Small business grants are not easy to obtain, although, they do exist. Absolutely, there are some organizations and places that will help you find grants and another source of rating capital for your business dream. Get ready to invest your time and effort into it. In this article, I have decided to compile a list of the best Maryland small business grants for minorities, Baltimore county small business grants, and a comprehensive application guide.
MARYLAND SMALL BUSINESS GRANTS MINORITY
When starting or expanding a small business in Maryland minority business owners face challenges, such as access to small business grants and financial assistance. However, it’s not a limitation to pull your dream. Maryland small business has varieties of grants programs for small, minority, or women-owned businesses. Below are reliable Maryland small business grant programs available. They are not only for only Marylanders, but also to any business.
#1. The National Association For The Self-Employed Growth Grants
This is a nonprofit trade association that gives grants and provides educational resources for small businesses and entrepreneurs. The Grants Program allows small business owners to apply for a particular small business grant worth up to $4,000 each. However, You need be member of NASE to apply for a grant, giving details on how you’ll use the funds. . Annual membership costs $120/year, better still, you can opt for a monthly membership at $11.95/month.
- Submission Dates: Grant applications can be submitted year-round. They are reviewed quarterly. Applications received in January through March and reviewed in April. The ones in April through June will be reviewed in July. Those in July through September are reviewed in October. Lastly, October to December are done in January of the following year.
- Entry Requirements: Applications are open to members of the NASE of good status. Demonstrate a specific need for the grant, provide a detailed explanation of how grants will be used for business growth.
#2. FedEx Small Business Grant Contest
FedEx Small Business Grant Contest is a nationwide annual competition to award grants in the form of cash and prizes to small business owners. The amount awarded to contest winners and the number of grant recipients varies yearly. The 2022 competition details will be soon be available.
- Submission Date.: The submission date for the 2022 contest has been closed. However, You can visit the website and sign up for emails for updates. However, the submission period typically opens in February and lasts for one month.
- Entry Requirements: Applicants must be 18 years old, must operate a US-based for-profit small business with 50 or fewer employees. In addition, applicants must also have a plan to ship within the next 12 months as part of their business. Note that nonprofits, resellers, franchises, and independent consultants are ineligible to apply.
#3. National Black MBA Association Scale-Up Pitch Challenge
The National Black MBA Association (NBMBAA) has recognized scalable startups through its Scale-Up Pitch Challenge since 2017. This competition gives startups chances to connect with investors and venture capitalists. Winners are award ranges from $1,000 up to $48,000.
- Submission Dates: The opening date for the 2022 competition is yet to be announced. Entrants always have until August to submit their pitches once the application is open.
- Entry Requirements: Applicants must be 18 years old and a US resident. All submitted ideas must be the original work of the applicant. Therefore, applicants must disclose any previously received funds. Business owners must be Black or of African descent and having an equal stake in the business.
#4. Sephora Accelerate
This beauty retailer Sephora is giving back to minorities. This company had already signed the Fifteen Percent Pledge of shelf space to black-owned businesses. They also went further to help aspiring entrepreneurs with grants for minorities through the Sephora Accelerate program. Winners will complete a six-month program that includes two all-expense-paid trips for program events, mentoring, and a hands-on boot camp. Winners also receive a monetary grant and are eligible for additional funding. Nevertheless, at the end of the program, Sephora’s goal is to ensure that all products are launched in Sephora stores.
Submission Date: All application information, requirements, and deadlines will be published to the Sephora Accelerate website on October 1, 2021, for the 2022 competition
#5. Minority Business Pre-Seed Fund (MBPF):
Here, their intents are to address the needs of minority small business owners in Maryland. Therefore, If you have a viable business opportunity involving a technology-based idea, this program creates investments up to $41,000 towards developing it into a product to be tested with potential users.
#6. The USDA Rural Business Enterprise Grant Program
This is a grant for the development or expansion of small businesses in rural areas. To qualify, you’ll need to have 50 or fewer employees, less than $1 million in revenue. The grants ranges from $10,000 to $500,000, and can be used for a variety of purposes, including training and technical assistance, acquisition or development of land and long-term business planning. Applications comes yearly and through the USDA’s Rural Development’s state offices.
#7. National Association for the Self-Employed
This association provides educational resources and grants for small businesses in Maryland. Moreso, to apply for a grant of up to $6,000, you’ll need to become an active member of the association, with a detailed explanation of how you’ll use the funds, showing how the grant will support your business growth. Then also provide a backup documentation
#8. Small Business Innovation Research and Small Business Technology Transfer Programs
This conglomerate programs provide contracts and grants for new small businesses that are looking to commercialize innovative biomedical technologies.
