2022 Small Business Grant Opportunities for Minorities
More than 70% of businesses are reportedly owned by white people in the US, which makes it increasingly difficult for minorities to get a foothold in the business sector with so much established competition in the way.
The history of business in America has favored white ownership since the nation’s founding, producing a privileged class of mostly white people that inherit the businesses and profits—placing them in positions of power through control over production and trade.
Racial disparity in business also creates the risk of white businesses favoring employment and empowerment for white people.
Small business grant opportunities for minorities aim to tackle this issue by offering minorities non-repayable funding to support a business venture they want to pursue.
These business grants of 2022 do vary based on what they offer and how they assess if you’re applicable for a grant, so here is a list of grants to consider.
1 – Coalition to Back Black Businesses
COVID-19 has made it increasingly difficult to start up a business with various social restrictions made that limited the growth of businesses. This grant was started to help the Black community kick start businesses through this harsh pandemic.
$5,000 USD grants were awarded to several black businesses as part of an initiative, then having them compete in an award process with eligible businesses earning an additional grant of $25,000 USD.
The coalition aims to offer a total amount of $14 million USD in grants over four years.
Grants are targeted at businesses between 3-20 employees, have been financially impacted by the pandemic and are located in deprived areas.
2 – New Voices
Targeted at women of color seeking to become entrepreneurs, applicants must participate in a pitch competition, with the winner earning a grant between $5,000 USD and $25,000 USD.
So far, New Voices have awarded a total of $1 million USD in grants to women of colour. The non-profit organisation also award training and mentoring to grant winners to give them the best possible chance at success with their businesses.
3 – Comcast RISE
A grant awarded to all minorities, that supports small businesses by providing them with marketing, creative media production and digital communication services.
There are two forms of support available to eligible businesses. This includes non-monetary awards that provide businesses with equipment and services revolving around technology. The second award is media consultation and advertising support, allowing businesses to use Comcast platforms.
If awarded a grant from Comcast RISE, you can gain $10,000 USD through intermittent cycles which you invest into your business.
Grants from Comcast have been awarded to a total of 1,100 businesses in the US, gifting a total of $11 million USD in 2021 for minority businesses.
By Shaan Khan
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