The Enterprising Women of Color program is a part of MBDA’s focus to promote the growth and global competitiveness of minority business enterprises. The agency program will promote women of color entrepreneurs as engines of economic growth in their communities. MBDA is seeking proposals to fund three Enterprising Women of Color business centers in any U.S. State or U.S. Territory. The MBDA Business Center: Enterprising Women of Color offices will focus on supporting minority women entrepreneurs to build their businesses, secure contracts and capital, and increase employment opportunities. For more information, click here.
NOW Corp’s flagship service, NOWaccount® enables businesses to get paid immediately—in a way that feels like accepting a credit card for payment (no loan or factoring) even when a card is not offered and an invoice is required. NOW Corp offers nontraditional sources of capital if your other financial tools are unable to.
For more information, click here.
The Red Backpack Fund
The Spanx by Sara Blakely Foundation donated $5 million to support female entrepreneurs in the wake of COVID-19 and teamed up with GlobalGiving to establish the Red Backpack Fund. GlobalGiving will be overseeing the fund, making 1,000 grants of $5,000 each to female entrepreneurs in the U.S. to help alleviate the immediate needs and support the long-term recovery of those impacted by this crisis. For more information, click here.
SheaMoisture announces a $1M Fund to support entrepreneurs of color and small businesses, driven by its long-established Community Commerce business model. The grant intends to show the power of small businesses to help communities, while also hoping to minimize the financial disruptions many are experiencing from the global outbreak of COVID-19. For more information click here
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the U.S. Small Business Administration is offering several new temporary programs to address the COVID-19 outbreak.
- Paycheck Protection Program – This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
- Economic Injury Disaster Loan – This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
- SBA Express Bridge Loan – Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
- SBA Debt Relief – The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
For more information about the CARES Act, click here
An investment of $2.5 million from Verizon is making it possible for LISC to begin offering critical relief and resiliency-building support to small businesses facing immediate financial threat because of the COVID-19 pandemic. The funding will go to make grants of up to $10,000, especially to entrepreneurs of color, women-owned businesses and other enterprises in historically under-served places who don’t have access to flexible, affordable capital. For more information, click here.