As an entrepreneur from an underrepresented minority group, finding funding and resources can be an ongoing struggle. However, there are grants and programs tailored specifically to supporting minority-owned businesses like yours. In 2023, there are over a dozen minority small business grants you should absolutely apply for.
These grants provide capital, mentorship, and additional help to assist minority business owners in starting, sustaining, and growing their companies. With many deadlines fast approaching in early 2023, it’s crucial for minority small business owners to explore the options and determine which grants will benefit their business the most.
With the right support and backing, these enterprises have the potential for real growth and impact. As a minority small business owner myself, I know firsthand how valuable these opportunities can be. These grants and programs are investing in our communities and helping to build a more equitable economy.
If you’re looking to fund expansion, hire more team members, refine your product, or receive guidance from experienced mentors, there are grants available to help you achieve your goals. It’s really in all of our best interests as minority business owners, entrepreneurs, and leaders to make the time to research the choices and submit winning applications. Our businesses, communities, and future success depend on it.
10 Best Minority Small Business Grants
1) Merchant Maverick Opportunity Grants
The grant application window for 2023 minority small business funding will open in Spring 2023. Entry requirements and guidelines will be announced on the respective program websites.
One noteworthy opportunity is offered by Merchant Maverick, which provides grants annually to qualifying minority-owned businesses. In 2022, Merchant Maverick awarded 10 $10,000 grants to restaurants owned by Asian American and Pacific Islander entrepreneurs.
Minority businesses do not have to search far and wide to uncover potential sources of capital and support. Merchant Maverick, https://www.merchantmaverick.com/grant-application-page/, turns out to not require leaving their site to discover minority small business grants!
Keep an eye on Merchant Maverick’s pages for their announcement of 2023 terms, conditions, and eligibility criteria for this opportunity. With partnerships and programs tailored specifically to underrepresented groups, resources exist to help level the playing field and accelerate business and community progress.
2) The National Association For The Self-Employed Growth Grants
Growth Grant applications from minority-owned small businesses can be submitted year-round to the National Association for the Self-Employed (NASE). Applications received from January through March will be reviewed in April. Those received April through June will be reviewed in July. Submissions from July to September will be evaluated in October. And applications from October to December will be reviewed the following January.
To qualify, applicants must be members of NASE in good standing. You must also demonstrate a specific need for the grant funds, provide a detailed explanation of how the money will be used, show how it will improve business growth and success, and include supporting documentation.
NASE is a nonprofit trade association that offers grants, educational resources, and more for small businesses and entrepreneurs, especially those from underrepresented groups. Its Growth Grants Program provides grant financing for important needs that will move the needle for minority enterprises.
These grants offer up to $4,000 each. While you won’t get funding to solve every dilemma, it’s a beneficial program for minority businesses with a defined need requiring additional capital. You’ll need to join NASE to apply, paying $120 annually or $11.95 monthly.
3) FedEx Small Business Grant Contest
FedEx opens minority small business grant submissions on January 31st, accepting applications for one month. Register to receive updates and alerts about the competition via email.
To enter, you must operate a US-based small business with 50 employees or less, under $5 million in annual sales, and ship goods (or plan to ship) within the next year. Nonprofits, resellers, franchises, and consultants are ineligible.
Check https://www.fedex.com/en-us/small-business/grant-contest.html for details.
FedEx’s Small Business Grant Contest awards cash and in-kind prizes (like FedEx credits) to small businesses, including many minority enterprises. Not limited to minority businesses, many past winners and finalists have been. Awards and recipients vary annually.
This year, the top 10 winners get $30,000 each. One veteran winner gets an extra $20,000 through USAA Small Business Insurance.
4) National Black MBA Association Scale-up Pitch Challenge
The submission deadline for 2023 minority small business funding through the National Black MBA Association (NBMBAA) Scale-Up Pitch Challenge has not yet been announced.
Applicants must be US residents age 18 or older. Ideas submitted must be original, not previously funded. Disclose any previous funding received. The business founder must be Black or of African descent with an equal ownership stake. At least one team member must be an NBMBAA member.
https://nbmbaa.org/scale-up-pitch-challenge/
Since 2017, NBMBAA has recognized scalable black-owned startups through this competition, providing grants and connecting winners with investors and venture capital. Finalists can win $1,000-$50,000 prizes for their pitches.
Interested applicants submit their pitch and Powerpoint presentation. The top 10 finalists present to experts, and the top 3 compete at the annual NBMBAA Conference & Career Fair for:
• $50,000 cash prize for 1st place
• $10,000 2nd place prize
• $7,500 3rd place prize
• $1,000 People’s Choice Award
NBMBAA aims to strengthen black enterprises and promote economic equity. They support innovation, progress, job creation, and building an inclusive financial future benefitting the black community.
5) Sephora Accelerate
Minority beauty brand founders can apply for Sephora Accelerate grants and support starting in August.
Applicants must be at least 18, identify as BIPOC, and own an early-stage beauty brand not yet widely distributed. Brands should have a sample/prototype and sell makeup, skincare, fragrance, hair care, wellness or similar beauty products.
https://sephoraaccelerate.com/
Sephora aims to support minorities, already committing 15% shelf space to black-owned brands through the Fifteen Percent Pledge. Sephora further assists aspiring minority entrepreneurs through Accelerate grants.
Selected participants complete a six-month program including:
•Two paid trips for program events, mentoring and hands-on training
•Monetary grants and potential additional funding
•Launching all winner products in Sephora stores after the program
Sephora’s goal ensures Accelerate helps launch minority beauty brands in their stores. They support innovation, progress, job creation and building an inclusive industry where all can thrive.
