Small businesses are at the heart of the United States economy and according to recent statistics, increased diversity in these businesses yields better results. This means creating more opportunities for BIPOC (Black, Indigenous, and People of Color) business owners.
A Boston Consulting Group survey of employees in 1,700 companies showed that companies with diverse management teams earn 19 percent more revenue. A similar report by McKinsey & Company also found that companies with diverse executive teams were 33 percent more likely to outperform their peers on profitability.
As far as businesses themselves, there has been a steady increase in diverse business owners as well. Over the last decade, minority business owners have accounted for over 50 percent of new businesses started.
Grant opportunities for people of color have also increased in recent years. Today, GrantWatch.com has compiled a list of grants specifically to help benefit BIPOC business owners and entrepreneurs.
Top Grants for Minority-Owned Businesses/Start-ups
- Grants and in-kind services are available to Black female business owners to foster growth.
- An opportunity is open to Black-led startups to participate in an accelerator program.
- Grants in business development are available to BIPOC self-employed business owners
- Opportunities are open to Black-owned businesses to participate in a business development program.
- There are also grants available to BIPOC-owned small businesses to build capacity.
- And grants are also available to Black women to increase diversity in entrepreneurship.
- There is an opportunity available for Black business owners to participate in a business accelerator.
- Opportunity for USA students at HBCUs to participate in a business accelerator program. Participants will receive a $5,000 stipend as well as in-kind support to grow their business idea.
- Finally, there is an opportunity for Latina-owned businesses to participate in a professional development program.
Looking for more grants like the ones on this list? GrantWatch has an entire BIPOC category with more than 200 grants listed for small businesses. GrantWatch.com is the leading grant listing directory with more than 8,000 grants currently available. Upgrade to a MemberPlus+ to view the full grant details. This includes eligibility criteria and application information. For more information, you can also visit the GrantWatch FAQ page.