Beyond Open is a small business grant program led by Foundation For The Carolinas and made possible by support from Wells Fargo’s Open for Business Fund to help diverse (minority, woman, veteran, LGBTQ) small business owners grow businesses, build wealth, and expand economic mobility in Charlotte-Mecklenburg.
This Grant is also open to NON-PROFITS!
Hello Alice and the Global Entrepreneurship Networkare teaming up with Antares Captial to offer $20k small business grants through the Antares REACH Grant program. The grant funds are allocated for small businesses entering their next stage of growth and providing important community services. The grants will also be directed to business owners who are historically underrepresented entrepreneurs.
The program lists the eligibility requirements as…
The application deadline for the grant is July 15, 2022 at 6pm.
For more details, terms, conditions, and the application visit https://helloalice.com/grants/antares-capital/.
With more than $50 billion of capital under management and administration as of December 31, 2021, Antares is a private debt credit manager and a leading provider of financing and investment solutions for middle-market private equity-backed borrowers and investors. Through its Asset Management & Funding team, Antares offers the opportunity to invest in collateralized loan obligations, funds, and separately managed accounts. Championing middle market growth throughout market cycles, Antares helps its people, partners, and communities achieve their full potential. Visit Antares.com or follow the company on Linked
February is Black History Month, an opportunity to celebrate diversity and the fight for equality. But supporting Black-owned businesses is something we can do year-round. When supporting a Black-Owned business, you are able to personally help with the creation of jobs, and increase opportunities for Black-Business owners to garner financial freedom.
Check-out over a dozen Grants available to Black-Owned Businesses:
Black-owned businesses play a vital role in neighborhoods around the country. Yet according to research firm McKinsey, Black-owned & minority-owned businesses are more likely to close in the face of business disruptions (including COVID-19). The Washington Post reported more than 40% of African American business owners had to shut down during COVID-19. This is nearly double the average across all business owners (22%). The report also showed that 32% of Hispanic business owners had to shut down, and 25% of Asian business owners followed suit.
Luckily, a host of federal programs, nonprofits, and professional networks are stepping up their efforts to support minority-owned businesses with financing, advocacy, and consulting services. If you are a small business owner or entrepreneur within a minority group, you may qualify for financial assistance.
The Small Business Association (SBA) defines minority-owned businesses as small businesses owned by socially and economically disadvantaged people or entities (51% ownership or more). The number of minority-owned businesses has been increasing over the years, reaching 8 million in 2012 - representing about 29% of all businesses.
In times of hardship, it's incredibly important to provide resources to support these businesses through financial assistance.
In this short guide, we'll review 10 of the best resources to help minority entrepreneurs and their businesses thrive.
Several federal agencies have programs in place to help connect minority businesses with funding and opportunity. As long as your business is 51% controlled by U.S. citizens, you can take advantage of their resources, ranging from grants and loans to mentorship and beyond.
The MDBA is the only federal agency specifically tasked with promoting and growing minority businesses. In 2018, the agency helped facilitate $3.5 billion in contracts for minority business owners, leading to the creation of 19,000 jobs.
Current initiatives include:
Federal MDBA grants and loans are designed to award innovative businesses the support they need to grow. You can apply for grants directly on the MDBA website.
What's more, local MDBA centers can help your business with the following:
Take advantage of these opportunities and begin to grow your business.
The government sets aside $25 billion each year for contracts with small and disadvantaged businesses. The SBA's 8(a) Business Development Program helps small, minority-owned business owners learn to compete for these and other government contracts.
In addition, the 8(a) program provides opportunities to:
To qualify for support, a business owner must be both economically and socially disadvantaged, meeting certain criteria in terms of net worth and income. Check the program page to see if you qualify.
Housed in the Department of Transportation, the DBE program helps connect small, minority-owned businesses with DOT contracts including transportation projects helmed by state and local governments, airports, and public transportation agencies.
This program can guide small businesses through the DBE certification process. Once your business is certified, the program provides the following supportive services:
DBE status is not just for construction and shipping companies. For example, DBE status could help your small retail store or restaurant open an airport or rest-stop franchise.
In addition to federal programs, 501(c)(3) nonprofit organizations provide funding, opportunities, and training for minority business owners. Here are just a few of the many nonprofits that support businesses like yours.
The NMBC supports small, minority and women-owned businesses in the tri-state area, and in the rest of the U.S. and Puerto Rico. It provides the following services:
In 2014, the NMBC retained the Institute for Thought Diversity to study its impact through partnerships with over 11,000 minority-owned businesses. The ITD found that NMBC efforts led to $400 billion in economic output and the creation of over 2 million jobs.
