Financial Aid Bolsters Native Businesses, Unprivileged Entrepreneurs Across Diverse Locales
In a series of recent announcements, various organizations and government bodies have unveiled new grant opportunities for small businesses, particularly those owned by minorities and located in Tribal communities. Here's a roundup of some of the latest grant schemes available:
The Truist Foundation has awarded a significant $1.2 million grant to the National Association for Latino Community Asset Builders (NALCAB). While the grant will not directly fund small businesses, NALCAB will use the funds to connect Latino-owned businesses in Philadelphia and beyond with government funding sources. NALCAB supports around 200 nonprofits that offer access to funding, resources, and professional development for small businesses.
In Montana, the Montana Department of Commerce has announced four new grant programs for tribal business development. The Indian Equity Fund Small Business Grants offer funding specifically for startup or expanding Native American businesses. Eligible applicants must be enrolled members of federally recognized tribes in Montana and provide documentation of tribal enrollment. The grants can be used for equipment purchases or new product development.
Another grant opportunity in Montana is the Tribal Tourism Small Business Grants, which support Tribal tourism initiatives. While specific details on the current availability are not provided, they are part of the broader support for Native American businesses.
The Native American Business Advisors and Native American Collateral Support programs offer advisory and collateral support to Native American businesses, essential resources for businesses looking to expand or develop within their communities.
The Small Business Administration's (SBA) 8(a) Business Development Program offers training, mentorship, and assistance in securing federal contracts for socially and economically disadvantaged individuals, including Native Americans.
Outside of Montana, North Omaha, Nebraska, is launching a new round of its Turnback Tax Grant program with $198,000 available. Interested parties have until September 25 to apply. In Warren County, Iowa, applications are being accepted for its annual Warren County Small Business Grant Contest, with a deadline of Aug 31.
In Northwest Iowa, the BIG Challenge Grant competition is open to businesses in Lyon, Monona, O'Brien, Osceola, Plymouth, Sioux, and Woodbury counties. Businesses can share their ideas online by October 1, with a public voting period scheduled for October 4-13. The deadline to apply for these grants is September 13.
Meanwhile, the Corvallis-Benton Economic Development Office in Oregon is offering a second round of small business grants for local businesses impacted by the COVID-19 pandemic. Interested businesses in Benton County can fill out a pre-screening questionnaire to go over eligibility requirements.
For those in need of smaller grants, the Northwest Iowa BIG Challenge grant competition offers grants of $5,000 (1st Place), $2,500 (2nd Place), and $1,500 (3rd Place) for start-ups, and $6,000 (2nd Place), $3,000 (3rd Place) for existing businesses. There is currently about $70,000 remaining to distribute, and each grant may provide up to $10,000.
Finally, the Tribal Business Development Grant has $240,000 available and the application period is from September 15 to October 25. The grant includes $120,000 in funding for the Tribal Tourism Grant, with the application period from October 1 to November 30, 2023.
For more specific details on these opportunities, it is advisable to consult the Montana Department of Commerce or relevant federal agencies like the Small Business Administration. Additionally, platforms like Grantskav can help in finding federal grant opportunities tailored for Native American tribal organizations.
The Truist Foundation's grant to NALCAB, though not directly funding small businesses, will help connect Latino-owned businesses with government funding sources, which is beneficial for their finance and business growth. In Montana, the Indian Equity Fund Small Business Grants specifically target startup or expanding Native American businesses, offering financial support for equipment purchases or new product development.
