Hardship Grants For Minorities or Free Money for Minorities to start business – The minority entrepreneurs face a lot of challenges when they are planning to start or finance their business. According to research it has been identified that the BIPOC entrepreneurs receive less financial help if compared with the white entrepreneurs. Therefore business grants for minority black business owners are quite helpful to other alternatives that are available as a form of finance. We will be discussing about 12 types of small business hardship grants that are available for the minorities. If you are a minority and looking for Hardship Grants then you are at the right place. What are you waiting for? Go through the article and check out all the information about Hardship Grants for Minorities.
Highlights of this Post
Get Small Business Hardship Grants for Minorities
Small business grants are really competitive and the application procedure is quite lengthy. But the best thing is that they follow a payout process that is free funding and you do not have to pay them back. These grants are a great source of funding when you are struggling to qualify for corporate loans and you are looking to combine additional capital in your existing funds.
FedEx Small Business Grant Contest
The FedEx Small Business Grant Contest is a national competition that offers grant money to approximately 10 different entrepreneurs every year. The grant generally ranges from $15,000 to $50,000 and $1,000 to $7,500 for FedEx printing services. It is seen that the previous winners who won the grant competition were minorities. However, the grants are mainly awarded to those people who have a unique business idea and it must be having a positive impact on the community.
National Black MBA Association (NBMBAA) Scale-Up Pitch Challenge
The NBMBAA Scale-up Pitch Challenge is another well known grant competition that influences and encourages entrepreneurs who have creative and start-up ideas. The NBMBAA networks startups with early state investors and other venture capitalists. They also provide opportunities to the people to present their business ideas. The winning business owner or team will be receiving around $50,000.
The runner up will be receiving $10,000 and third place $7,500. A People’s Choice Award of US $1,000 is als presented. Therefore the funding competition can be a great option for the black owned companies who are looking for funding for their first business and are also trying to initiate a new idea. But remember to participate you need to be a member of NBMBAA and the competition is held every year.
Operation HOPE Small Business Development Program
The Operation HOPE Small Business Development program is mainly offered to the small business owners who belong from underserved communities. The non-profit organization also offers an eight-week entrepreneurship training program to the minority business owner with financial advice, access to professional services, personal development and business training.
The program also offers help to maintain a business plan and also helps them in creating a better business plan. They also offer the small business owners with business resources and offer financial aid.
First Nations Development Institute Scholarship
First Nations is another non-profit organization that offers a national funding program. The First Nations have provided over 2,150 grants at the end of 2020. That means they have offered more than $43 million to Native American projects and to organizations in more than 40 states including American Samoa and District of Columbia.
There are also individual hardship grants dedicated for minorities that can help them with financial resources and technical knowledge. However, the program might vary and this is mainly provided to the tribes and local nonprofits.
Asian Women Giving Circle (AWGC) Scholarship
The Asian Women Giving Circle (AWGC) offers grants to the start-up business to women. They main priorities Asian-AMerican women’s organizations and individual artists in NYC. The nonprofit awards are also offered to various companies so that they can use it for arts and culture and be able to create a progressive social change, raise awareness and also resolve issues that affect black women, Asian American women, families and girls.
It is also important to offer the women central roles in the projects that will help in highling and promoting them. Grants for Minority Women are also offered by the federal government to help the minority women to improve their future. The AWGC also offers five to eight project grants every year that go up to $15,000.
The National Association for the Self-Employed (NASE) Growth Grants Program
The National Association for the Self Employed (NASE) administers the Growth Grants program that offers the maximum of $4,000 grants each. These grants are mainly offered to help businesses to expand but you need to be a member of NASE to qualify for the grant. However, NASE does not offer excluding grants for minority-owned companies but it is mainly aimed towards small companies who are struggling to find funding options.
Another best thing about the NASE growth grant is that it can be used for various business purposes like creating marketing collateral, hiring employees, buying equipment and many more.
SBA 8 (a) Business Development Program
The SBA 8 (a) Business Development Program is offered to those small business owners who need social and economical help to set their business and depends on sole supply contacts. First of all you should understand that the SBA program is not a grant program but it offers the minority owned business with excellent opportunities and scope.
If you qualify for the program you will also have access to a Business Opportunity Specialist who will provide you with skills like leadership development, commercial training and other advice that is beneficial for your business.
Minority Business Development Agency (MBDA)
The Minority Business Development Agency (MBDA) also offers grants to several organizations that administer and operate minority business centers all over the United States. The best thing about them is that you will be able to get business advice, procurement matching and other financial assistance for your minority business by visiting or contacting one of their centers.
USDA Water and Waste Disposal Loan and Grant Program
The USDA Water and Waste Disposal Loan and Grant Program offers help to the business owners who are qualified and do not have finances for their traditional business. By the name of the program you can suggest that it offers grants as well as corporate loans.
But remember to qualify for this particular hardship grants for minorities program, your company must be engaged with the waste disposal sector or be engaged in the water disposal sector. But the area must be eligible having a population less than 10,000. However, it is seen that most of the state, local government agencies, national recognized tribes and private nonprofits are eligible for this particular program.
