This post was originally published on On Deck
Access to funding can play a major role in the growth of a small business. But for many minority-owned businesses, access to capital hasn’t always been equal. Historically, discriminatory lending practices created structural barriers to borrowing. While there are now laws in place to prevent these practices, the ripple effects can still have an impact.
Grant funding is one way organizations are working to even the playing field. They’re often offered by government agencies, corporations and nonprofit organizations. They provide business funding that doesn’t need to be repaid, which can mean there’s a lot of competition. However, they can offer valuable support for minority-owned businesses looking to grow or start their business without taking on debt.
Federal grants for minority owned small businesses.
If you’re exploring federal grant programs, there are a few key ones to consider. Not all are built specifically for minority-owned businesses, but there are some that offer targeted support for underrepresented entrepreneurs.
Minority Business Development Agency (MBDA)
The Minority Business Development Agency is a federal agency under the U.S. Department of Commerce. It was created to promote the growth of minority-owned businesses and support small business owners — especially those in key industries or underserved regions.
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