Find where and how to get free grants or loans for your business below. There are funds allocated to women, Latino, LGBTQ, Black, and other minority owned businesses in New York . Small business owners, entrepreneurs, and start up companies may be able to get financing from a number of lenders. Find programs from lenders, corporations, banks, non-profits and other agencies that may be near you.
The loans and/or grants for calendar year 2023 are for any small to medium sized business that meets the lenders application criteria. However each of the programs listed below will allocate some (or all) of the funds to women and/or minority owned businesses in New York state. Not only may capital be given to the small business owner, including MWBE and BIPOC, but the organizations also give other support. This may include, but is not limited too, free mentoring, technical support, help creating business plans, networking advice and so much more. All of this assistance will be free.
There are business loans and free grants across the state. There are options in the New York City area as well as major citizens of Rochester, Buffalo, Syracuse, and other cities or towns. Minority owned (or run companies) as well as women and veteran can apply for financial aid and counseling from an agency near them.
Find business loans as well as free grants for women or minorities in New York
The list of resources below is updated daily. Everything from grants, free counseling, microloans, financing and more may be offered. As noted, priority is given to disadvantaged groups in New York. This may include veterans, Black owned businesses, Latinos, women run companies and others.
Year round financial aid programs, free grants as well as mentoring services
Several financial assistance programs, grant and SMB support is offered year round, as noted immediately below by category (city, county, etc.). In addition, continue to scroll down the page to find loans, grants, and other resources that operate each and every month in 2023.
Statewide BIPOC and MWBE small business financial aid programs, loans, and support
Empire Sate Development operates in all cities, towns, and counties. While they operate a number of businesses development programs (tax abatements, corporate relocations, interest free loans, job training, etc.) they also operate the Division of Minority and Women’s Business Development. They help businesses certify, can direct owners to various capital programs that assist with small business financing, help MWBE businesses in NY win government contracts and more. Read about the government organization here. https://esd.ny.gov/doing-business-ny/mwbe
Small – micro-businesses that are minority owned can get low cost, or interest free loans. The financial assistance is from the state of NY Micro Enterprise Loan Fund Program, and applicants need to have less than 100K in annual revenue as well as be Black owned, veteran, LGTBQ, women owned or other minorities (Latino, Asian, etc.). The loans are issued from banks, credit unions, and other qualified lenders. Find more details on microloans in NY here. https://esd.ny.gov/micro-enterprise-loan-fund-program
Central New York free business grants, counseling, and other resources
Cornell Small Farms Program helps farmers only in the Central NY area. There are free educational resources, training programs, mandatory online training classes and more. The goal is to help small farmers, including those owned by people of color or women, get the no-interest loans they need as well as coaching/counseling/support. The Farm program offers financial help and interest free loans as part of KIVA. Read more here. https://smallfarms.cornell.edu/
The Central New York Community Foundation is providing financial help to Black owned businesses in Syracuse, Onondaga County and nearby regions. The assistance program is known as the Black Equity and Excellence Fund. Grants, loans, coaching services and other aid can go to non-profits, charities, businesses hat focus on education or tech companies and others. Female, Black owned businesses as well as those started/owned by Black Males can apply. More information here. https://cnycf.org/equity#.YAV6u-hKhM1 or use this link https://cnycf.org/receive/grants/black-equity-excellence/
Ithaca New York BIPOC businesses (Black, Indigenous and people of color) can get help starting a business from Black Hands Universal. The local non-profit assists with home buying, business start ups, and provide other free services, including information on how to get Capital for a business. Read more on the non-profit. https://www.blackhandsuniversal.com/
Syracuse University – Institute for Veterans and Military Families has a team of over 100 people that help veterans. There are entrepreneurship classes, job training, and information on raising capital from grants and loans. They are also a Kiva microloan lender. Programs include Entrepreneurship Bootcamp for Veterans (EBV) Accelerator, Veteran Women Igniting the Spirit of Entrepreneurship, Boots to Business, business classes for veteran families and more. https://ivmf.syracuse.edu/
