Historically, access to capital has been one of the most fundamental challenges for MWBEs. Despite robust financial assistance programs in states like New York, women and minorities continue to have less access to traditional financing than white male entrepreneurs. And while the lending gap narrowed to some extent in 2018, many MWBEs still find it difficult to get the funding they need for expansion and growth. Fortunately, there are some new or expanded grants available this year that may help fill the gap.
Check out the list below to find a grant that may fit your needs.
Community Connect Grants
Sponsored by the U.S. Department of Agriculture, Community Connect Grants are directed towards business entities that seek to enhance the availability of high-speed internet in rural communities where access is limited. Although not limited to MWBEs, the grants target disadvantaged communities, including Native Americans living on tribal land. Funds may be used for a variety of purposes, including broadband infrastructure or the cost of providing service to an underserved community for free.
To qualify, applicants must live or operate in a location where broadband download and upload speeds are less than 10 Mbps and 1 Mbps respectively. The grants are available to state and local governments, federally recognized tribes, and for-profit and nonprofit business entities.
Water and Waste Disposal Grants
Also funded by the Department of Agriculture, these grants provide funding to companies engaged in providing clean drinking water, sanitation and storm water drainage for certain rural communities. The business must be located or operate in a rural area or town with a population of less than 10,000, on tribal land, or in an specified areas along the U.S./Mexico border designated as “colonias.”
Water and Waste Disposal Grants are available to state and local governments, private nonprofit firms and federally recognized tribes. Visit the DOA website for more information or to apply.
First Nations Development Institute Grant
Specifically for Native Americans and indigenous peoples, First Nations Native Arts Initiative provides grants that support the perpetuation of Native American art and culture in the United States. The grants are available to Native Americans in most states, American Samoa and Washington D.C.
First Nation recently awarded over $450,000 to 15 new grantees under the Native Arts Initiative, and is currently accepting applications for Native Language Immersion Grants. The program will offer up to 12 grants of $90,000 each to support Native American-controlled nonprofits and tribal governments that actively engage the community in language-immersion programs. The deadline to apply is May 30, 2019, so click here to learn more.
Rural Business Enterprise Grants
This Department of Agriculture grant program offers grants in amounts between $10,000 and $500,000 to small business entities in eligible rural areas across the United States. The grants are open to small businesses who employ 50 or fewer employees and have gross revenues of less than $1 million regardless of MWBE status. Funds may be used for a wide variety of business activities, including:
- Training and technical assistance
- Market research & feasibility studies
- Acquisition of property and/or construction
- Recruitment and training
- Economic development
- Long term strategic planning
- And more.
To learn more about the program click here.
Coors Light Lideres Program
Since 2006, Miller Coors has sponsored two initiatives that provide assistance and support to Latinx communities in the United States. The company is a co-sponsor of the ¡Adelante! U.S. Education Leadership Fund, which provides scholarships, internship opportunities and leadership training for Latino students over the age of 21. Additionally, it is the sole sponsor of Coors Light Lideres, a program that honors high-achieving members of the Latinx business community with financial grants, leadership training, networking opportunities and more.
To learn more about Miller Coors Economic Empowerment Programs, click here
Idea Cafe Micro-Grants
Though small, grants from the Idea Cafe can help emerging entrepreneurs get a headstart. The $1,000 grants are available to anyone who signs up for a free membership, and the application process is simple and 100 percent free.
The Carmoon Group, Ltd. is a minority-owned insurance brokerage headquartered in Hicksville, New York, with affiliates in various locations throughout the United States. We offer customized risk management and insurance solutions for businesses of all sizes across numerous industries, and we would be happy to meet with you to discuss your needs. Please give us a call today to set up an appointment for your insurance review. Or if you prefer, reach out online and we will get back to you at a convenient time.