MEDA provides financing, training, and opportunities for minority business owners. Based in Minneapolis, this nonprofit has served over 20,000 minority businesses since 1970. In 2018, they helped 974 businesses secure over $4 Billion in contracts (cumulatively).
Current initiatives include:
The FNDI provides grants, training, and advocacy for small businesses and nonprofits owned by First Nations entrepreneurs. Their mission is to support Native communities and people through several initiatives, including grant funding for businesses.
Since its founding in 1980, First Nations has distributed over $37 million in grants.
Beyond nonprofits, professional networks are a powerful way to connect with peers and potential mentors in your industry. In addition to networking opportunities, many also provide training and financial opportunities.
The ABA is a national network with branches throughout the U.S. Its services include:
Founded in 1985, the NHBG's mission is to support Hispanic business owners and the communities they serve. It boasts the following efforts:
To accomplish its mission, the NHBG also funds scholarships.
The U.S. Black Chambers comprises over 100 local chambers that support black business owners. They provide the following services for their members:
With over 10 years in service, the U.S. Black Chambers received the "Advocate of the Year" award from the Minority Business Development Agency in 2016.
The NMSDC helps its member organizations find opportunities to enter corporate and public-sector supply chains. They have matched over 12,000 minority businesses to their corporate members, facilitating partnerships that diversify supply chains and promote small businesses's growth.
Once your business is MBE certified through the NMSDC, you'll have access to:
These resources can help take your business to the next level.
Unfortunately, due to high application rates, many grant programs close shortly after opening their submission form. Be sure to consistently keep up-to-date on the latest grant opportunities, and be on the lookout for other avenues of cash flow.
For example, the National Black MBA Association has teamed up with FedEx for a few years running to offer a pitch challenge. If you have a scalable startup idea, be sure to submit an application. Submissions close August 1, 2020, and the first-place prize is $50,000.
Beyond the 10 resources we've shared, there are a large number of state, city, and even neighborhood-level resources that can help your business grow. While federal grant dollars and contracts might expand your business, so can partnerships with other local businesses.
To cover all your bases, research local opportunities, too. One of the best places to do this is on Nextdoor. It's easy to get started with Nextdoor's tools for businesses:
Best of all, Nextdoor doesn't require you to build a following like social media platforms do. As soon as you have one review, your Business Page will show up in local search results. The more you engage, the more you'll find opportunities to grow alongside the other businesses that help your neighborhood thrive.
As a minority business owner, you may have faced more barriers to securing startup funding and credit than other entrepreneurs. If you find yourself struggling thanks to the economic upheaval of COVID-19, seek out resources to help create business resilience.
Now more than ever, diverse local businesses are vital to the strength of your community and the country alike.
With federal grants, nonprofit support, professional networks, and of course, the customers who support your business every day, there are plenty of resources available. Take advantage of them so that your business can weather and grow through this crisis and the next one, too.
McKinsey Consulting. COVID's effect on minority owned businesses. https://www.mckinsey.com/industries/social-sector/our-insights/covid-19s-effect-on-minority-owned-small-businesses-in-the-united-states
Minority Business Development Association.https://www.mbda.gov/
Minority Business Development Association. Minority Business Development Agency Celebrates 50 Years.https://www.mbda.gov/news/press-releases/2019/02/minority-business-development-agency-celebrates-50-years
GovCon Giants. All About the 8a Business Development Program. https://govcongiants.com/all-about-the-8a-business-development-program/
SBA. 8(a) Business Development program.https://www.sba.gov/federal-contracting/contracting-assistance-programs/8a-business-development-program#section-header-0
The National Minority Business Council, Inc.http://www.nmbc.org/
MEDA. Announcing the 2019 Meda Million Dollar Challenge Finalists! http://meda.net/million-dollar-challenge/
National Hispanic Business Group. https://www.nhbg.org/
Visit us on Facebook and Instagram!
P.O. Box 561191
Charlotte, NC 28256
“Empowering Black-owned businesses and underserved communities through proven business development & civic engagement; strategies, events, and programming to establish & sustain economic impact”
Join our Facebook Group (22,000 Members)!
BBOC‘s Build Black Fund is covering 50% of all New (& renewed) Premier Memberships now thru Dec 15th!
Premier Members Enjoy a plethora of Benefits, including FREE Advertising within BBOC Marketplace!
Register or Renew Membership Today!