Long Island financial assistance programs, free business grants and loans
Accelerate Long Island helps startups and early stage businesses, in particular tech, health care, and cutting edge companies. There is a seed capital funds, free mentoring, and other support. Assistance is also focused on small businesses that lack access to capital, in particular women, immigrants, and start ups owned by people of color. Get details here. http://www.accelerateli.org/
New York City and downstate area assistance programs for minorities, immigrants, women and others
Citizens Committee for New York City (CitizensNYC) provides microgrants of up to $10,000. The financial assistance can be used for payroll, rent, and other business operations. The non-profit focuses on helping Black, Indigenous, and People of Color owned businesses as well as immigrant, Asian, and women owned companies in NYC. They also work with other lenders, such as Wells Fargo, to provide capital. Continue reading. https://www.citizensnyc.org/
Grameen America provides capital to women with a focus on those from disadvantaged communities and parts of NYC. They provide small microloans to help women start and grow a business, with a goal of females (including women of color and immigrants) getting the capital they need. The loans may be interest free and combined with coaching, workshops and other support. More details here. https://www.grameenamerica.org/
Greater Jamaica Development Corporation focuses on the city of Jamaica only. A number of Economic Development programs are offered to small, minority-owned businesses including occasional grants, partnerships with other corporations or non-profits, certification services and more. Find details here. https://gjdc.org/
Harlem Commonwealth Council helps Black Owned businesses in Harlem. They offer low cost microloans, run a Business Solution Center, operate a learning lab and adult education center, minority certification programs and more. The goal is to help the Black community launch and/or grow a business. The Harlem Entrepreneurial Fund (HEF) is a small dollar loan/financial help that can be a form of Capital. Get details here. https://www.harlemcommonwealth.org/
Long Island African-American Chamber of Commerce has many services for Black owned businesses in Nassau, Suffolk, Queens and Brooklyn County. They have free mentoring services, MWBE certification programs, Small Business Community Centers and Navigators to help. Also get information on raising money, loans, grants and more. Learn about Long Island non-profit here. https://liaacc.org/
Minority Women in Business Association of Staten Island provides support to women and well as women of color. There are mentoring and networking services, fund raisers held, MWBE certifications and help gaining government or city business contracts for revenue. Free training, referrals to grants or capital and other aid is given. Find details here. https://www.mwbasi.org/
Nassau County small businesses, including women, veteran, and minority owned, can get financial help from Boost Nassau. This is a multi-faceted program that will offer everything from emergency funds to loans, referrals to government grants, and other assistance. Whether mentoring, help with business plan development or networking, or something else, resources are offered. Read more. https://www.nassaucountyny.gov/boostnassau
New York City (all boroughs) – The WE Fund Crowd offers crowdfunding services as well as interest free loans in partnership with the not for profit Kiva. Small to mid-sized businesses, as well as start-ups, can borrow up to several thousands dollars. Financial help is for immigrants, minorities, LGBTQ businesses and NYC owners with bad credit. A major focus is on giving funds to people who lack access to banks or other capital, which tends to be inner city or Black, Latino, and the Asian community among others. Get low cost loans at this site. https://we.nyc/we-fund/we-fund-crowd/
New York City Asian owned businesses that focus on social causes, art, inclusion, and similar topics can apply for grants from Asian Women Giving Circle (AWGC). A major focus is on helping Asian women and dealing with the challenges that Asians face in NYC and nationwide. The financial assistance is offered in each. Learn more here. http://asianwomengivingcircle.org/apply/
New York City (all boroughs) has a program that assists Black Owned Businesses. The United Way has created the Together We Thrive (TWT) service. There are referrals to financial aid programs as well as other support services. Get help with digital marketing, one on one mentoring, technical help, free legal advice, incubator services and more. Continue reading. https://www.togetherwethrivenyc.org/services
New York City (all boroughs) has a Business Solutions Center program. The city helps businesses start, grow, and operate in the city. Some of the centers also provide interest free loans (0% APR) in partnership with non-profits such as Kiva. They also offer coaching, information on marketing resources and networking, computer as well as website development assistance and many other small business programs. Find a center here. https://maps.nyc.gov/sbs/
