raise money, grants, loans, crowdfunding, capital, raise

by Stacy Jackson

March 12, 2024

Get Yo’ Money! 2024 Grants, Loan Programs For Small-Business Owners

Navigate through the listed programs to find 2024 grants and loans specific to the needs of your small business.

Securing financial resources can be a daunting task for enterprises of all sizes.

While grants offer funding without the obligation of repayment, loans require businesses to adhere to stringent terms and pay back the borrowed amount with interest. The key distinction, as highlighted by the U.S. Chamber of Commerce, is that grants are awarded based on eligibility criteria, with the funds designated for specific purposes, whereas loans are more readily accessible, but come with the lender’s expectation of timely repayment.

Regardless of the funding source, entrepreneurs across various sectors can explore diverse opportunities to fuel their growth and expansion. Entrepreneurs can even seek funding through exciting collaborations like the previous Black Girl Ventures and TikTok partnership covered by BLACK ENTERPRISE in February. The Innovate Together Grant Program closed applications last month and called all entrepreneurs, founders, small-business owners, and creators to participate in a $1 million initiative to “redefine success by fostering innovative collaborations, amplifying brand reach and building lasting legacies.”

Find the right funding for your small business from the following list of options compiled by CO—.

Black and Minority-owned Business Grants

U.S. Department of Commerce Minority Business Development Agency (MBDA)

Grants and loans for minority business owners
Offered throughout the year
For more information, visit MBDA Business Centers

8(a) Business Development Program

Aids socially and economically disadvantaged businesses
Government contract assistance
Must be certified as an 8(a) entity

Amazon’s Black Business Accelerator Program

Supports Black Amazon store sellers
Offers financial support, mentorship, business advice, and promotional support
Free imaging services
Cash grant opportunities
Advertising credits
Startup funding

Black Ambition Prize

Competition for Black and Hispanic innovators
Awards range from $15,000 to $1,000,000
Access to capital, coaching, and community
Early-stage ventures in consumer products, healthcare, media, entertainment, technology and AI
Apply through May 6, 2024

The National Black Business Pitch

Pitch competition to connect Black-owned businesses with corps seeking to diversify supply chain
30 finalists pitch to corporate procurement and supplier diversity professionals
Cash prizes up to $10,000
Submit applications by June 3

SheaMoisture Grant Programs

Supports small Black-owned businesses
Business development support
$100,000 grants through “The Next Black Millionaires” program
$10,000 grants through Community Impact Grant for U.S. Black-owned businesses operating for at least one year

The Wish Local Empowerment Program

Assists Black-owned businesses with 20 or fewer employees
Financial assistance between $500 to $2,000
Recipients must average annual revenue under $1 million
Flexibility in fund allocation
Recipients join Wish Local for access to its consumer base and partnerships

The Minnesota Emerging Entrepreneur Loan Program (ELP)

Grants for businesses in Minnesota owned by minorities, low-income individuals, women, veterans, and persons with disabilities
Provides grant funds to nonprofit lenders to offer loans to startup and expanding businesses
Helps create jobs for minority and low-income individuals
Strengthens minority-owned enterprises
Boosts economic growth in disadvantaged areas
Must apply through certified nonprofit lenders
DEED assists in lender identification
Loans are subject to DEED’s approval

Research and Technology Grants

The Blueprint Medtech Small Business Translator Grant

Small businesses developing medical devices for nervous system disorders
Supports making prototype devices, safety testing, and clinical studies for FDA approval
NIH helps plan and monitor research
Funding and access to regulations, patents, and manufacturing experts
Apply by June 20

Innovation Corps at NIH Program for NIH and CDC Translational Research

Small businesses working on medical projects supported by previous grants
Accelerate development and commercialization of new medical technologies
8-week entrepreneurial program
Course program to learn more about their technology’s potential impact on customers and partners
Covers program expenses and travel costs
Apply by April 30

National Institute of Health Grants

Funding COVID-19 research
Small businesses that develop and research biomedical technology
Multiple grants
Application deadlines throughout 2024 and beyond

Small Business Innovation Research Program (SBIR)

Grants aid federal research and development for commercialization
Awards-based program
Supports scientific excellence and technological innovation
Must operate a for-profit company

National Institute on Disability, Independent Living, and Rehabilitation Research’s SBIR Program

Funding for technology and research advancement for the improvement of the lives of those with disabilities
Aids national social/economic benefits
Provides ten grants totaling $1 million
Find available grants through the Administration for Community Living

Small Business Technology Transfer Program (STTR)

Funds research in the R&D arena
Must have a formal collaboration with a research institution
Must operate a for-profit company
Meet other requirements to qualify

Small Business Digital Readiness Program

Supports small businesses seeking to advance in digital space
Digital readiness program
Free online curriculum includes expert coaching, peer networking, and other resources
$10,000 grant eligibility for participants registered in two courses
Rolling opportunity

