned, can be qualified for up to $20,000. Read more here https://www.lisc.org/covid-19/small-business-assistance/rural-relief-small-business-grants/
Hello Alice and Stacy’s Rise Project is offering various financial assistance and free grant programs to Black owned small businesses. Qualified applicants/beneficiaries will also be enrolled into The BOSS Network, get free mentoring from successful entrepreneurs and business owners, and also get help advertising their business. The assistance is offered nationwide. Learn more or apply here. https://helloalice.com/
American Express, the Coalition to Back Black Businesses, the U.S. Chamber of Commerce Foundation, the National Business League and other non-profits are disbursing $10 million dollars in free charitable grants to black owned businesses. It is for companies or start-ups of under 20 employees and they need to be based in low income or “moderate” income zip codes in the US. Both female and male owned black businesses can apply here. https://webackblackbusinesses.com/
Black women owned businesses in the cities of Orlando, Louisville, Atlanta, Charlotte, Detroit, Cincinnati, Charlotte, NYC, Washington and Nashville can get free grants, sales help, marketing support, accounting services and more from the Fifth Third Bank Foundation. A few hundred small to mid sized businesses that are owned by female, black companies (including LGBTQ or veterans) can apply for assistance. Apply for grants and technical help here. https://aeoworks.org/innovation-meets-mainstreet/
Lowe’s Home Improvement is providing opportunities to hundreds of small business owners to get their products or services sold in their stores. A focus is on veteran, minority, and female owned companies. the assistance program known as Making It… With Lowe’s is partnering with Daymond John of ABC’s “Shark Tank” and government grant programs is allowing small business to pitch their idea to Lowe’s. Winners will get free mentoring, shelf space at Lowe’s stores, sales help and more. Learn more here. https://www.lowes.com/l/making-it-with-lowes
Millions of dollars in grants are being provided to small black owned businesses as well as entrepreneurs. The Association of Enterprise Opportunity’s (AEO) MainStreet RISE program, Fifth Third Foundation to Local Initiatives Support Corporation as well as Fifth Third Bank are working together to help small businesses. It is also for female owned businesses. The free grants are being offered in multiple cities nationwide, and funds are for profit businesses that are operating. It is for low income, inner city agencies. Apply here. https://aeoworks.org/innovation-meets-mainstreet/
The Black-Owned Small Business Impact Fund will be re-opening. Millions of dollars have been donated to it by Beyonce, Twitter, and others to help Black owned businesses nationwide. The applications for the free grants will be processed by the NAACP. While most of the money will go to Black owned businesses in New York, Houston, Atlanta, Los Angeles, or Minneapolis, funds are offered nationwide. Round 2 of the grant program will be opening soon, and find applications and more details here. https://naacp.org/black-owned-business-impact-fund/
August 2020
Business For All, Hello Alice, Ebay,the Silicon Valley Bank are together providing cash grants to black male or female owned businesses. Applicants need to go through multiple steps as part of the review before any funds are provided. The programs also gives other details on financial aid programs, microloans, startup funding for people of color and more. Apply here. https://businessforall.helloalice.com/signup
SoGal Black Founder Startup Grant is for women of color who are in business now and that will be needing additional financing in the future. Several companies, including twelveNYC as well as Winky Lux have combined to provide up to $10,000 in free grants to black female owned companies who struggle to get VC funding. Read more here http://www.iamsogal.com/black-founder-startup-grant/
Majority black owned businesses can apply for a free grant from Facebook. Applicants need to have been in business at least one year and have fewer than 51 employees. The Facebook grant program is for US based businesses only. in addition, winners are able to get community support from other small to mid size business owners. More details here. https://www.facebook.com/business/black-business-grants
Ladies Who Launch is a national non-profit that is providing free grants ranging from $5,000 to $25,000 to female led small businesses and/or entrepreneurs. The amount of funding is based on business size and need. In addition to the free grant money, their partners including ESquared Partners will provide free budgeting and financial review, there is advice and mentorship from subject matter experts, and an online community. More details or apply. https://www.ladieswholaunch.org/launch-program
Caress as well as IFundWomen of Color is helping women of color, with a focus on startups and entrepreneurs. Get business coaching, cash grants, and networking opportunities as well. Assistance in for Black women, Latinos, Asians, and other women of color. More details or apply. https://ifundwomen.com/woc
Beauty salons, technology, cosmetic and product companies, owned by women of color, can get financial assistance from Barefoot and New Voices, a non-profit. It is for small businesses or sole proprietors with at least one employee. The aim is to help disadvantaged women in the beauty industry grow their business, or save it from a loss. Apply here. https://apply.newvoicesfamily.com/prog/barefoot_wine_beauty_grants/