New York City Asian owned businesses can turn to Renaissance Economic Development Corporation. There are a number of small business services offered, including no cost or interest free loans, training programs, counseling and more. There are multiple offices to help Asian businesses owners as well as entrepreneurs, including locations in Queens/Flushing, Manhattan, Chinatown and other area. The non-profit works on opening business opportunities for Asian community. More details here. https://renaissance-ny.org/
NYC Small Business Resource Network helps small businesses in the city, with many of the clients being minority, immigrant, and/or women owned businesses. A number of free services are offered, including (1) digital marketing help; (2) business planning assistance; (3) applications to free government grant programs or help finding affordable loans and so much more. Many of the programs are a public-private partnership. Learn about the network here. https://www.nycsmallbusinessresourcenetwork.org/
Queens Economic Development Corporation has several assistance programs for anyone who wants to start or grow a business. A focus is on disadvantaged businesses, such as those owned by people of color, veterans, women, or immigrants. There is a Women’s Business Center, information on MWBE certification, details on local and national grant programs, and Entrepreneurship Assistance center and more. They also help businesses in the restaurant industry or contractors with free training and workshops. Learn more here. https://queensny.org/
Westchester County small businesses as well as entrepreneurs can apply for microloans from Kiva and the Launch1000 program. The Westchester County Office of Economic Development and Entrepreneurship and Innovation center are part of the financial aid program. The funds can help small businesses that do not get traditional funding, which is often veteran, LGBTQ, women, and minority companies or those with bad credit. All of the funds will have a zero percent interest rate. Other incubator programs are offered too, including free coaching from Westchester Rises. Find more information. https://westchestercatalyst.com/business-first-programs/
Northern NY small business grants, interest free loans, and free business resources
Northern New York Community Foundation is a non-profit that will, from time to time, provide free grants to other charities or non-profit. The financial assistance, social as well as business services are offered in the counties of Jefferson, Lewis, as well as St. Lawrence. A focus is on educational businesses, advocacy organizations, arts and culture, and other non-profits with a “social” cause. Learn more. https://www.nnycf.org/grants/grant-information/
Western New York MWBE programs
Beverly Gray Business Exchange Center, which is based in Buffalo and serves small businesses in Erie County, is a resource. The help businesses that are veteran owned (SDVOB) as well as M/WBE, or Women and Minority companies. There is help with financing (either loans or grants), certification as M/WBE, startup help and other services. Erie County, Niagara County, and other western NY regions are supported too. Apply here. https://beverlygraycenter.com/
Buffalo Women’s Business Center (at Canisius College) helps female, women veteran, and minority women (Black, Latina, etc.). There are certification programs, free mentoring and coaching programs, information on fundraising from grants or loans and so much more. Networking is also offered, and they help female entrepreneurs create and launch a business too. Continue reading here. https://thewomensbusinesscenter.com/
LISC of Western NY provides help in the Buffalo area, Niagara Falls and surrounding communities. They will, from time to time, provide free grants to Black owned businesses, including women, as well as other minorities. Or get loans, free counseling or coaching services, wealth building programs and so much more. The non-profit helps people from disadvantaged areas start businesses and/or gain stability. Find details on the lender here. https://www.lisc.org/wny/
Monroe County Industrial Development Agency supports small businesses, with additional programs for small or micro-owned women and minority companies as well as veterans. Everything from coaching to networking to information on government grants, loan programs from partner banks and non-profits as well as other resources are offered. Learn more about COMIDA, County of Monroe Industrial Development Agency solutions here. https://monroecountybusiness.org/
Niagara Falls is supported by the NFC Development Corporation. The non-profit works on keeping, and expanding, businesses in the city if they create jobs. There will be applications to grants, women-minority business certification assistance and applications, resources for industrial companies and more. NFC is focused on small to medium businesses, including people of color, and increasing jobs. More details here. https://niagarafallsusa.org/government/city-departments/nfc-development-corp/