The AI Innovation Grant

Funds artificial intelligence-based development
Open to U.S.-owned businesses
$10,000 grant
Apply by March 15

America’s Seed Fund

Provides funding for technology development
U.S.-based startups and small businesses
Up to $2 million in funding
Sponsored by the National Science Foundation
Submit project pitches on a rolling basis

Casper Accelerate Grant Program

Supports innovation of blockchain technology
Interest in building apps to support infrastructure, end-user applications, and research innovation
$25 million grant program
Rolling application

Comcast Innovation Fund

Technology and research funding for Internet advancement
Areas of interest in open-source development, general and targeted research
Applications accepted until 2024 funds run out

The Emerging Technology Fund (ETF)

Assists growing companies in Massachusetts
Supports technology companies with need for acquisition, expansion, working capital, or equipment purchases
Must reflect strong management, technical advancements, market demand, and solid financial records
Loans up to $4,000,000

Businesses Affected by COVID-19 or Natural Disaster

Rebuild The Block

Grant program for Black entrepreneurs
Helps recipients connect with community members on a larger scale
Applicants must have been affected by COVID-19 or other destruction
90 applicants per three-month cycle
Apply on grant page

Employee Retention Credit

Aids businesses impacted by COVID-19
Stimulus program via CARES Act
Refundable tax credit
Apply via IRS website

GoFundMe Small Business Relief Fund

Funding for small businesses impacted by COVID-19, backed by GoFundMe and other corporations
$500 grant
Must have raised $500 minimum via GoFundMe
Confirm business through online form

2024 Inclusive Beauty Fund

U.S.-based beauty businesses impacted by COVID-19
Offers one-time $10,000 grants
Professional mentorship and business development from L’Oréal executives
Applications due March 29 at 6:00 p.m. EST

Small Business Readiness for Resiliency Program

Aids preparation for natural disasters
Immediate emergency funding
Funding via U.S. Chamber of Commerce Foundation and FedEx
Four-step eligibility process

Etsy Emergency Relief Fund

Supports Etsy business owners who have been registered for at least one year
Grant up to $2,500
Funding partnership with CERF+ nonprofit
Businesses must have been affected by a natural disaster
Rolling application

Women-owned Business Grants

Women-Owned Small Business (WOSB) Federal Contracting Program

Access to credit and capital
SBA program Includes training, counseling, and federal contracts
Program through the Office of Women’s Business Ownership

Amber Grant Foundation

Awards a series of grants throughout the year to women entrepreneurs
$10,000 Monthly Amber Grant
$25,000 Annual Amber Grants
$10,000 each quarter for The Startup Grant and The Non-Profit Grant
$10,000 Business Category Grants
Applications open based on category

Cartier Women’s Initiative

Funds women entrepreneurs worldwide with a focus on social and environmental sustainability
Regional award
Diversity, equity, and inclusion award (open to all genders)
Science and technology pioneer award
Includes financial support, coaching, and peer learning opportunities

Galaxy Grants

Offers resources for women and minority business owners
$2,750 Galaxy Grant Giveaway
Opportunity for a grant for one friend of the winner
Sponsored by Hidden Star, a 501(c)(3) organization
30-second entry process
Apply by March 31

HerRise MicroGrant

Funds U.S. businesses majority-owned by women of color
Focus on innovative community solutions
Applications reviewed monthly
Ineligible applicants include nonprofits, franchises, direct sellers, authorized resellers, and independent consultants

IFundWomen Universal Grant Application

Offers over $170 million in grants
Priority access to funding opportunities
Resources through IFundWomen community
Partnerships include Visa, Caress, and Comcast

The Kitty Fund

Awards $25,000 to 25 small business owners who are mothers
Must be U.S.-based and have annual revenues under $5M
Employment must be between two and 50 people
Register online

#MomsMeanBusiness

Helps moms launch and run their own businesses
Covers business formation costs
Assists with forming an LLC, securing a business name, and tracking expenses
Rolling application

RTC Women in Tech Fund

Supports college and early-career women in tech
Financial assistance for women enrolled in undergraduate tech programs
Three grants based on specific needs
Rolling application

SheaMoisture “Brown Girl Jane” Grant

Supports Black- and woman-owned beauty and wellness businesses
Provides grants from $10,000-$25,000
Apply via SheaMoisture grant page

LGBTQ+ Businesses

Foundation for a Just Society Grants

Provides funding for local, national, regional, and global organizations and networks
Must support the rights of women, girls, and LGBTQI individuals
Grants issued four times a year: March, June, September, and November
Invitations for proposals

StartOut Scholarship Program

Scholarships for LGBTQ+ entrepreneurs to participate in the Founder Program
Interest in becoming a Giving Member
12-month membership

Veteran-led Businesses

Service-Disabled Veteran-Owned Small Business Program

Funds small businesses 50% owned or controlled by one or more service-disabled veterans
Eligible business owners must have day-to-day operations managed by at least one service-disabled veteran
Must have a service-connected disability