#9. Minority Business Development Agency
This is a development agency of the U.S. Department of Commerce that promotes the growth of minority small businesses by connecting owners to financing resources, federal contracts, and market opportunities.
#10. SBA Business Development Program
Socially or economically disadvantaged small-business owners are eligible to receive help through this SBA 8(a) program, which provides business development assistance, training, and management and technical guidance.
Moreover, to qualify for a small business grant, must be at least 51% owned and controlled by a citizen who has been subjected to cultural bias or prejudice and placed at an economic disadvantage because of race or ethnicity. Click here for a list of eligibility requirements.
Below are additional Grants from Governments. Please visit their official websites provided for more details
#11. Small Minority and Women-Owned Business
#13. Grants.gov
BALTIMORE COUNTY SMALL BUSINESS GRANT
The Baltimore county Small Business grant or Support Fund is set up to support entrepreneurs of color in Baltimore as well as helping to increase their small businesses. Indeed, Baltimore county small business grants are from philanthropic foundations. In addition, the money is often for capacity building including staffing, technological, or other operational improvements.
Restaurant and Caterers COVID-19 RELIEF Grant Program
To support Maryland restaurants facing financial impacts from the novel coronavirus, the state has established through bipartisan legislation the Maryland Restaurants and Caterers COVID-19 Relief Grant Program. Commerce is providing $22 million to the local jurisdictions to provide relief restaurants in their areas, with a portion specially for economically disadvantaged establishments. Also, applications will be available through each county and Baltimore City.
To support Maryland’s small business owners facing continued financial impacts from the novel coronavirus, the state established through bipartisan legislation the Maryland Small, Minority and Women-Owned Business Account COVID-19 RELIEF Program with $10 million in state Relief Act funding. Baltimore County will soon expand grant programs for business associations and small businesses amid the coronavirus pandemic.
NEW SMALL BUSINESS GRANTS MARYLAND
If you live in the state of Maryland and you are seeking personal financial assistance such as supplemental security income, small business grants, Medicaid, or state social services. Hence, It is equally important you should look into government, Personal grants, or financial aid from the local government of New Maryland for its residents under certain circumstances. Thus the uses of these business grants must have a meaningful purpose to the economy of Maryland.
- Small, Minority, and Women-Owned Business – Video Lottery Terminal Fund: Their sole target is to help these business owners with grants in the areas surrounding Maryland’s six casinos.
- Maryland Small Business Development Financing Authority (MSBDFA): They offer a variety of financing programs to promote the expansion of economically and socially disadvantaged entrepreneurs.
- Minority Business Pre-Seed Fund (MBPF): Intended to address the needs of minority entrepreneurs in New Maryland and administered by TEDCO So. If you have a viable business opportunity involving a technology-based idea, this program makes investments up to $40,000 towards developing it into a product..
- The Neighborhood BusinessWorks This body provides flexible financing to small businesses and nonprofits who are in locally revitalization areas throughout Maryland.
- The Microenterprise Loan Program creates new opportunities for small business development in Maryland by providing entrepreneurs with flexible grants for start-ups and also expansions in designated Sustainable Communities.
MARYLAND SMALL BUSINESS GRANTS APPLICATION GUIDE
In Maryland, there are often hundreds of small business owners applying for a single business grant. However, below are some Maryland small business grant application guide for you if you expect to win.
- Make a schedule – To begin with, Many grants are only open to applications once a year. Therefore, Schedule a time to put an application ahead of time.
- Write a business plan – Most grants ask for a business plan. know how exactly the grant money will help your business accordingly.
- Investigate past funding of the company – This helps you determine your chances of winning if it suits your kind of intended grant.
- Seek professional help – Sometimes, you come across a grant that requires a well-written cover letter or essay, consider hiring a professional grant writer if you can afford it.
- Don’t wait until the last minute – Although, Many grants require you to become a member of an organization, get a certification as well as a license. If you wait too long you might also run out of time.
- Finally, Set up a Google Alert for new grant opportunities.
The listed above are not only Maryland small business grants application guide. These application guides are also applicable to all other grants.
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Summary
In Maryland, Grants for small businesses can be hot commodities. Seek available grants, and apply, although, the application process might not fit your business. Moreover, If you’re feeling intimidated by the application, similarly, you can also invite someone to help you fill it out. Grant-writing classes, conferences, and workshops may also be of importance. Another option might be to hire an experienced grant writer to develop your startup business grant proposals for you. Lastly, if grants arent working for you, consider loans for a startup.
