Minority, veteran, female and disadvantages business owners (or entrepreneurs) in Kentucky will get free grants, business coaching services, technical help and low cost or interest free loans. The financial resources help Black, disabled, Latino, women, veteran and other disadvantaged business owners start or grow a company. Find small business grants and interest free loans in Kentucky.
There are grants from the state of Kentucky, corporations, charities, and the federal government among other places. Banks, non-profits, and other lenders may provide loans. Regardless of the source, the goal is to encourage minorities and women to start or a grow a business. The financial support for MWBE, veterans, or BIPOC businesses (Black and Indigenous people of color) also often comes assistance around free mentoring, legal help, coaching, website development and more.
While most the loans and grants are offered in the major cities on Lexington, Louisville and the surrounding area, small to mid-sized business across the state can apply. Priority is given to Latino, Black, Veteran, women, and other disadvantaged businesses, but any resident can apply for financial help.
List of female or minority businesses loans and free grants in Kentucky
The list of free grants, financial assistance programs, loans, and small business services below is updated daily. All startup companies, small businesses and entrepreneurs in Kentucky can apply, regardless of gender or ethnicity. However each program and agency is allocated funds to women, the disabled, minorities including Black owned companies and the disadvantaged.
November and December 2024
Bluegrass AgTech Development Corp is providing grant money to farming, food, and agricultural businesses. The program is known as Challenge Grants. It will even help start-ups in the industry with a focus on them in fact. When qualified, up to $100,000 will be provided from the grant. Apply here. https://bluegrassagtech.org/apply/
Winchester KY Downtown Development Investment Fund is providing free grants to businesses downtown. The Renovation Grants will help with exterior facades, signage, roofs and more. There are also free grants to help people start a business, including women and minorities. Therefore 2 different grant programs are offered, and learn more here. https://ky-winchester2.civicplus.com/1095/Downtown-Development-Investment-Fund-Gra
July and August 2024
Northern Kentucky Chamber of Commerce is providing free grants from the 2024 NKY Small Business Grants for Minority-, Women- and Veteran-owned Businesses program. This is an annual program and is run in partnership with Duke Energy, Blue North, and the Chamber. The goal is to provide anywhere from 1K to 10K per qualified MWBE business and apply here. https://www.needhelppayingbills.com/html/information_on_home_repair_pro.html
January 2024
Ashland KY has forgivable loan for minority and/or women owned businesses. The funds, an interest due, will be forgiven (waived) over time if loan criteria are met. The is accepting applications. The money can pay for equipment, computers, real estate and other growth initiatives. Learn more https://cms8.revize.com/revize/ashland/Minority%20Loan%20Application.pdf
October and November 2023
Women, Veteran, and minority owned businesses in northern KY will get free grant money from the Duke Energy Foundation working with the Northern Kentucky Chamber of Commerce. Up to $10,000 is provided to each qualified business. The financial help is known as NKY Small Business Grant for Minority-, Women- and Veteran-owned Businesses, and apply here. https://form.jotform.com/232754511845155
July 2023
Women’s Fund of Southcentral Kentucky has grants for non-profits that focus on women’s causes. It can be for education, Human Services, Economic Development, and other causes that help women grow, develop and achieve success. Applicants need to be a non-profit / charity. Apply here. https://cfsky.org/womens-fund-grant-guidelines/
May and June 2023
Ashland Kentucky provides interest free loans to small women and minority owned businesses. There are conditions and restrictions in place, including if certain goals are met the loans may in fact be “waived”. The money is part of the 2023 Community Development Block Grant Fund, and a focus is on growing businesses in the city. Learn more here. https://www.ashlandky.gov/departments/community___economic_development/cdbg.php
March and April 2023
Kentucky Small Business Credit Initiative is a multi-part, year long grant program for small businesses in the state, with some funds allocated to women, veterans, and minorities. A combination of low-interest, or 0% loans as well as grants or equity investments are offered. Applications are accepted by the state, banks and other partners, including Keyhorse Capital. Learn more here. https://ced.ky.gov/entrepreneurship/KSBCI
April and May 2022
West Kentucky Community and Technical College is offering free small business training, workshops and classes to minorities. It is a multiple week long session that covers everything from legal to getting free grant money, creating business plans, taxes, record keeping, financing, and more. The program is part of the colleges The WKCTC Guarantee service. To learn more on the training, dial 270-534-3821 or 270-534-3444. Or more information is here as well. https://westkentucky.kctcs.edu/about/wkctc-guarantee/index.aspx
March 2022
Covington small businesses, including minority, women, and veteran, can apply for the free City Small Business Grant Program. The money can be used to help with rent, mortgages, and related operational costs. There are also loans, counseling services, and other assistance programs for businesses in the city. Learn more. https://www.covingtonky.gov/government/departments/economic-development/-incentives#:~:text=Part%20of%20our%20Small%20Business,month%20(whichever%20is%20less).
