Research has shown that historically, women and minority entrepreneurs have more difficulty finding funding for their businesses. Annie Pilon with the website Smallbiztrends rounded up a list of new targeted grants and other programs. We hope the list helps get you or someone you know funding to help a small business dream become a reality.
Fast Break for Small Business
The NBA and LegalZoom have teamed up to help underserved small business owners with $6 million in grants. This is a multi-year partnership, with the grant opportunity as the first official initiative. They’ll be made available twice per year for the next three years. And mentorship and job training are also available. The companies say the grants will specifically serve women, minority, immigrant, and LGBTQ+ owned businesses. Applications are due by November 23.
The Howard University and PNC National Center for Entrepreneurship
PNC Foundation and Howard University just announced a $16.8 million commitment to support minority entrepreneurs. The grant goes to the university, which will then provide educational resources and community connections to foster entrepreneurship. The partnership is set to span five years.
BREAKTHROUGH and Advancing Black Pathways
Digitalundivided and JPMorgan Chase are partnering to support Black and LatinX women entrepreneurs. The initial program will award 15 of these businesses in Greater Los Angeles. But the companies plan to launch a national grant program in the coming months. Advancing Black Pathways is an existing program from JPMorgan Chase to support Black-owned businesses. So Digitalundivided’s mission of supporting Black and LatinX women entrepreneurs lined up perfectly for their new BREAKTHROUGH partnership.
Bank of America Access to Capital Directory for Women Entrepreneurs
Almost 60 percent of women entrepreneurs believe they do not have adequate access to capital. There are opportunities for grants and financing. But it may be difficult to uncover these opportunities. So Bank of America now offers access to a capital directory to highlight these opportunities. This isn’t a grant in and of itself. But it can make it easier to find the applications that are relevant to your business.
As the founder of my own business, I know how difficult it is to grow a successful company. I love sharing tips here, and on my podcast. The Business Behind Small Business. In each episode, my cohost and I give advice on launching and running businesses. You can listen anywhere podcasts are found. If you need advice, drop us a line and we may answer your question in an upcoming episode.