Sara Blakely Foundation is providing up to $5000 to thousands of female owned businesses as part of The Red Backpack Fund. Some recipients will also be winners of free entrepreneurship and business training workshops from Sara Blakely. Anyone can donate to the fund as well in order to help more businesses. Read more. https://www.globalgiving.org/redbackpackfund/
Juvia’s Place is offering a total of $300,000 in Business Grant to six different Black Entrepreneurs, startups or small businesses. They can get $50,000 per applicant. The applicants need to be US based and also have had at least $100,000 in sales last year. Apply here. https://www.juviasplace.com/pages/business-grant
Clear Vision Impact Fund, LLC (created by the Siebert Williams Shank & Co LLC (SWS)) will be investing millions of small and medium-sized businesses, with an emphasis on minority-owned businesses. Loans and direct investment is given. Additional support is given too around relationships, counseling, sales goals and more. The agency will maximize social impact. https://siebertwilliams.com/
SheaMoisture and BROWN GIRL Jane has created a $250,000 free grant fund for Black women owned businesses. Multiple applicants can be given funds. Winners can also receive entrepreneurial mentorship from industry veterans. The financial assistance and counseling is for Black Women-owned, independent beauty and wellness brands. https://www.browngirljane.com/swap
Black Sewers and Crafters can apply for $5,000 grants from The Minority Creative Grant Program. It is run by JOANN Stores. Winners will also be featured in JOANN Marketing and Social Channels,which can help the Black business owner increase their revenue. https://www.joann.com/minority-creative-grants/
Stacy’s Rise Project is a grant and free mentorship program by PepsiCo, that is designed to support female-founded and owned small businesses across the nation that have a social impact. Note funds have run out, but PepsiCo plans on reopening it. Keep your eyes on this program. https://www.fritolay.com/stacy-s-rise-project
Penn State alumni have a new nonprofit aimed at rebuilding Black-owned businesses nationwide. To qualify for Rebuild the Block funding, businesses must be Black-owned, and certify that they were in business before Jan. 1, 2020. https://www.rebuildtheblock.org/
Partnership Will Help Fund and Empower Women Entrepreneurs. She Angels foundation awards annual free grants ranging from $3-10k to female founded and operated non-profit organizations. https://sheangelsfoundation.org/
Wells Fargo Is Supporting Small Business And Minorities. The first $28 million will go to nonprofit lenders, or community Development Financial Institutions (CDFIs). The CDFIs focus on Black owned business. Pillars of the first stage include the Expanding Black Business Credit Initiative (EBBC) and the Local Initiative Support Corporation (LISC). The EBBC is backing the Black Vision Fund, which will offer capital to CDFIs that support Black businesses. https://ebbcfund.org/ and https://www.businesswire.com/news/home/20200713005623/en/Wells-Fargo-Awards-13.5M-Grant-Expanding-Black
Citizens Bank Announces Grant Program for Minority-Owned Small Businesses. With this program, Citizens will award 100 free grants of $15,000 each ($1.5 million total) to 100 minority-owned businesses (customers and non-customers). https://www.businesswire.com/news/home/20200803005517/en/Citizens-Bank-Announces-Grant-Program-Minority-Owned-Small
Ford and the National Urban League Partner to Support Black-Owned Businesses During COVID-19. National Urban League affiliates in six cities: Atlanta, Chicago, Detroit, Los Angeles, New Orleans, and New York are distributing funds. Awarded applicants will receive grants totaled between $2,000 and $5,000. Regarding eligibility, preference will be given to “person-to-person” businesses as well as those who are located in areas that have a residency rate of black residents that is higher than 25 percent. https://www.myasbn.com/articles/ford-and-the-national-urban-league-partner-to-support-black-owned-businesses-during-covid-19/
Lowe’s to give $55 million in free grants to small businesses during COVID-19. With the help of a nonprofit called Local Initiatives Support Corporation, $33 million will go toward women and minority-owned businesses. The nonprofit will also provide guidance on navigating the plethora of private and public resources already available to small businesses. https://abc13.com/small-business-loans-financial-help-for-businesses-grants-struggling-during-covid-19/6348887/
July 2020
Joann Stores creates $100,000 free grant program for Black entrepreneurs. The program will provide $5,000 grants to 20 Black entrepreneurs and small business owners https://beaconjournal.com/business/20200730/joann-stores-creates-100000-grant-program-for-black-entrepreneurs
TCF Bank launches $1B loan program as a commitment to minority communities and minority- and women-owned small businesses – https://grbj.com/news/banking-finance/tcf-bank-launches-1b-loan-program/
U.S. Department of Transportation Announces $11.2 Million in Grants for Minority- and Women-Owned Businesses – https://cms8.fhwa.dot.gov/newsroom/us-department-transportation-announces-112-million-grants-minority-and-women-owned
NNPA, Magic Johnson To Fund Over $100 Million In PPP Loans For Minority Businesses – http://seattlemedium.com/nnpa-magic-johnson-to-fund-over-100-million-in-ppp-loans-for-minority-businesse
By Jon McNamara