October and November 2021
LHOME is a lender that works with the city of Louisville and non-profits such as the Urban League. Together they are offering low cost loans, free coaching, and other support as part of the Back to Business initiative. A major focus is on BIPOC owned businesses, those owners with a disability, as well as women owned companies. The loans are also for businesses that have been hit hard by COVID. Apply here. https://www.lhomeky.org/b2b
August 2021
Women and/or minority (as well as veteran) owned businesses in the counties of Boone, Bracken, Campbell, Gallatin, Grant, Kenton or Pendleton can apply for free $10,000 grants from the Northern Kentucky Chamber of Commerce and the Duke Energy Foundation. A main focus on the grants, which are mostly funded from Duke Energy, are to help businesses grow. This means the owner needs to have a plan to increase revenue, profit, employees, and in general grow their business. Apply here. http://www.nkychamber.com/covid-19/nky-small-business-recovery-grant-for-minority-women-or-veteran-owned-businesses/
July 2021
Lexington-Fayette Urban County businesses can apply for up to $25,000 in loans. Up to 50% of the funds will be allocated to women, minority, LGBTQ+ and other disadvantaged businesses. But those applicants also need to qualify. The government is issuing the loans as part of COVID relief. Apply here or get more information. https://www.lexingtonky.gov/economicdevelopment
March and April 2021
Park Community Credit Union as well as Louisville Metro Government (LMG) is offering up to $2.2 million dollars to a number of small businesses in Louisville. The funds will go to businesses hit by COVID, with a focus on small businesses in the service sector. Another focus is on giving loans to minority, women, veteran, and disadvantaged businesses, including those with bad or poor credit. The money can help with operating costs such as rent, utility bills, safety equipment, utilities and more, Apply here: https://parkcommunity.com/smallbusiness/?utm_medium=email&utm_source=govdelivery
Fayette County and Lexington businesses can apply for a government grant program that is worth up to $5 million dollars. The financial aid will be in the form of a forgivable, interest free loan. Up to $50,000 can be borrowed by small businesses, including those with poor credit. Minority, veteran, disabled and women owned businesses will be given priority by the council. Learn more on this loan program and other COVID resources for small businesses. https://www.lexingtonky.gov/COVID-19/small-business-support
November and December 2020
Bowling Green minority businesses can get very low interest rate loans (as low as 2%APR) from the Housing Authority. A program known as People’s Opportunity Program for Underserved Populations (POP-UP) is disbursing funds. The loans come from a combination of donations as well as major banks, including Independence Bank, BB&T, American Bank & Trust, US Bank and Franklin Bank & Trust. To learn more or apply for a loan, dial (270) 843-6071.
Louisville has several financial assistance programs for local businesses. They range from interest free loans to CARES grants, mentoring services, classes from lenders, business plan development and others. Some are run by the city and other programs are run in a private-public partnership. Any business or startup can apply, but assistance is also aimed at minorities, women, veterans, and disadvantaged companies. Options include Louisville Forward and the Small Business Covid-19 Relief Loan program, LHOME and Lenderfit low-interest loans as well as free advice from the Metro Council. Over 50% of the money is going to women, veterans, and minorities in Louisville. Find other assistance https://louisvilleky.gov/government/louisville-forward
September 2020
GRAAD, or the Green River Area Development District, is offering zero interest rate loans of $5,000 to $25,0000 per qualified business. The funds are for the counties of Hancock, Henderson, McLean, Daviess, Ohio, Union and Webster counties in Kentucky. The loans also will have lower or zero fees, payment plans, and flexibility. A focus of GRAAD is on minority and female run small business. Apply here. https://www.gradd.com/
By Jon McNamara
