Hot off the presses! The Minority Entrepreneurship Grant Program Act of 2023 waits to be signed into law. So, what is this Act and how does it impact minority entrepreneurship? GrantWatch has the scoop for you. What’s more, we believe it’s imperative we stay informed about this important bi-partisan effort that has both Democrat and Republican co-sponsorship. To that end, we also have a BIPOC grant category that contains close to 1,700 grants that mirror the focus of this bill.
What is The Minority Entrepreneurship Grant Program Act of 2023?
The full title of Bill S. 1402 (IS) is as follows:
To require the Administrator of the Small Business Administration, in consultation with the Under Secretary of Commerce for Minority Business Development, to establish a grant program to create or expand programs at minority-serving institutions and historically Black colleges and universities that promote minority business ownership and entrepreneurship, and for other purposes.GovInfo, “S. 1402 (IS), The Minority Entrepreneurship Grant Program Act of 2023”
Some interesting Facts About the Minority Entrepreneurship Grant Program Act of 2023?
This bipartisan bill was introduced by Nikema Williams on November 17, 2023. It is designed to establish a new federal grant program at historically Black colleges and universities and other minority-serving institutions. To sum up, in the wake of the demise of Affirmative Action, this bill will fill in some of the gaps created by supporting entrepreneurial initiatives. Recently, Williams gave a statement: “Too often, Black and brown entrepreneurs face enormous barriers to accessing the capital needed to launch and sustain businesses…” She went on to say, “The Minority Entrepreneurship Grant Program will help to break down those barriers and ensure that the next generation of minority business owners have a fair shot at the promise of America.” The Minority Entrepreneurship Grant Program Act of 2023 is poised to provide resource grants of up to $250,000 for student entrepreneurs through the Small Business Administration.
In conclusion, as Black History Month is kicking off, it’s worth investigating the bill for yourself to stay informed. GrantWatch has picked the following grants in celebration. And, of course, we invite you to take a look.
Grants, Opportunities, Rebates, Loans and In-kind Support for BIPOC Grants
- To start, scholarships of $15,000 and in-kind support to students at historically Black IHE. Funding is for tuition and internship opportunities to prepare for post-graduation careers.
- In addition, there are grants for Black artists for artistic work. Also, funding may be requested both for new projects and continuation of earlier projects.
- Awards of $10,000 and $50,000 to nonprofit founders ages 50 and older to recognize efforts to create a positive impact. In short, it acknowledges organizational leaders who use their life experiences to make a difference.
- There are also grants of up to $3,500 to eligible nonprofits for black history studies, preservation activities and collections.
- Finally, subsidies to nonprofits, businesses, municipal governments, educational institutions, and First Nations to hire students for seasonal employment. It encourages employers to hire post-secondary students for jobs related to the student’s field of study.
In-kind Donations and Additional BIPOC Grants
- We begin with in-kind services to minority-owned businesses in eligible regions to raise awareness about their business.
- Next, grants of up to $1,000 to BIPOC-owned businesses to assist with financial emergencies. Funding helps alleviate the burden of unexpected financial needs caused by natural disaster, equipment repair, and criminal damages.
- In-kind support and grants of $20,000 to Black female small business owners to foster the growth of their businesses.
- Grants of up to $2,000 to small black-owned businesses for financial support and growth. Funding helps strengthen brick-and-mortar businesses and promotes diversity in the American business environment.
- To conclude, grants of up to $15,000 to Black and Brown-led nonprofit organizations and government agencies to build organizational capacity.
Internships and Additional BIPOC Grants
- To start, grants of up to $15,000 to Black or Latinx-led nonprofit organizations in eligible locations for capacity-building efforts.
- Next, in-kind support and grants of $25,000 to Black-owned small businesses to help companies expand and thrive.
- In addition, contracts for services to community-based nonprofits, schools, businesses, and individuals. Funding is for workforce expansion efforts in the clean energy sector.
- Grants of up to $10,000 to nonprofit organizations, agencies, churches, and Tribes for organizational capacity-building activities.
- Lastly, grants to nonprofit organizations that primarily serve Black populations for programs to improve financial literacy in eligible regions.
We hope you will find a BIPOC-related grant that you can use to help support your local community!
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