Rochester and Monroe County businesses (or those who want to start a business) can get small dollar loans, at 0% interest, from Kiva. The crowdfunding type lender partners with the City of Rochester to help both new, start up type businesses as well as existing companies get funds, They focus on minority, veteran, Black owned, and women owned companies among others. As much as $10,000 can be borrowed, including owners with no or poor credit histories. Use the funds for various expenses or costs. Apply for loans here. https://www.cityofrochester.gov/Kiva/
Rochester Urban League Business Development and Entrepreneurship programs are available, with a focus on minority owned businesses in Monroe County NY. There are also resources for disabled people, women, and the disadvantaged. Get help growing or launching a business, assistance finding and applying for loans or grant money, free workshops and more. Apply here https://www.urbanleagueroc.org/small-business
Small Business Development Center for Erie County NY is located at SUNY Buffalo. There is assistance for start-ups as well as entrepreneurs. The free Center also helps existing small businesses in Buffalo, with linkage to many resources for businesses owned by people of color and that are from low-income parts of the city. Learn about free grants, loans (including for applicants with bad credit), business plan creation, technical help and more. Read about the center. https://sbdc.buffalostate.edu/
February and March 2023
NYC based Digitalundivided has $5,000 grants for tech focused businesses owned by women of color – Black, Asian, Latino, etc. It is an Accelerator know as Big, and the financial help is given along with multiple weeks of free, ongoing support. There is also mentorship from other female founders of tech companies. Apply here. https://www.digitalundivided.com/big-2022
Long Island based National Business Capital is providing loans, including some at 0% APR, and a “Shark Tank” type event, to small businesses. Qualified companies can get interest free loans of up to $50,000 and borrow even more money if needed. The money is for businesses that have been operating for at least 2 years, are disadvantaged (including immigrant, MWBE, etc.) and meet other criteria. Get details here. https://www.nationalbusinesscapital.com/fund-tank-landing-page/
East Buffalo Small Business Working Capital Grant Program is being offered by the state in partnership[ with Local Initiative Support Corporation of NY. $5,000 to $50,000 is being offered to small businesses in the area of the recent Tops Market tragedy. In general, the money is going to small to micro companies. The free grant money will help businesses recover, invest and grow in the mainly minority community. Read more here. https://www.lisc.org/wny/what-we-do/neighborhoodbusiness/small-business-grants/small-business-grants-east-buffalo/faq/
The City of Kingston ARPA Small Business Grant Program is providing free $10,000 grants to small businesses. Up to 100 small businesses, sole-proprietors and micro-enterprises will get help. A percentage of the funds will go to businesses owned by people of color, veterans and women, who tend to lack access to capital. The funds can help pay a wide variety of expenses. Learn more and apply here. https://engagekingston.com/small-business-grant-program
NYC Small Business Opportunity Fund is providing low cost, or in some cases 0% APR loans, to small businesses in the city. The government is partnering with Mastercard, The Department of Small Business Services, several CDFIs and other lenders to provide funds. Minority, women, and small businesses can borrow from $2,000 to $250,000 dollars from the NYC fund. Apply here. https://sbsopportunityfund.nyc/?utm_medium=email&utm_name=&utm_source=govdelivery
Long Island NY based Trellus Same-Day Local Delivery is providing a couple dozen $500 grants for businesses on Long Island. The money will need to go towards paying for delivery costs that the applying business has. Some funding will be allocated to MWBE owned businesses in Long Island. But the grant money is targeted and can only be used for approved expenses. Learn more on the Local Delivery Grant https://bytrellus.com/programs/local-delivery-grant/
January 2023
Albany NY small businesses can apply for grants from the BIG program, formally known as the Small Business Building Improvement Grant. Capitalize Albany is processing applications for the city. The money, including grants focused on minority and women owned businesses in Albany, are for improvements to a building or real estate. The free grants are a form of economic development for the city. Learn more. https://capitalizealbany.com/Grants/
Grants and interest free loans were offered in 2022 as well. Those agencies may have referrals or support for small MWBE businesses as well. More on New York 2022 grants and loans for MWBE.
By Jon McNamara
