Minority as well as women owned businesses in Wisconsin can get money from free grant or loan programs. There are banks, credit unions, corporation, non-profits, and even government funds available each and every month. The goal is to help small businesses get the capital they need, with a focus on Black, women, and minority owned companies. Find a list of free MWBE business grants and loans below in Wisconsin that may be near you, including in Milwaukee, Madison, and other cities.
The funds will be for women owned companies, Black, Indigenous, People of Color (BIPOC) businesses as well as MWBE companies. There are also loan and free grant programs for Black, Latino, or Asian owned companies as well as LGBTQ companies. The financial assistance, when combined with mentoring support, can help a business either start or grow.
The list of funds below will be updated daily. It is the most recent list of loan as well as grant programs as they “open up” for minority as well as female or black women owned companies. Note some funds focus on start-ups or micro-businesses as well.
Free grants as well as loans in Wisconsin
While there may be other sources of funds out there, the loans and free grants below are aimed at helping disadvantaged businesses. This may be a Black owned company or small women owned business. There are also funds for LGBTQ companies, Asians, Latino businesses, and other minority owned small to medium sized businesses.
January and February 2025
Madison Black Chamber of Commerce’s 2025 Black Business Awards is for businesses owned by people of color. A priority is on construction, real estate, property management and similar businesses, but as many as 17 “categories” of companies can apply. Learn more https://www.madisonblackchamber.com/businessawards
September 2024 and October 2024
Wisconsin Economic Development Corporation is providing qualified non-profit businesses and economic development organizations up to a maximum of $250,000 is funding as part of the Small Business Development Grant program. The applicants to the WEDC grants need to use the money, and be focused on helping people start or expand an existing businesses in the state. Get details here. https://wedc.org/programs/small-business-development-grant/
Up to $5,000 will be provided to dozens of Native American small businesses or entrepreneurs. The Wisconsin Indigenous Economic Development Corporation is running the program, with annual allotments often provided. Learn more here. https://wedc.org/
April 2024
Red Letter Grant is a few $2,000 grants for women-owned start ups. The money is available to entrepreneurs in the counties including, but not limited too, the western and NW Wisconsin area. It covers almost 20 different counties, and find applications here. for the funds. https://www.redlettergrant.org/apply2
March 2023
Door County Community Foundation is providing free grant money to non-profits that focus on causes of women or girls. This includes health issues, social causes, income inequality, education and similar needs. Applications are processed by the Women’s Fund of Door County, and learn more here. https://womensfunddoorcounty.org/grants/
September 2022
Sherman Phoenix Foundation is using government grants to help Black-owned businesses in the city, and the focus is on the creative community. This may be artists, people that work with their hands, designer type businesses and others. The foundation also offers other support too. Learn more here. https://www.shermanphoenix.com/foundation
October and November 2021
The state of Wisconsin has created two different grant programs to help businesses of color, veterans, or women owned businesses. They include the Equitable Grant Recovery program, which is $75 million being allocated to help businesses impacted by COVID. The second financial aid resource is called the Diverse Business Assistance Grant program, and this can help businesses owned by people of color, including Latino,, Black, immigrant and others. More details here. https://doa.wi.gov/pages/EquitableRecovery.aspx
April and May 2021
Dane County is providing up to $15 million dollars to small businesses as part of Dane Buy Local. The funding for the financial assistance program is from the CARES Act. Local partners in Madison and the County include the Wisconsin Women’s Business Initiative Corporation, the Latino Chamber of Commerce, as well as the Black Chamber of Commerce. The aim is to help small businesses that were hit by the COVID pandemic and the grants are a form of financial relief. Learn more about the Dane County resources here. https://www.danebuylocal.com/
The Greater Milwaukee Foundation is providing 2% interest rate loans to small businesses. Up to $50,000 is offered to each qualified applicant, with one million allocated to the program. The loans are interest free for up to 12 months, with funds allocated to women and minority owned businesses as well. Restaurants, cultural centers, hotels, early childhood businesses, and other businesses hit hard by the pandemic can get financial help. More information here. https://www.greatermilwaukeefoundation.org/community-leadership/impact-investing/thriveonloans/
$5000 Grants are being offered by the Wisconsin Tomorrow Small Business Recovery Grant program. The state is offering this financial assistance to small and even mid-sized businesses – as long as the applicant’s revenue is less than $7 million per year. It is estimated that tens of thousands of businesses, including many female, veteran, and minority owned, will benefit from this free government grant program. It is part of COVID relief. Apply here for details. https://www.revenue.wi.gov/Pages/TaxPro/2021/WisconsinTomorrowSmallBusinessRecoveryGrant.aspx#:~:text=What%20is%20the%20Wisconsin%20Tomorrow%20Small%20Business%20Recovery,Corporation%20%28WEDC%29%20and%20the%20Department%20of%20Revenue%20%28DOR%29.
November 2020
Minority and female owned businesses in the city of La Crosse Wisconsin can get grants of up to $5,000. The city Planning and Development Department. The funds are part of the Minority Owned Business Assistance Grant Program. The money is for both (1) existing businesses as well as (2) startups that need capital and that have a solid business plan. All minorities, including Hispanics, African-Americans, Asian Americans and others can apply. Grants can pay for equipment, legal goods, inventory, technology and other bills. Read more here. https://www.cityoflacrosse.org/your-government/departments/planning-economic-development/moba-grant
September – October 2020
The Milwaukee Business Restart Program is providing small businesses, including minority, veteran, and female run, with free grants. Up to $10 million dollars will be distributed. The applying company needs to have under 20 employees 9and even sole-proprietors can apply) and limited revenue. if a small business/start up with zero dollars in revenue can apply for a grant. Partners include Latino Entrepreneurial Network, the Milwaukee Urban League, Milwaukee Economic Development Corporation and the Wisconsin Women’s Business Initiative Corporation, with a focus on Black, Latino, LGBTQ and female businesses in the city. Read more. https://city.milwaukee.gov/DCD/BusinessToolbox/COVID-19-Resources/Restart.htm
August 2020
Waukesha County and WWBIC to Launch Small Business Business Assistance Grants Program. Wisconsin Women’s Business Initiative Corp – WWBIC will be handling the application and distribution of the free grants, as well as follow up business coaching and mentorship opportunities for women, Black owned and minority start ups or micro businesses. Funds will be targeted to micro enterprise (5 or less employees) businesses located in Waukesha County. Applications are here https://www.wwbic.com/business-lending/loans/, or read a news release. https://urbanmilwaukee.com/pressrelease/waukesha-county-and-wwbic-to-launch-small-business-covid-19-business-assistance-grants-program/
July 2020
$30M Milwaukee investment pool targets businesses, projects by people of color. Details on the foundation and the grant program. https://www.greatermilwaukeefoundation.org/ or read more information here, https://www.bizjournals.com/milwaukee/news/2020/07/29/milwaukee-investment-pool-for-business-targets.html
By Jon McNamara
