Top Minority Small Business Grants to Apply for in 2021
Minority-owned businesses have been historically underrepresented in the business landscape. However, there are plenty of grants available in 2021 for minority small business owners to help them grow and succeed. These grants can provide funding for everything from research to training to launching a new product or service. In this article, we will explore some of the most prominent minority small business grants to apply for in 2021.
1. Google’s Black Founders Fund
In 2020, Google launched a $5 million Black Founders Fund to support Black-led startup companies. The fund provides financial support, including non-dilutive cash awards and access to Google for Startups programming, mentorship, and events. Eligibility requirements for Google’s Black Founders Fund include startups that have a Black founder or co-founder and are based in the US.
2. National Minority Supplier Development Council (NMSDC)
The NMSDC’s Business Consortium Fund (BCF) offers loans and equity investments to minority-owned businesses seeking funding. The NMSDC is a nonprofit organization that provides minority businesses with support, advocacy, and networking opportunities. The BCF provides flexible funding options, including equity investments up to $2 million and loans up to $1 million.
3. USDA Rural Business Development Grant Program
The USDA’s Rural Business Development Grant program provides funding to rural small businesses for a variety of purposes, including business planning, training, and technical assistance. The program also helps with job creation and economic development in rural areas. Eligibility requirements for this grant include being located in a rural area with a population of less than 50,000 and being a small business operating for less than two years.
4. Minority Business Development Agency (MBDA)
The MBDA is a department of the US government that offers grants to minority-owned businesses. The grant program provides funding for everything from research to marketing and product development. Eligibility requirements for the MBDA grant program include being a minority-owned business and being in operation for at least two years.
5. FedEx Small Business Grant Contest
The FedEx Small Business Grant Contest awards $250,000 in cash, services, and prizes to small businesses across the US. The grant program is open to all small businesses, including those owned by minorities, veterans, and women. The contest awards multiple prizes ranging from $15,000 to $50,000.
Conclusion
Minority small business owners have plenty of options for grants to help them grow their businesses in 2021. These grants can provide a much-needed financial boost, and some can offer additional support, such as mentorship and training. Eligible businesses should take advantage of these opportunities to gain a competitive edge and grow their businesses.
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