Entrepreneurship is not easy and running a business is almost impossible without proper funding. In the beginning, many small businesses rely on grants to get started. If you’re not sure how or where to secure a grant, these seven resources are the best for black businesses.
When looking for up-to-date information on grants being offered, the grants.gov database should be your #1 go-to. Here, you’ll be able to do an in-depth search based on the type of business you have, your needs, the type of grant you are searching for, and so much more. The website is very thorough, providing all the information you need to apply right there on the website.
Minority Business Development Agency
The Minority Business Development Agency (MBDA) holds annual grant and loan competitions and when they’re not holding competitions, you can visit your nearby Minority Business Centers for business consulting, financial counseling, grants, and more.
FedEx $50K Small Business Grant Contest
Since 2013, FedEx has been awarding entrepreneurs with hundreds of thousands of dollars in grants to kickstart their businesses. This contest is the perfect opportunity for Black Owned small business owners who have been operating for at least six months to score up to $50,000 in funding. For more information on how to apply, visit https://smallbusinessgrant.fedex.com/
The Small Business Innovation Research (SBIR) program
This is a grant opportunity for small business owners that want to engage in biomedical or behavioral research/ development. It is a highly competitive program that encourages small businesses to explore their technological potential. Each year, federal agencies with extramural research and development (R&D) budgets that exceed $100 million are required to allocate 3.2 percent of their R&D budget to this program. For more information on how to apply, visit https://www.sbir.gov/how-to-apply
The Rural Business Enterprise Grants (RBEG) Program
RBEG provides grants to finance the development of small and emerging businesses in rural areas. The fund can then be used for renovation, land acquisition, construction, technical assistance and many more. Priority is given to smaller projects, and grants range from $10000 to $500,000. For more information on how to apply, visit https://www.businessgrants.org/p/usda-rural-business-development-grants.html
The Small Business Administration (SBA)
The SBA connects entrepreneurs with funding to help them plan, start, and grow. It is an autonomous government agency established in 1953. Their mission is to speak on behalf of small businesses. Award amount: varied. It can be up to $500,000 anyways. For more information on how to apply, visit https://www.sba.gov/
The Dare to Dream Grant Program
The Dare to Dream grant program encourages University of Michigan students to move the business creation process smoothly by offering up to $10,000 in funding. In other words, it helps youth and underprivileged to realize their goals and aspirations. Dare to Dream Grants are awarded each year by the Women’s Club of Summerlin. For more information, visit http://zli.umich.edu/programs-funds/dare-dream-grants