Small to mid-sized business owners and entrepreneurs in Minnesota can get financial help from loans and free grant programs. There are funds for disadvantaged businesses, including Black owned companies, veterans, the LGBTQ, women or Latino companies and others. Find where, and how, to apply for a MWBE business grant or loan in Minnesota near you below.
The funds can come from the government, non-profits, corporate foundations, or the SBA among other groups. In addition to funding for your business, most of the programs also give the business owner (or entrepreneur) other support. It may be help with marketing, website development, free counseling or mentoring services. The aim is to help a small business grow or provide capital to owners that lack traditional source of lending, such as access to banks.
Anyone can apply for assistance. However, there are some loans as well as grants dedicated for minorities and women business owners in Minnesota. There is help for small businesses and startups for cities including Minneapolis, Saint Paul, Rochester, and all across Minnesota. Many of the financial aid programs listed give priority to MWBE as well as businesses of Black, Indigenous, and People of Color (BIPOC).
Minnesota small business loans and free grants for women or minorities
The list of financing programs below is updated daily. There may be loans for new or existing businesses, grants to help start a company or grow an existing one, as well as other small to mid sized business assistance. Any Minnesota resident can apply, but some funds or other resources will always be allocated for minorities (Black, Asian, Latino, LGBTQ) as well as other disadvantaged business owners, including women and veterans.
April 2025
St. Paul Neighborhood STAR Program is for people, businesses, or non-profits that are investing in the city of St. Paul. The applicants need to focus on improving cultural, diversity, and other improvements to the city to encourage economic development as well as diversity. Apply here. https://www.stpaul.gov/departments/planning-and-economic-development/economic-development/neighborhood-star
January and February 2025
Coalition of Asian-American Leaders (CAAL) has a 10K to 15K grant program that will help for-profit businesses or non-profits (among others) that focus on helping the Asian community in MN. The money can help business owners or really any agency that focuses on economic development. Learn more on the Coalition Ignite grants here. https://caalmn.org/caal-ignite/
Duluth MN Black Entrepreneurs Day is a statewide event in which Black business owners are requesting more resources – whether grants, technical help or something else. The event takes place in February and is a combination of networking and financial assistance is all, and find details on the Black business entrepreneur day. https://www.eventbrite.com/e/black-entrepreneurs-day-2025-tickets-1104890740949
December 2024
Rushford Economic Development Authority (EDA) has a grant program known as “Valley Doe:, in which qualified businesses will be given up to $2500. The money will be various businesses, including service and tourism focused companies. More information is here https://rushford.govoffice.com/
October 2024
Businesses in Leroy MN can get a forgivable loan (which can be a form of grant) from the Development Corporation of Austin. The goal is to help small companies that are impacted by the ongoing construction projects. The loan principal will be wiped out if other conditions are made by the borrower. Applications are here. https://www.austindca.org/assetmanager/downloads/DCA_Loan%20Application.pdf.
March and April 2024
Northwest Minnesota Foundation is providing grants to non-profit organizations or for profit businesses. The money is part of Providing Resources and Opportunity and Maximizing Investments in Striving Entrepreneurs, or PROMISE Act. Up to $50,000 is provided to each qualified business or non-profit, with funds also allocated for disadvantaged businesses. Learn more. https://nwmf.org/grants-scholarships/grants/
The Saint Paul Neighborhood STAR grant is for capital improvements that a small business needs to make. The focus is on helping businesses that focus on diversity and social causes. Thousands of dollars will be provided and apply here. https://www.stpaul.gov/departments/planning-and-economic-development/economic-development/sales-tax-revitalization-star-0
January and February 2024
Black and Latina Women businesses in the Twin Cities can get free grants or interest free “forgivable loans”. The Center For Economic Inclusion is given funds to small businesses with under 3 employees. The money is for B to B companies (not consumer focused). Latina and Black women can apply here. https://foundersfirstcdc.org/center-for-economic-inclusion-vanguard-accelerator
August 2023
Duluth 1200 Fund provides a low cost, or possibly interest free loan, as well as a mentor. Both free advice from a mentor and financial help are arranged by the Fund. The goal is to provide ongoing material support, coaching, and more to help a small business grow or start, including minoirty or women owned. Learn more here. https://1200fund.com/
June and July 2023
Nexus Community Partners is providing $50,000 grants to several hundred African Americans in Minnesota and the region. It is part of a reparation program. The funds will be for individuals, families, and it can be for small business owners too. Applicants need to be descendants of the African Slave trade, and the grant program is known as Open Roads. Learn more here. https://www.nexuscp.org/open-road-fund/
April and May 2023
Twin Cities businesses owned by women of color can apply for grants from the St. Paul’s Center of Economic Inclusion. There are also forgivable loans, free coaching and mentoring, as well as grants around $5,000. The financial help is for small, existing women owned businesses such as Black, Indigenous or Latina. Learn more on grants in the Minneapolis – St. Paul MN area, https://www.centerforeconomicinclusion.org/accelerator-grant-application
January 2023
George Floyd family is providing grant money to minority – Black-owned businesses in Minneapolis. The money is part of the Ward 8 Community Benevolence Fund. Grants range from $5,000 to $25,000 or more, and all applications are assessed on a one-off basis. The goal is to help empower Black-owned businesses in the city to help them overcome challenges, barriers, and financial challenges. Get details here. https://www.theward8fund.org/
December 2022
Center for Economic Inclusion Vanguard Accelerator from the Center helps businesses with a B2B, meaning minority businesses in which the company is not consumer facing but assists other businesses. A wide range of support is offered. Free grant money is offered to as well as other support. Apply here https://www.centerforeconomicinclusion.org/accelerator-grant-application.
