Minnesota Small Business Grants – By AJ Dellinger Written by AJ DellingerArrow Contributing Writer AJ Dellinger is a contributing writer. AJ writes about auto loans and real estate. AJ Dellinger and Robert Thorpe Written by Robert ThorpeArrow Legal Editor, Personal Finance Most recently, before starting his career, Robert served as an editor and writer for The Ascent with The Motley Fool, covering a variety of personal finance topics including credit cards, mortgages and loans. Connect with Robert Thorpe on LinkedIn Linkedin Robert Thorpe
Edited by Helen Wilbers Edited by Helen Wilbers. Arrow Senior Editor, Auto and Small Business Loans Helen Wilbers is an editor specializing in auto and small business loans. Helen is passionate about demystifying complex topics like car financing and helping lenders stay up-to-date in the changing and challenging lending environment. Connect with Helen Wilbers on LinkedIn Linkedin Connect with Helen Wilbers by Email Helen Wilbers Email
Minnesota Small Business Grants
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News / Minnesota Department Of Employment And Economic Development
Minority-owned businesses account for about half of all new businesses created in the past decade. They have created nearly five million new jobs and nearly $700 billion, but still face significant financial challenges.
Minority Small Business Grants provide money to small business owners, groups that historically have not had fair access to business capital. Unlike small business loans, these grants don’t have to be repaid, although you may have a lot of competition for these funds.
Here are the 16 best small business grants for minorities and additional resources that can help you get funding for your business.
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The Federal Reserve’s 2021 Report on Businesses Owned by People of Color highlights the financial challenges facing small business owners. In 2020, minority small businesses were:
Grants.gov is a federally managed website with more than 1,000 funding opportunities, including for small and medium-sized businesses.
These grants are offered by federal agencies such as the Department of Commerce and the US Small Business Administration. Once you’ve registered, you can explore the offers available and find the options that best suit your business.
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Businesses wishing to apply for grants through Grants.gov must first register with the Awards Management System (SAM.gov) to obtain a non-proprietary identifier. The identifier, called a Unique Entity Identity (UEI), is a 12-character alphanumeric identifier. All organizations that wish to do business with the federal government must have a UEI. Once you receive your UEI, you can return to Grants.gov to continue submitting your grant applications.
Rural business development grants can be used for technical assistance, training and other projects that benefit rural communities. Although the USDA Rural Business Development Grant Program is not specific to minority businesses, it is a valuable resource for rural areas where minority populations contribute to economic growth.
USDA offers two types of grants: opportunity and enterprise grants. Both can be used in projects such as community development, feasibility studies, strategic planning and leadership training. But corporate grants go further, including projects such as training and technical assistance, rural distance learning and land acquisition.
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Businesses wishing to apply for USDA’s Rural Business Development Grant Program must have 50 or fewer employees and less than $1 million in gross revenue. They must also work in a suitable rural area.
The SBIR and STTR programs provide early-stage, high-risk funding to small companies conducting research/federal research and development (R/R&D). Eleven federal agencies currently participating in the programs receive grants, including the Department of Health and Human Services (HHS).
As part of HHS, the National Institute on Minority Health and Health Disparities (NIMHD) awards grant funding to small businesses from any background that provide research and development specific to health equity challenges. Facing underserved communities.
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Both the SBIR and STTR programs have three tiers: Tier I awards can be up to $250,000, and Tier II awards are typically $750,000 over two years. These programs do not provide Phase III funding, but may have funding and product contracts from sources other than SBIR/STTR.
Before applying for SBIR and STTR grants, which are generally reserved for US-based nonprofits with 500 or fewer employees, you should check your eligibility. Eligible companies should research current opportunities and register with several web-based systems, including the System for Award Management (SAM) and the Commons Electronic Research Administration (eRA), prior to the application process.
Grants alone will not be enough to overcome the social and economic disadvantages faced by small business owners. Here are some additional federal resources to check out:
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Small business owners are just one group that continues to fight for equal access to capital. Businesses owned by women, veterans, and LGBTQ+ business owners have historically lacked support and funding opportunities. That’s why the Small Business Association sets aside federal contracting dollars every year. For more information, see SBA Contracting Assistance Programs.
Launched in 2017 by the National Association of Black MBAs, the Scale-Up Pitch Challenge was created to provide wealth-building opportunities for association members. The Pitch Challenge is a competition that aims to help “Make Ideas Bigger” by helping participants create scalable startups. The competition also connects startups with early-stage investors and venture capitalists.
From the field of submissions, 10 semifinalists will be selected to compete at the National Association of Black MBAs Annual Conference on September 14, 2023 in Philadelphia. The top three contestants will advance to the final round of concerts on September 15 and compete for a chance to win the $50,000 first prize. There will also be a $10,000 second prize, as well as a $7,500 third prize and a $1,000 People’s Choice prize.
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Applications for this competition open on 18 June 2023 and close on 4 August 2023. Ideas and concepts must be early or in early development to be eligible for your company’s pitch. In addition, you
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