Grants are available to women–owned and/or minority–owned businesses in Connecticut and are designed to help these businesses pivot, expand or restructure during pandemic times and beyond. Grants between $2,500 and $10,000 may be given for clearly defined projects that will have a measurable impact on the business. Applicants are required to match 25% of the grant funding with their own money. For example, a client who receives a $10,000 grant to purchase additional software to improve the efficiency of their operations must have invested, as a match, $2,500 in their businesses over the past 12 months or be able to invest an incremental $2,500 of their own funds in that purchase.
More InfoJust one of the ways Connecticut encourages the growth of minority-owned businesses is by making it easier to access capital. In addition to an array of funding options, the Department of Economic and Community Development has developed a Minority Business Revolving Loan Fund. Administered through the Hartford Economic Development Corporation (HEDCO), this fund provides loans and lines of credit to Connecticut businesses owned by minorities and/or women.
More InfoHEDCO offers small businesses flexible and affordable loan options up to $400,000 with rates as low as 4%
More InfoThis development agency of the U.S. Department of Commerce promotes the growth of minority-run small businesses by connecting owners to financing resources, federal contracts and market opportunities. You can contact a local MBDA business center for more information.
More InfoThe council is a corporate member organization focused on increasing business opportunities for certified minority-owned businesses. It operates the Business Consortium Fund, a nonprofit business development program, which offers financing programs and business advisory services for its members.
More InfoSocially or economically disadvantaged small-business owners are eligible to receive help through this SBA 8(a) program, which provides business development assistance, training, and management and technical guidance.
More InfoThe Operation Hope program is designed for aspiring entrepreneurs in lowwealth neighborhoods, which often include minority communities. The program combines business training and financial counseling along with access to small-business financing options. Participants complete a 12-week training program, plus workshops on business financing and credit and money management.
More InfoThe USDA Community Connect Grants program is a great option if your minority-owned business is looking to provide broadband service in rural areas. Funds from these grants can be used to construct, acquire, or lease land or building used to deploy broadband service for residential and business customers located in the applicable rural area, as well as critical community facilities in that area.
More InfoFirst Nations is a non-profit that runs a national grantmaking program. As of mid-year 2019, First Nations has provided 1,648 grants totaling more than $34.9 million to Native American projects and organizations in 40 states, the District of Columbia and U.S. Territory American Samoa.
More InfoThese minority business grants are specifically available for federally recognized tribal organizations, Alaska Native Villages, and Tribal Energy Development Programs. This program is administered by the U.S. Department of the Interior with the goal of providing funding to maximize the economic impact of energy resource development on Native American land.
More InfoThe USDA Water and Waste Disposal Loan and Grant Program helps qualified business owners (minority business owners and others) who aren’t able to obtain more traditional business financing.
More InfoDo you run your business in a rural area? If so, you’ll want to explore the Rural Business Development Grant Program from the USDA. Through this program, you can get apply for minority small business grants between $10,000 and $500,000.
More InfoIf you’re looking specifically for minority business development grants, you might want to start with the SBIR or SBIT programs. These two government programs provide business funding opportunities for small businesses engaged in cutting edge research and development. Eleven government agencies including NASA, DOD, DOE, DHHS, and the National Science Foundation— reserve a portion of their research and development funds to contribute to this highly competitive grant program to foster technological innovation.
More InfoNASE offers the Growth Grants Program which allows members to apply for grants to help their businesses grow. These micro-grants are worth up to $4,000 each and you must be a NASE member to qualify.
More InfoGrants.gov allows grant seekers to find and apply for federal funding opportunities. It contains information on more than 1,000 grant programs across all 26 federal grant-making agencies, including the Department of Commerce and the U.S. Small Business Administration.
More InfoThis is a USDA grant for the development or expansion of small businesses in rural areas — minority-owned or not. To qualify, you’ll need to have 50 or fewer employees, less than $1 million in revenue and be located in an eligible rural area. Grants typically range from $10,000 to $500,000, and can be used for a variety of purposes, including training and technical assistance, acquisition or development of land and long-term business planning. Applications are accepted through the USDA’s Rural Development’s state offices once per year.
More InfoThis nonprofit trade association provides educational resources and grants for small businesses and entrepreneurs.
More InfoThe FedEx Small Business annual grant contest awards 10 small businesses with grants of up to $25,000. Since 2013, FedEx has awarded more than $375,000 in grants to entrepreneurs. Any for-profit small business that has been operating for at least six months is eligible to enter.
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