6) Asian Women Giving Circle Grants
Asian American women small business owners in New York City can submit proposals for 2023 grants by February 24.
These opportunities are only available to Asian American women-owned enterprises. According to the organization, grants support “individual artists and community groups contributing to progressive social and political change.”
http://asianwomengivingcircle.org/apply/
For 18 years, Asian Women Giving Circle has raised and distributed over $1 million funding Asian American women-owned businesses in New York City, including artists/companies producing theater, dance, film and more. Recipients have furthered progressive change through documentaries, choreography, visual arts, street festivals, workshops and other important work.
In 2023, AWGC awarded 10 grants of $8,000 each to support these efforts.
AWGC aims to empower Asian American women entrepreneurs and uplift their communities. They fund innovation, progress, job creation and building an inclusive industry where all can thrive.
7) Coalition To Back Black Businesses Fund
Black small business owners can apply for grants through We Back Black Businesses in late Summer.
Eligible applicants employ 3 to 20 people. Businesses must be located in economically vulnerable communities (Distressed Communities Index) and show negative COVID-19 impacts.
https://webackblackbusinesses.com/
The coronavirus devastated small businesses in 2020, impacts felt for years especially in financially struggling areas. This led organizations like American Express, Shopify, Stanley Black & Decker and the US Chamber of Commerce Foundation to form the Coalition to Back Black Businesses.
This initiative provides COVID-19 impacted Black businesses free grants through 2023. $5,000 grants distribute to hundreds of eligible companies each fall, and a few receive $25,000 grants the following summer. In previous funding, 25 $25,000 recipients were selected (fluctuating slightly annually based on available funds).
The Coalition aims to empower Black enterprises and uplift their communities following immense harms. They fund innovation, progress, job creation and building an inclusive industry where all can thrive after crisis.
8) Fast Break For Small Business
Minority small business owners can apply for 2023 Fast Break grants when the 2022-2023 NBA season begins.
Open to any small business owner, this program prioritizes socially disadvantaged entrepreneurs.
https://www.legalzoom.com/fastbreakforsmallbusiness
LegalZoom, Accion, NBA, WNBA and NBA G League partnered to launch Fast Break for Small Business, distributing $6 million in grants and services to minority enterprises.
Fast Break:
•Providing $10,000 grants
•Offering free LegalZoom services to recipients
They aim to empower minority businesses and uplift their communities. They fund innovation, progress, job creation and building an inclusive industry where all can thrive.
When applying, ensure eligibility, submit a compelling case for using funds and potential impact. Every dollar fuels sustainable businesses and a fair, diverse future. These programs and partnerships level the playing field, accelerate success and diversify opportunity.
9) Comcast Rise Grants
Minority and women small business owners can apply for 2023 Comcast Rise grants once announced.
Applicants must be at least 51% owned and operated by someone identifying as Black, Indigenous, Hispanic, Asian or a woman. Businesses must have operated for one year, located within Comcast Business/Effectv service areas and not be franchises.
Comcast Rise assists COVID-19 impacted minority and women enterprises. Support includes grants as well as free marketing, technology services and more. Comcast plans a new “phase” of this program returning in 2023.
Comcast aims to empower minority and women businesses following immense hardships. They fund innovation, progress, job creation and building an inclusive industry where all can thrive after crisis.
When applying, ensure eligibility, submit a compelling case for using funds and potential impact. Every dollar fuels sustainable businesses and a fair, diverse recovery. These programs and partnerships level the playing field, accelerate success and diversify opportunity.
10) First Nations Development Institute Grants
First Nations offering minority small business grants and opportunities varies by program. Submission deadlines and eligibility criteria change regularly.
Check https://www.firstnations.org/grantmaking/#grant-opps often for the latest updates as a First Nations business owner. New chances are released frequently throughout the year.
Scholarships, apprenticeships and more are also available. First Nations was founded in 1980, starting national grant programs in 1993 to support minority enterprises.
First Nations aims to empower Native businesses and uplift their communities. They fund innovation, progress, job creation and building an inclusive industry where all can thrive.
When opportunities open, ensure eligibility, submit a compelling case for using funds and potential impact. Every dollar fuels sustainable businesses and a fair, diverse future. These programs and partnerships level the playing field, accelerate success and diversify opportunity.
Business Grants For Minority- Owned Small Businesses – Final Thoughts
To receive notice on minority small business grants in 2023 and beyond, sign up for grant organization email lists and follow their social media (Instagram, Twitter). This ensures staying up-to-date on submission deadlines, learning of any program changes and maximizing chances for funding opportunities.
Email signup and social media follow provide the inside track on minority enterprise grants. Receive alerts on new application periods, deadline adjustments and important updates directly impacting your ability to pursue important work and progress.
Without this type of proactive follow-up, important details on grants could easily slip through the cracks. And in a world still pushed to catch up on equitability, missing a chance at support and resources poses too great a risk.
Every program may set different guidelines, so do not assume continued participation or criteria. Instead, maintain a presence and expectation of frequently renewed vetting, outreach, and partnership building to benefit minority communities for the long term.
The future remains unwritten, so keep learning, applying pressure for change, and pushing progress forward however possible. And continue amplifying underrepresented voices through support, shared platforms and important conversations still needed.
While diversity, inclusion and equity gain more mainstream recognition, the work is far from over. So stay vigilant, take advantage of each opportunity and build momentum steadily towards the inclusive world all have the right to inhabit.
There are always new chances for funding, partnership, progress and prosperity on the horizon for minority enterprises if paying close enough attention. So pay attention, get informed and get to work achieving milestones together!
With resilience shown and still more determination, all things are possible. Now is the time for possibility, progress, and a fair, sustainable future benefiting all.
