Veteran, black owned, women, Latino companies, LGBTQ and other minority owned businesses or startups in Indiana can get free grants, counseling, mentoring, or loans . There is financial assistance from the government, corporations, non-profits and other agencies that may be near you. 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. Find free MWBE and veteran owned business grants or loans in Indiana.
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.
October 2024
Woman’s Club of Evanston (WCE) has various grant programs for non-profits that focus on certain social issues, such as societal loneliness. The funds are focused on addressing the overall health crisis in the area, with money for non-profits only. Apply here. https://wcofe.org/content.aspx?page_id=22&club_id=661046&module_id=314052
August and September 2024
Ivy Tech Entrepreneurship Program is holding an event with SCORE. It is an event for women in which they can get mentoring from successful business owners in Indiana and also get help on raising money, including from grants. Register here. https://score.tfaforms.net/112?EventID=a10Vt00000201ar
PitchFeast is providing up to $25,000 to a Black start up / small business in Indianapolis. An annual event is taking place in which one Black owned business or entpreuner will have the chance to get $25,000 as well as other support for their business. The applicants will need to tell the story of their business, goals, vision and give a “pitch”. Get details here. https://www.pitchfeast.org/
June and July 2024
Franklin Economic Development Commission is providing a grant program known as the Capacity Building Grants. The Franklin Chamber of Commerce is overseeing the program. The grant money will help businesses with a physical location (retail, manufacturing, etc.) increase their capacity of their facility to hopefully increase revenue. Learn more on the grants here. https://www.franklincoc.org/
February and March 2024
Small business loans are offered from the Legend Fund, with applications processed by the Indiana Economic Development Corp. They focus on disadvantaged business owners, such as those from low-income areas, with bad credit, veterans and people of color. Other applications are taking by CDFI non-profit lenders, and learn more on the loans here. https://iedc.in.gov/ssbci/start-today
Fort Wayne and Allen County based Black-owned businesses can apply for free grants from the Dyer Program. Up to $25,000 will be provided to approved businesses in tech, health care, restaurant industry, and other services businesses. Learn more and apply for the Dyer Grant program here. https://www.dyerfamilyfoundation.com/apply2024
September 2023
South Bend Indiana businesses located in the city can apply for the Business Security Grant Program. Thousands of dollars will be given to qualified businesses to help them improve their on-premise security in an effort to improve the downtown area and make it safe. Learn more here. https://southbendin.gov/business-security-program/
February 2023 and March 2023
Indiana Black Expo has a 10 week long training program, with free grant money offered, to a black-owned business in the state. For those with perfect attendance, and that meet other criteria, up to $5,000 will be provided. The financial assistance program, and free training session, is for majority Black women or male owned business in Indianapolis or Marion County. Keycorp and the small business development center are partners. Learn more here. https://www.indianablackexpo.com/ibe-business-training-institute-2/
Downtown Indianapolis businesses can apply for free grant money to pay for B-Link security cameras. The city and non-profits, such as Downtown Indy, Inc. are partnering together to help improve public safety and security in the region. The funds are available across the downtown region, and apply here. https://blinkindy.org/
New Albany Indiana businesses can apply for interest free loans. The funds are only for businesses that have been impacted by the ongoing construction in the city. The money can help business replace lost sales, pay rent or salaries as well as other operating costs. Send an email to MikeF@1si.org at One Southern Indiana for details. The interest free loan can be as much as $25,000 per qualified business.
August 2022
Federal Home Loan Bank in Indianapolis is providing free grants in Southern Indiana as part of the federal government Elevate Program. It is for existing small businesses, that have been operating for at least a year and have under $1 million in revenue. The program is open the disadvantaged and under capitalized businesses too, namely minority, women, and/or veteran owned businesses. Learn more here. https://www.fhlbi.com/
January and February 2022
Elkhart Indiana businesses, including MWBE owned businesses, that have under $500,00 in annual revenue can apply for free government grants as part of the American Rescue Plan funding financial assistance program. The money can be used to pay for multiple expenses such as website development, rent of a store or office, signage for a retail store, training for employees and other costs. As noted, some of the grants (which can be several thousands dollars) are being allocated for disadvantaged companies. Learn more here. https://elkhartindiana.org/small-business-continuity-program-section/
June 2021
$10,000 grants are offered in the County of Rush and City of Rushville. The funds will go to for-profit businesses so that the business can hire (and retain) low to moderate income employees. The free grants are the result of COVID funding, with some money being allocated to women, minority, and veteran owned businesses. The applicant needs to have under 100 employees or be a microenterprise. The Economic Development Commission will be providing the funds in partnership with the county. To apply, call ECDC at (765) 938-3232.
March and April 2021
Black-owned businesses in Indianapolis can get free relief grants from Cummins CARE fund and LISC of Indianapolis. Up to $15,000 can be provided to small businesses as well as small-proprietors that have less than 11 employees and revenue under $1 million dollars. Apply here. https://www.lisc.org/indianapolis/covid-19/relief-fund-black-owned-businesses/
January 2021 and February 2021
Minority owned businesses in Northwest Indiana can apply for financial help, free grants, and more. Northwest Indiana Reinvestment Alliance and First Financial Bank are partnering on this program. The service is known as Minority Small Business Fund, and it helps small businesses. There is also a program known as NWIRA’s Diverse Women in Business Initiative, Financial Literacy, Budgeting, and low income help. More information here. https://www.nwira.org/
A second round of CARES funds will go going to the Small Business Restart Grants program in Indiana. Free financial assistance, in the form of grants, is for small businesses. Minority, veteran, and women owned company have funding too, provided their business has under 75 employees. The funds can pay for payroll and other COVID related costs. Apply here. https://backontrack.in.gov/2377.htm
November and December 2020
Black owned businesses as well as entrepreneurs in Indianapolis as well as Marion County can apply for free cash grants of up to $40,000. The Indy Black Chamber of Commerce, Comcast cable, and other companies are working together to offer funds. In addition, the Chamber offers Black owned businesses many other services. This can be counseling, job training, interview skills, information on business development workshops and more. In almost all cases, the free grants are combined with other general advice. Apply here. http://indybcc.org/ . Or the main address is 1449 N Pennsylvania Street, Indianapolis, IN 46202. Phone 317-643-0989
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
