3 Scholarships for Minority Owned  Business Owners

This article is based on exploring scholarships for minority owned business owners.

Grants are not always well publicized and may have short application windows. One can learn about these opportunities by networking with fellow small business owners and tapping resources from organizations and agencies like the Minority Business Development Agency.

Scholarship Grants are school funding opportunities, issued by a variety of givers, including local, state, or federal governments. Grants also are awarded by private organizations, such as corporations, or through public/private partnerships. By definition, grants do not have to be paid back and are not considered small business loans or forgivable loans.

However, there might be some regulations on how these grants are used by each recipient.

Minority scholarships focus only on supporting individuals who are from underrepresented communities who are pursuing graduate studies.

Minority scholarships require the documentation of the minor groups and communities and also the documentation of These scholarships foster diversity and inclusivity in higher education. They are designed to increase representation and diversity in various academic fields.

Awarded to individuals belonging to minority communities.

This scholarship might also require documentation of minority status, such as ethnicity or cultural background.

Some minority small business grants can take several forms, such as a sum of particular amount wired to a business’s bank account, or being linked to required participation in a workshop or program.

However, to apply for some business grants can require going through some rigorous process which involves gathering tax returns, bank statements, and revenue documentation.

To make sure that one qualifies for an application, such an individual should check that their  business meets up with the grant’s requirements before filling out and submitting the application.

Below is a list of some minority owned business scholarship grants.

1. Galaxy microgrants:

This type of scholarship grants is a minority owned business grant which supports minority small business owners.

Galaxy of Stars is a community for minority and women entrepreneurs. It’s a great source of networking opportunities, and it gives business owners a space to support one another in reaching their business goals.

The organization’s Grant is open to ethnic minorities and women who currently own their business or plan to start one. As a testament to the Galaxy of Star’s emphasis on mutual support, they have an added perk for referrals: if you refer a friend to the grant and they win, the grant amount is doubled, and both applicants get a cash prize.

This platform is a membership-driven resource platform Galaxy of Stars, which supports minority small business owners along with the organization that empowers low-income and minority-owned small businesses, thereby giving away some  microgrants to business owners every year.

A brief application process requests basic information like contact info, ethnicity, and whether you are a current or future business owner. It also promotes grant opportunities through its social media.

2. Fearless strivers grants:

The Fearless Strivers Grant Contest is a collaboration between Mastercard and the Fearless Fund. This is a venture capital fund that invests in businesses led by women of color who are seeking pre-seed, seed-level, or series-A financing. The grant will give some amount of  grants to 11 small businesses across the country.

Winners will also receive tools to support their online business growth, and one-on-one mentorship. While the national program awards a single monthly $10,000 grant, additional grants are often available to residents of specific cities throughout the year.

To qualify for this grant, the individual must be a Black woman who is a legal U.S. resident, 18 years old or older, and the principal owner of a U.S.-based small business.

3. Wish local empowerment program:

This platform is an ecommerce platform that allows business owners to become pickup locations for online orders through a program called Wish Local. To help promote diversity among American businesses, Wish has promised to give some Local small business partners grants.

There are no specific requirements for spending the grant money, which means one can use it for anything from real estate or equipment procurement to working capital. Applicants must be Black-owned stores that have 20 or fewer employees and an average annual revenue under $1 million.

5 tips needed for the application of minority owned businesses.

1. Being specific:

An individual should be specific when it comes to describing ones business, values, and goals. The more the holders of such grants  see what sets one apart from others, the more likely they are to buy into the mission.

2. Following up with the application process:

To do anything, it is important that one follow all application procedures. To be eligible for applications, one should follow the due processes involved in the application process.

Not following necessary details can lead to  disqualification of such beneficiaries in many instances, so make sure to read and follow the instructions carefully during the application process.

3. Including a well written plan:

Some grant applications request a business plan. If required, one business plan should highlight an individual’s business goals, marketing strategies, and financial projections. This should also include an excellent pitch for why an individual’s  business should get the grant.

4. Check out the criteria:

Look out for the criteria needed for these grants before applying for it. Some grants can get very detailed, and one doesn’t need to waste time applying for the ones that one does not qualify for.