March 12th 2024.
Securing financial resources can be quite a daunting task for businesses of all sizes. When it comes to funding, there are two main options: grants and loans. Grants offer a great opportunity for businesses to receive funding without the worry of repayment. However, these grants have strict eligibility criteria and come with designated purposes. On the other hand, loans are more easily accessible, but they come with the expectation of timely repayment with interest. The U.S. Chamber of Commerce emphasizes that grants are awarded based on eligibility, while loans are readily available with the expectation of repayment.
Regardless of the funding source, entrepreneurs in various industries have a wide range of opportunities to explore in order to fuel their growth and expansion. One exciting option is through collaborations, like the previous partnership between Black Girl Ventures and TikTok, as covered by BLACK ENTERPRISE in February. Another example is the Innovate Together Grant Program, which closed applications last month. This program invited entrepreneurs, founders, small-business owners, and creators to participate in a $1 million initiative aimed at redefining success by fostering innovative collaborations, amplifying brand reach, and building lasting legacies.
If you're looking for the right funding for your small business, CO— has compiled a list of options that you can consider. These include grants and loans for Black and minority-owned businesses, which are offered throughout the year by the U.S. Department of Commerce Minority Business Development Agency. This agency also provides business development programs for socially and economically disadvantaged businesses, as well as government contract assistance. To be eligible for these programs, businesses must be certified as an 8 entity.
Another option is the Black Business Accelerator Program by Amazon, which supports Black store sellers on their platform. This program offers financial support, mentorship, business advice, and promotional support, as well as free imaging services, cash grants, advertising credits, and start-up funding. For those in the early stages of business, the Black Ambition Prize is a competition for Black and Hispanic innovators. This program offers awards ranging from $15,000 to $1,000,000, as well as access to capital, coaching, and community. This opportunity is open for applications until May 6, 2024.
The National Black Business Pitch is another competition that connects Black-owned businesses with corporations seeking to diversify their supply chain. 30 finalists get the chance to pitch to corporate procurement and supplier diversity professionals, with cash prizes up to $10,000. Applications for this pitch competition must be submitted by June 3. Additionally, the SheaMoisture Grant Programs offer support to small Black-owned businesses through business development programs. This includes $100,000 grants through "The Next Black Millionaires" program and $10,000 grants through the Community Impact Grant for U.S. Black-owned businesses that have been operating for at least one year.
The Wish Local Empowerment Program is specifically designed to assist Black-owned businesses with 20 or fewer employees. This program offers financial assistance between $500 to $2,000, and recipients must have an average annual revenue under $1 million. In addition to funding, recipients also have the opportunity to join Wish Local for access to their consumer base and partnerships. Another program that offers loans for minority-owned businesses is the Minnesota Emerging Entrepreneur Loan Program. This program, which is available for businesses in Minnesota, is open to individuals who identify as minorities, low-income, women, veterans, and persons with disabilities. The program provides grant funds to nonprofit lenders, who then offer loans to both start-up and expanding businesses. This program helps to create jobs for minority and low-income individuals, strengthens minority-owned enterprises, and boosts economic growth in disadvantaged areas.
For those in the research and technology sector, there are also various grants available. The Blueprint Medtech Small Business Translator Grant is specifically for small businesses developing medical devices for nervous system disorders. This grant supports the making of prototype devices, safety testing, and clinical studies for FDA approval, with the help of the National Institutes of Health (NIH). The Innovation Corps at NIH Program is another opportunity for small businesses working on medical projects. This program, which is supported by previous grants, aims to accelerate the development and commercialization of new medical technologies. It also offers an 8-week entrepreneurial program and a course program to help businesses learn more about their technology's potential impact on customers and partners. The National Institute of Health also offers various grants for COVID-19 research and biomedical technology development, with multiple application deadlines throughout 2024 and beyond.
The Small Business Innovation Research Program is another option for businesses involved in federal research and development for commercialization. This awards-based program supports scientific excellence and technological innovation, but businesses must operate as for-profit companies. The National Institute on Disability, Independent Living, and Rehabilitation Research's SBIR Program provides funding for technology and research advancement that can improve the lives of people with disabilities. This program aims to bring national social and economic benefits and provides ten grants totaling $1 million. Available grants can be found through the Administration for Community Living. The Small Business Technology Transfer Program also offers funding for research in the R&D arena, but businesses must have a formal collaboration with a research institution and meet other requirements to qualify.
