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Life has changed drastically in a short period of time due to Covid-19, and small business owners have been hit the hardest by the pandemic. As the economic landscape is constantly evolving, small businesses still need funding more than ever, especially those owned by minorities. Minority business owners are at a bigger disadvantage when applying for loans, but there are still plenty of unique funding options available.

What challenges do minorities face while applying to loans?

1. Lower Net Worth

2. Lack of Collateral

3. Poor Location

4. Little to no Credit History

Small Business Funding for Women

Amber Grants for Women

  • Provides $4,000 monthly for qualified female entrepreneurs
  • The Amber Grant has a monthly application which requires the owner to share the story of how their business was created
  • The application fee is $15 and automatically enters the owner into a $25,000 grant at the end of the year.
  • Apply Now:

Cartier Women’s Initiative Award

  • This award is designed for women running early-stage companies, approximately 2-3 years. Early stage business refers to a business that has not made profits and revenue yet, or the business may still be a concept.
  • The project must be an entirely original for-profit business creation, wholly conceived by the team.
  • The business must be incorporated in order to get approved.
  • The project leader must be a woman in the capacity of Founder, Director General Manager, or Project Leader, and the main shareholder, CEO, or Chairman must be a woman in order to get approved.
  • Up to two co-founders will be accepted, provided they are both women, and they will be expected to represent their project to the CWIA throughout the awards.
  • 7 laureates will receive $100,000, and the fourteen finalists will each receive $30,000 in prize money.
  • A standard business needs $10,000 to get their business off the ground.
  • Apply now:

Grameen Microloans for Women

  • Grameen offers microloans specifically for women, which range from $2,000 to $15,000.
  • Grameen also offers financial training and support programs for free.
  • The company also reports payments to Equifax and Experian.
  • These loans help borrowers build credit, and Grameen boats a 99% repayment rate.

Small Business Funding for Native American Entrepreneurs

First Nations Development Institute Grants

  • The mission of this group is to offer grants that help Alaska Natives, Native Hawaiians, and native Americans.
  • This organization helps with the application process in addition to providing funds.
  • Currently there are no open grants opportunities for this year, but that could change in the near future,

Rural Business Development Grants for Native Tribes

  • This program offers technical assistance and training as well as funding for small rural businesses.
  • Federally-recognized tribes are eligible.
  • Opportunity grants are limited to up to 10 percent of the total company’s annual funding.

Small Business Funding for African American Entrepreneurs

National Black MBA Association Scale-Up Pitch Challenge

  • This association’s purpose is to help newer businesses that have an African founder who maintains equal ownership.
  • $50,000 grand prize
  • Second prize is $10,000
  • Third prize is $1,500
  • People’s choice prize is $1,000

Small Business Funding for Latinx Entrepreneurs

Camino Financial

  • This organization specializes in loaning to Latinx-owned businesses.
  • Get up to $400,000
  • Get instant quotes and funding within 24 hours.

Small Business Funding for Members of all Minorities

Small Business Funding for Members of all Minorities

Union Bank

  • Union Bank’s products are meant for small businesses that are looking for loans of up to $2.5 million
  • Your business cannot have annual sales of over $20 million
  • Fixed rate, unsecured or secured term loan with terms of up to 7 years for UCC- and equipment-secured loans.
  • Loans for up to 25 years for owner-occupied commercial real estate financing.
  • Variable-rate, unsecured, or secured lines of credit subject to annual renewal.


  • Accion is a micro-lending program that offers small businesses loans from $300,000 to $1,000,000 for pre-existing businesses and start-ups.
  • Accion loans to minorities, veterans, females, those with disabilities, and low to medium income business owners.

SBA Community Advantage Loans for Members of All Minorities

  • This program is designed for small business owners who might not qualify for traditional financing.
  • This organization encourages local, mission-based lenders like nonprofit organizations to make loans of up to $250,000
  • The SBA guarantees up to 85% of the loan and the interest is prime+6%
  • This is a good option for minority entrepreneurs who need a large amount of capital.

SBA Bailout Funding Under the CARES Act for All Entrepreneurs

  • The CARES Act addresses economic impacts of the COVID-19 outbreak.
  • The bill authorizes emergency loans to distressed businesses.
  • The bill establishes and provides funding for, forgivable bridge loans and provides additional funding for grants and technical assistance.
  • Congress is currently discussing whether to add more money to the program. For the latest information, visit: