With our posts on Grants, Government grants, and grant writing already in place, this post will go through NYC small business grant listings for minorities and individuals alike in New York City. Meanwhile, embedded in this list of NYC small business grant opportunities are guides to ensure every aspect of your grant application goes smoothly.
With that off our backs, let’s set the ball rolling…
P.S: Grants on this post should be treated with utmost urgency as quite a number of them are already ongoing.
Small Business Grants for Minorities NYC
When it comes to launching or expanding new businesses in NYC, minorities face unique challenges, including securing inexpensive small-business loans and grants. For the most part, grants and financial support from companies and the government bridge this gap.
So, for minority-owned businesses, below are some of the best small-business grants in NYC and other valuable funding tools.
#1. LISC NYC Grant
LISC NYC is popularly known as the New York City division of the Local Initiatives Support Corporation. Basically, LISC NYC works with local agencies to fund minority-based initiatives and ideas that seek to make New York City more equitable, multicultural, and sustainable. But regardless, LISC is also accessible by every NYC small business.
According to records from their official website, LISC NYC has spent over $2.7 billion in low-income areas and leveraged a further $6.5 billion over the last 41 years. Furthermore, its investment policy comes from the conviction that the time has come for New York City to forge a vision that closes the racial wealth gap. This includes maintaining affordable housing and providing paths to sustainable economic opportunities for all New Yorkers to achieve their goal.
Applications
Applications for this NYC small grant are currently ongoing. However, for this session of funding, LISC will focus on small businesses that have experienced direct blow-backs as a result of the Covid-19 pandemic. In other words, eligibility hangs on the gravity of the impact on your business. But, that has nothing to do with the amount of grant money which is constant.
Other eligibility factors include the following;
- The business must be owned by a minority
- The business should have at most, 20 employees or fewer
- You should be able to provide visible evidence of Covid-19 impact; whether long-term or immediate
Deadline
There is no specified date yet for the close of applications. In the meantime, you can visit their official website for more information about other small business grants in NYC you can benefit from as minorities.
#2. Minority Business Development Agency
This agency helps minority-owned small and medium-sized businesses expand by linking them to funding opportunities, government contracts, and market openings. MBDA of the United States Department of Commerce ranks as one of the top federal agencies devoted exclusively to the advancement and economic prosperity of minority-owned small businesses in NYC and across the US.
Consequently, the agency’s schemes, facilities, and policies only favor MBEs (Minority Business Enterprises). They basically focus on their current growth while also training them to fulfill future business demands.
Applications
MBDA 2021 Grant Competitions are currently ongoing with a couple of other funding opportunities that are accessible through their Official Website.
Deadline
Not Specified.
#3. National Minority Supplier Development Council
The council is a private partner group committed to improving economic prospects for minority-owned businesses by providing grants in NYC and across the country. It also runs as a nonprofit business creation program that provides its partners with finance and business consulting services.
This is accomplished by connecting over 12,000 accredited minority-owned companies with our large network of corporate members interested in purchasing their goods, services, and solutions. Furthermore, many of the world’s leading public and privately held businesses, as well as pharmaceutical firms, colleges, and universities, are members of this council. The NMSDC network consists of the following entities:
- a New York City-based national office,
- 23 federal partner councils throughout the country and
- 1,450 corporate members and growing
Applications
Programs roll all year-round to ensure that their every goal is achieved as it relates to minority small businesses across the country. However, there are tons of demands you will have to meet before the privileges start coming in. A trip to NMSDC’s Official website should help you get more perspective.
Deadline
Like you may have guessed, deadlines do not exist for this funding opportunity.
Read Also: List Of Top Agriculture Grants in 2022 (Updated!!!)
#4. Operation Hope Small-Business Empowerment Program
The Operation Hope Program is an initiative that targets young entrepreneurs in low-income regions, which frequently include minority groups.
The Leadership Initiative at HOPE literally puts a heavy emphasis on small business growth. Furthermore, it helps participants learn entrepreneurship fundamentals, develop and manage a solid small business strategy, and gain access to financing and support to expand their business. For the most part, this is achieved through small-business seminars, a more rigorous entrepreneurship training curriculum, and disbursing of small business grants to minorities in NYC and other parts of the country.
Consequently, entrepreneurship training programs often come in two batches. They include the 8-week program and that of 12 weeks.
The 8-week Entrepreneurship Training Program is a comprehensive curriculum that incorporates entrepreneurial training, personal development, access to professional resources, and financial advice. This is to equip budding entrepreneurs with the knowledge and expertise they need to effectively negotiate the road to small business ownership.
On the other hand, the 12-week Entrepreneurship Training Program is a practical curriculum.
Applications
For a detailed run-down of the pieces of the information, you would need to become a beneficiary, visit their official website. But note that there are really no specifics as to when these programs start or end. However, there is something you can do immediately to get first-hand information on these programs.
Subscribe on the platform to receive newsletters directly to your mailbox. All that is required is your full name and a valid email.
Deadline
Not Specified.
#5. The USDA Rural Business Enterprise Grant Program
The USDA grant focuses on the growth or expansion of small businesses in rural areas, regardless of whether they are minority-owned. However, eligibility requirements start with having at most 50 or fewer workers, and less than US$1 million in sales. But most importantly, the small business must be resident in a rural area.
Grants usually vary from $10,000 to $500,000 and may go into putting a variety of things in place, such as pieces of training and technical support, property acquisition and construction, and long-term business planning. Once a year, applications are approved through the USDA’s Rural Development state offices. This is also accessible through the USDA Official Website.
Applications
Eligibility Requirements for applications are often based on a number of factors listed on their platform. Furthermore, there is an NYC Small business grant application guide to help you stay on course.
Deadline
Dates for the close of application vary with respect to the state in question. In other words, every state has a different deadline. However, applications aren’t in session at the moment but you can subscribe for updates with a valid email address.
#6. New York State COVID-19 Pandemic Small Business Recovery Grant Program
The New York State COVID-19 Pandemic Small Business Recovery Grant Program was established to provide flexible grant assistance to currently viable small businesses, micro-businesses, and for-profit independent arts and cultural organizations in New York that have experienced economic hardship as a result of the COVID-19 pandemic.
Grant Amounts
Grants will be computed based on a company’s annual gross receipts in 2019. Empire State Development has the right to adjust grant amounts and calculations at any time.
- For Annual gross receipts: $25,000 – $49,999.99: $5,000 award per business
- Annual gross receipts: $50,000 – $99,999.99: $10,000 award / business
- Annual annual receipts: $100,000 – $2,500,000: The award is 10% of gross receipts (with a maximum payout of $50,000).
However, for eligibility requirements, you can visit their official website.
NYC Small Business Grant Listings
The next set of small business grant listings are NYC funding opportunities in search of SMEs in integral parts of New York City. A good number of grants in this category can also be referred to as Post-Covid-19 grants. This means that in the coming months or years, they will focus on trying to fund small businesses in NYC with valid pieces of evidence of the Covid-19 or the recent Covid-21 impact.
#1. The Restaurant Recovery Grant Program in Nassau County
The Nassau County Restaurant Recovery Program is for full-service restaurants in Nassau County that have undergone business and/or income losses as a result of COVID-19. Applications have been reopened since the 9th of February. Furthermore, this grant is in search of NYC small businesses in need of financial assistance to continue operating or reopen as required by law after the pandemic. Businesses that have suffered a gross sales reduction of more than 25% as a result of the COVID-19 pandemic will be liable for up to a $10,000 grant.
Qualified companies with 0-10 full-time or full-time equivalent workers will get $5,000. On the other hand, for qualifying reimbursable costs, and businesses with 11-50 full-time or full-time equivalent employees can get up to $10,000. However, to stand a chance in the first place your business must be a full-service Restaurant in Nassau County of NYC.
#2. Yonkers Micro-Enterprise Stabilization Fund
The MESF was established to provide grants to microenterprises that have been financially impacted by COVID-19. The fund promises to offer grants of up to $10,000 to qualifying organizations. This is in a bid to help them address immediate needs. Conversely, these businesses would need to have no fewer than 5 employees in Yonkers to be eligible.
#3. Interest Rate Reduction Grant
This grant will assist you in lowering the amount of interest you owe on a current loan from one of the Community Development Financial Institutions (CDFI). On the other hand, CDFIs are dedicated to assisting entrepreneurs who do not have easy access to funding. They also achieve their goals by providing jobs that will benefit the neighborhoods they support.
SBS has, in recent years, collaborated with 11 CDFIs that focus on Asian, Black, Latinx, and immigrant entrepreneurs in NYC. However, Businesses may also obtain loans and can check with their CDFI to see if they have been approved.
#4. ROAR Financial Aid for Restaurant Workers
Eligibility: Part-time or full-time restaurant employees who lost their jobs or salaries on or after March 10, 2020, and live in any of NYC’s five boroughs are eligible for this NYC grant.
A $500 one-time award will be disbursed to the recipient.
Restaurant staff from the Bronx and Queens have been given priority from December 1 to December 14.
The most recent round of funding has reached its limit. However, fundraising is ongoing and will be replenished soon. Click on the link above for more information.
#5. Citizens Committee for NYC Neighborhood Business Grants
The application process is currently ongoing! But, they accept grant applications on a rolling basis.
For the most part, small companies can receive incentives ranging from $5,000 to $10,000 to help them keep their payroll and activities running. Preference however often goes to business owners with special needs such as minorities, refugees, and women.
Furthermore, applications that concentrate on helping companies affected by COVID-19’s complexities will also be given priority. These complexities include shipping orders, meeting online product demands, and providing training and courses online.
In general, the eligibility requirement starts with small companies in New York City.
#6. City of Buffalo Microenterprise Grant Program
The City of Buffalo and the Buffalo Urban Renewal Agency (BURA), in collaboration with WEDI, are inviting all microenterprises (those with five or fewer employees) to apply for this reimbursement grant scheme. The small business grant will give participating companies in NYC a grant of up to $10,000. However, the participating business owners must be low-paid, and they must have evidence of their (and their household’s) income sources in the proposal. As long as paperwork can account for these costs, this grant will refund business expenditures accrued since March 1, 2020.
Eligibility
Microbusinesses in Buffalo with fewer than five employees are eligible. Also, a minimum of 51% of the company’s ownership must fall under the low-income category.
#7. Erie County IDA COVID-19 DISASTER RELIEF GRANT
Small companies may be liable for a refund of up to $10,000 for the expenses of purchasing personal protective devices or installing fixtures to deter the spread of COVID-19. Applications verification is on the basis of rolling. This goes on until the New York State Executive Order No. 202 is revoked or the remaining funds are depleted.
Eligibility: Erie County small businesses and nonprofits with fewer than 50 employees are eligible.
#8. IFundWomen Grants
The IFW COVID-19 Relief Fund gives microgrants to women-owned enterprises affected by the crisis. You can donate to the Relief Fund right now, or create an IFW campaign to be eligible for a grant.
But only women-based businesses are eligible.
#9. SoGal – Black Founder Startup Grant
Self-identify as a Black woman or a Black nonbinary entrepreneur to be eligible (inclusive of multiracial Black women and multiracial Black nonbinary folks).
The SoGal Foundation is currently in partnership with Winky Lux, Bluemercury, twelve NYC, and several other supporters to disburse $10,000 and $5,000 cash awards to Black women and nonbinary entrepreneurs.
#10. Center for Economic Growth Supply Chain Grant Program
Manufacturers with production plants in New York State are eligible.
The New York Manufacturing Extension Partnership is awarding grants of up to $10,000 to programs that help New York State manufacturers deal with the effects of COVID-19 supply chain disruptions on their businesses. This will provide suppliers in New York State with the ability to improve their supply chain, develop new markets and goods, find new buyers, and introduce processes to become more sustainable.
Who Is Eligible for NYC Grants?
As grants are not repaid, the New York office of education assures that only those in need of financial assistance for their education in the fields of medical, teaching, scientific research, or technology development receive personal grants.
What Is the New York City Grant for Small Business?
The NYC Small Business Emergency Grant Program is no longer taking applications. Small businesses that were damaged during the looting in June 2020 could get grants of up to $10,000 from the program. To take part, eligible businesses must: Earned less than $1.5 million in 2019
Can I Get Help From the Government to Start My Own Business?
Most of the time, grants from the government come in the form of a direct grant. Direct grant: This is money that is given to your new business to help with things like training, buying equipment, or getting into new markets, such as exporting opens in new window to other countries.
What Are the Qualifications for Cash Assistance in NY?
To get New York Temporary Assistance, you must live in New York and be a U.S. citizen, a legal immigrant, or a qualified immigrant. You must be unemployed or underemployed and have a low or very low income. You also have a child younger than 18 years old.
How Much Is NYC Cash Assistance?
How much cash assistance you can get in New York depends a lot on how much money your family makes and how big it is. A family of three can get up to $789 a month from New York, which is one of the most generous amounts among the 48 states and DC that are close together.
In Conclusion
It’s no news that grant monies do not come easy. It requires effort and loads of patience from applicants; in this case small businesses across New York City. This is after you must have given valid pieces of information about your businesses and a precise grant proposal to go with.
Either way, the NYC Small business grant listings on this post should increase your chances, especially with the inception of Covid-19 grants.
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