For those looking to advance in the digital space, the Small Business Digital Readiness Program is a great opportunity. This program offers a free online curriculum, including expert coaching, peer networking, and other resources. Participants who register in two courses are eligible for a $10,000 grant, and the opportunity is available on a rolling basis. The AI Innovation Grant is another option for businesses involved in artificial intelligence-based development. This grant is open to U.S.-owned businesses, with a $10,000 grant available for the selected recipient. Applications for this grant must be submitted by March 15. The America's Seed Fund is another opportunity for businesses involved in technology development. This program provides up to $2 million in funding for U.S.-based startups and small businesses, and project pitches can be submitted on a rolling basis.
For those interested in blockchain technology, the Casper Accelerate Grant Program is a great option. This program supports the innovation of blockchain technology and is looking for businesses interested in building apps to support infrastructure, end-user applications, and research innovation. The program offers a $25 million grant and is open for applications on a rolling basis. The Comcast Innovation Fund is another program that offers technology and research funding for Internet advancement. This fund is interested in open-source development, as well as general and targeted research. Applications are accepted until the funds run out, which is expected to be in 2024. Lastly, the Emerging Technology Fund assists growing companies in Massachusetts. This program supports technology companies with the need for acquisition, expansion, working capital, or equipment purchases. Businesses must have strong management, technical advancements, market demand, and solid financial records to qualify for a loan of up to $4,000,000.
Lastly, for businesses that have been affected by COVID-19 or natural disasters, there is the Rebuild The Block grant program. This program specifically supports Black entrepreneurs and provides funding to help them get back on their feet. With so many options available, businesses of all sizes and in various industries can find the right funding to support their growth and success.
Securing financial resources can be a daunting task for businesses of all sizes. There are various options available, such as grants and loans, but each has its own set of requirements and expectations. Grants, for example, do not need to be repaid but have strict eligibility criteria and designated purposes for the funds. Loans, on the other hand, are more accessible but come with the expectation of timely repayment and interest.
Despite the differences, entrepreneurs from various industries can explore diverse opportunities to fuel their growth and expansion. Exciting collaborations, like the previous partnership between Black Girl Ventures and TikTok, have provided funding for small businesses. In fact, the Innovate Together Grant Program recently closed applications, offering $1 million to entrepreneurs, founders, small-business owners, and creators to "redefine success by fostering innovative collaborations, amplifying brand reach, and building lasting legacies."
For those looking for funding options, CO— has compiled a list of possibilities, including grants and loans for Black and minority-owned businesses. The U.S. Department of Commerce Minority Business Development Agency offers grants and loans throughout the year, and the 8(a) Business Development Program aids socially and economically disadvantaged businesses by providing government contract assistance. Amazon also has a Black Business Accelerator Program that supports Black sellers on their platform with financial support, mentorship, business advice, and promotional resources.
Other opportunities include the Black Ambition Prize, a competition for Black and Hispanic innovators with awards ranging from $15,000 to $1,000,000, and the National Black Business Pitch, a pitch competition connecting Black-owned businesses with corporations seeking to diversify their supply chain. SheaMoisture also has grant programs that support small Black-owned businesses, and the Wish Local Empowerment Program assists Black-owned businesses with 20 or fewer employees.
For those in the medical field, there are also grants available. The Blueprint Medtech Small Business Translator Grant supports small businesses developing medical devices for nervous system disorders, and the Innovation Corps at NIH Program helps accelerate the development and commercialization of new medical technologies. The National Institute of Health also offers funding for COVID-19 research and other biomedical technology projects through multiple grants.
There are also programs for technology and research advancement, such as the Small Business Innovation Research Program and the Small Business Technology Transfer Program. These programs provide funding for commercialization and collaboration with research institutions. Additionally, the Small Business Digital Readiness Program supports small businesses looking to advance in the digital space by providing free online resources and a potential $10,000 grant.
Other grants and funding opportunities include the AI Innovation Grant, America's Seed Fund, Casper Accelerate Grant Program, Comcast Innovation Fund, Emerging Technology Fund, and Rebuild The Block, a grant program for Black entrepreneurs affected by COVID-19 or natural disasters. With so many options available, entrepreneurs can find the right funding to support their business growth and success.
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