October 2022
Minnesota Loan Guarantee program is offered using federal government funds and approved lenders or banks. Small businesses that use the approved lenders will have an increased chance of getting the money they need, as the government is backing the loans. A major focus is on disadvantaged businesses – those owned by people of color, LGTBQ+, women and veterans in MN. Learn more here on the Economic Development (DEED) loans. https://mn.gov/deed/
May and June 2022
Free $10,000 grants are available in Minneapolis-St. Paul to businesses owned by BIPOC or women. Comcast Rise is providing financial help to a select number of businesses. The goal is to provide capital to minority owned businesses, including Black, Hispanic, Indigenous, Asian owned as well as female owned companies. Apply for Comcast Rise here. https://www.comcastrise.com/rise-apply/
Initiative Foundation as well as the Otto Bremer Trust are providing free $10,000 grants to small or micro businesses across central Minnesota. A major focus is on rural owned businesses as well as those owned by women, people of color, or veterans. Applicants need to have been operating prior to COVID and use the grants to help recover from the pandemic. Applicants need to also have less than 5 employees as well as less than 750K in annual revenue. Find details. https://www.ifound.org/microenterprise
Minneapolis – St. Paul small businesses can get grants from the The Get Down to Business Accelerator. There will be a few “winners” who are provided financial help as well as PR, social media marketing assistance, and other aid. The Neighborhood Development Center is also hosting the financial aid program, which focuses on grants for Black women and men, minorities, veterans, and also immigrant owned companies. Apply here. https://ndc-mn.tfaforms.net/92
November and December 2021
Non-profits in the city of Rochester that focus on community development can apply for free government grants from the Destination Medical Center Economic Development Agency. The funds are for non-profit businesses that have a role in improving the downtown area. Assistance is part of the Department of Employment & Economic Development, or DEEDs program. Learn more, and apply here. https://mn.gov/deed/business/financing-business/deed-programs/emergency-programs/economic-revitalization/
December 2020 and January 2021
The Midway Fund is for businesses in St. Paul that were impacted by Social Justice issues in 2020. Many inner city businesses, most of which were minority owned, can get a $2500 grant (as funding allows). It is also for pandemic related issues. Many minority owned restaurants, service industries, hotels, and related businesses can get help. Learn more. http://www.midwaychamber.com/we-love-midway
Businesses in the Twin Cities (Minneapolis or St. Paul) that have a health focus can apply for free grants from the American Heart Association as well as the Social Impact Fund. There will also be some of those grants allocated to women, minority, and disadvantaged businesses. Both non-profit as well as for-profits can apply – as long as they focus on addressing health disparities in the region. There is also training, MBA type workshops and more. Apply here. http://heart.org/fund
October – November 2020
Rebuild&HealMN’s is a local non-profit in the twin cities of Minneapolis – St. Paul. The focus on helping disadvantaged small businesses, including Black, Latino, LGBTQ, Veteran, Women and others. There will be financial assistance given to help small business owners recover from both Floyd riots as well as the COVID-19 pandemic. The non-profit also help the diverse immigrant population in the Twin Cities get established. Loans, grants, counseling and other assistance; apply here. https://www.rebuildandhealmn.org/
August 2020
Blaine and Spring Lake Park are both providing $500,000 in grants to small businesses. The funds are issued in partnership with the Blaine Community Development as well as Spring Lake Park City Council. Funds are for all businesses, inclusion retailers, restaurants, and other companies with some free grants allocated to minority as well as women owned companies. Blaine residents call 763-784-6700 with questions. Spring Lake residents can dial 763-784-6491 for applications or information.
Olmsted County businesses can get financial help. Up to $25,000 can be provided by the Olmsted County and Rochester Area Economic Development, Inc. (RAEDI). Priority of this grant program will be given to minority, veteran and women-owned businesses or the disadvantaged. There is also support for businesses with six or fewer employees. http://www.raedi.com/doing-business-here/cares-act.php
By Jon McNamara