USDA Rural Business Development Grants
If you are running your business in the rural area then you need to know about the USDA’s Rural Business Development Grant Program. The program offers 10,000 small business grants to the minority. But remember that the program is mainly available to the businesses that are local in rural areas consisting of less than 50,000 inhabitants. Apart from that the funding must be used for such projects that can benefit the rural area or city.
Small Business Innovation Research (SBIR) and Small Business Technology Transfer (SBTT) Programs
The SBIR and SBTT program offer various types of business development grants to those small businesses that are engaged in research development. There are 11 government agencies like National Science Foundation, DHHS, DOE, DOD, NASA and many more that have reserved a portion of their research and development funds so that they can contribute it in highly competitive funding programs that will help in enhancing technological innovation.
You might know that the hardship grants for minorities qualification requirements and the amounts awarded are largely specific to a particular program and individual scholarship for what you are applying for.
Grants.gov
Grants.gov not only offers minority small business grants but they also offer various sources of information in finding grants. You will be able to know about different types of grants from specific industries along with their eligibility requirements. Apart from that Grants.gov also offers application information, deadline and admission guidelines of more than 1,000 small business grants.
Most of the federal agencies that offer scholarships directly post every information on Grants.gov. You might be surprised to know that there are over two dozen federal agencies that are offering hardship grants money consisting of the National Aerospace Agency, the Environmental Protection Agency, the Interior Ministry, the Ministry of Agriculture and many more.
Promotion of Minorities in Field of Business, Art and Education
As you know that there are small business hardship grants for minorities can be offered by nonprofits, government and other organizations or businesses. It can be one of the best alternatives to borrowing. Financing using grants will offer benefits to the companies to reduce their reliance on credit and other financial assets like venture capital. – one of the main things that small business hardship grants are for minorities.
When you are starting or struggling in a period and that time you do not have access to financial funds. According to the data by the Federal Reserve it is identified that minority companies have less access to finance from traditional sources, if they get access the rejection rates are quite high. Apart from that other minority owned companies are likely to get rejected and they do not count at all. However, the minority owned companies are also discriminated against raising capital using traditional credit lines.
How to apply for government grants
Inclusion is key in any business, and Minorities have long been left out of the equation. That isn’t going to change anytime soon, though. With technology at our fingertips and more people learning about Minorities through their favorite programs, it’s time for a change. That’s where hardship grants come in. Hard times can be tough on everyone, but with a grant from a company or a government organization, you can take a step in the right direction. After receiving your application, your local organization will review it and determine if they feel that the specific situation meets the requirements of the grant. If yes, they will forward your application to someone at the National Institute of Standards and Technology (NIST). If you are not able to meet all requirements, then your request for a hardship grant may be denied without any explanation given.
Once you have received an acceptance letter from your local organization, you will next need to travel to Washington D.C., where NIST will conduct its review process. From there, they will issue you with a decision letter that will outline what conditions must be met for you to receive your grant money. If all conditions are met, then you can begin using the funds immediately!
To use your hardship grant, you will need to complete the application and receive the appropriate paperwork. Once you have received your grant, you will need to follow the guidelines set out by the grantee organization. You can use your grant to improve your life in several ways, including paying off debt, starting a business, or repairing or replacing a home.
Conclusion
I hope the article has provided you with all the information related to Hardship Grants For Minorities. As you know, the targeted minority grants can be really good for financing alternatives, especially for small business hardship grants for the minorities. The scholarships are most of the time referred to as free money for business start up but remember they are not always free as it involves applying, writing and also meeting the requirements. You need to give a lot of time and energy to get the scholarship. First of all you need to understand that grant applications are very time consuming and it might take a lot of time to complete the overall procedure.
So, we have already mentioned some of the best minority scholarships based on application, mission and amount award. The list will provide you enough information on how to find best minority grants for a wide set of business and also organizational types. If you know any such minorities who are looking for such grants please share this article with them. Thanks for reading this article till the end. I hope you have a great day ahead!
Frequently Asked Questions
We are going to answer some of the most frequently asked questions on hardship grants for minorities. Go through the question and answer to gain additional knowledge on it.
Are there any hardship grants for minorities?
Yes, there are hardship grants for minorities. We have already listed 12 types of hardship grants that are available for the minorities like Grants.gov, Small Business Innovation Research (SBIR) and Small Business Technology Transfer (SBTT) Programs, USDA Rural Business Development Grants and many more. But remember the eligibility requirements and the grant amount varies from one organization to another.
How much does the USDA Rural Business Development Grants offer?
The USDA Rural Business Development Grants offers 10,000 small business grants. But the program is only available to those businesses that are operating in rural areas that are having less than 50,000 inhabitants.
Am I eligible for the fedex small business grant contest?
To qualify for the FedEx Small Business Grant contest you need to have a unique business idea that will have a positive impact on the community. The grant amount generally varies from $15,000 to $50,000. However, it is a national competition and grant money is offered to 10 different entrepreneurs annually.
