As a business owner, it’s not unusual to have a lot on your plate. The pressures of leading a business sometimes make it difficult to look at things past your daily to-do list. But as a female or minority business owner, did you realize you could be passing up on financial opportunities?
There are several grants and lending programs available through CDFIs (Community Development Financial Institutions) and related organizations that provide lending specifically to minority and female-owned companies and small businesses. Here are a few you should know about:
5B Small Business Grant
As of April 23, the Small Business Administration has been giving out an additional $5 billion in grants to businesses hardest hit by the COVID-19 pandemic. These are available to businesses even if they already took advantage of the EIDL Advance from March-April 2020. Find out who qualifies here.Let JUSTLAW Help you Apply
Finance Justice Fund
Opportunity Finance Network selects CDFIs that work towards financial justice in underserved communities. These include businesses that primarily cater to Native, Black, Latinx, and other communities that have historically experienced hardships. Terms and applications can be found here. Small businesses seeking financing can find out more here.
Grow With Google Small Business Fund
The Grow With Google Small Business Fund was established during the COVID-19 crisis to help minority and women-owned businesses reach their financial goals. This fund works with both for-profit and non-profit institutions.
Google.org Grant Program
The Google.org Grant Program is providing grants to underserved communities during unprecedented times. Grant Program 1 will be awarding $125,000 grants to 28 CDFIs working with women and minority-owned businesses in underserved communities, including nonprofits. Grant Program 2 will be awarding grants ranging from $125,000 to $500,000 to CDFIs with a focus on those that serve Black-owned businesses.
Native CDFI Awards
The Native CDFI Catalyst Award picks one Native CDFI to provide a $100,000 grant based on plans and strategy via an application process. The Native CDFI Seed Capital provides a $25,000 grant through an application process based on potential. Find both applications here and more information about previous winners here.
Wells Fargo Diverse Community Capital Program
The Wells Fargo Diverse Community Capital Program works with CDFIs that serve diverse small businesses, with the end goal of increasing lending to these small businesses. Find out more here.
Unfortunately, applying for the various programs and grants and managing the process thereafter can be extremely complicated and time-consuming. Fortunately, JUSTLAW is here to help. With any of our paid annual memberships, we provide free assistance in applying for these programs and managing the application process.
But the benefits don’t stop there. All company owners can benefit from an affordable prepaid monthly legal plan from JUSTLAW. A plan like this can help you identify, mitigate and manage legal risk, seize new opportunities and provide you with round-the-clock legal peace of mind. Protect your small business as it grows with this simple long-term investment.