By micahel vivar
A proven pathway to financial independence is establishing a business. This requires startup capital. One source for funding is grants.
Grants are normally bequeathed by governmental, private or non-profit entities. An advantage they have versus loans is they don't need to be paid back.
There are several grants tailored for businesses launched by Black entrepreneurs and other POC. Here are seven grantors accepting applications in the coming year.
At least one team member must identify as Black or Latinx. The grand prize is $1 million with 15 other endeavors bestowed between $15,000 and $250,000.
Ulta offers this grant to minority-owned beauty brands. Selected businesses receive $50,000 along with educational programming and workshops.
Funded by VistaPrint and the Boston Celtics, several prizes of $25,000 each are open to Black-owned businesses based in New England.
Faire is an online marketplace selling a wide range of goods. Their grant focuses on retailers and winners receive $5,000 in credit toward Faire products to sell.
Beyonce Knowles-Carter runs this program to promote stylists and salons in Atlanta, Chicago, Houston, LA and New Jersey. It also gives cosmetology school scholarships.
This is exclusively for Oregon. It supports legal cannabis product purveyors underrepresented in the industry with grants, low-interest loans and legal advice.
Food businesses are risky. The program gives financial grants to normally underfunded communities with culinary dreams and ongoing consulting for sustainability.