Low-Interest Loans & Grants for Black-Owned Small Businesses
New grants and a low-interest loan fund to assist Black-owned Small Businesses in various industries are available. Read further to learn more about the Brooklyn Excelerate Loan Fund and various grant programs sponsored by Amazon, Instagram and Bacardi.
View our curated list of available grants opportunities to help New York State small businesses grow and recover. Contact the Pace University SBDC to schedule a no-cost, one-to-one business counseling session to help assess what programs might be a good fit for you.
The Brooklyn EXCELerate Loan Fund is providing "character-based" COVID-recovery loans of up to $100,000 to Brooklyn small businesses at 0%-2% interest with no collateral and very flexible underwriting. The program will fund Black Indigenous People of Color (BIPOC) owned small businesses that operate in Brooklyn. Eligible businesses have two lending options:
Rapid Recovery Loan of up to $15,000 with 0% interest to cover expenses, such as, equipment, renovations and rent & lease assistance.
Restart Loan of up to $100,000 at 2% interest to aid businesses who have significant challenges to reopening or normalizing due to insufficient operating capital.
Instagram’s @Design is partnering with the Brooklyn Museum to launch #BlackDesignVisionaries, which offers three $10,000 grants to emerging black designers and one $100,000 grant to a small, black-led design business.
To be eligible, applicants must be a Black-identifying designer between the ages of 18 and 30, or a Black-identifying leader of a small design business no more than 10 years into its practice and employ between 3-25 employees, excluding freelancers and interns. The deadline to apply is July 16 at 11:59 PM ET.
Amazon is partnering with Hello Alice to launch the Black Business Accelerator, which will provide $10,000 grants to black-owned businesses selling on Amazon. The program also provides access to business guidance, mentorship, and Amazon advertising credit. The deadline to apply is July 29.
The Backing the B.A.R. Acceleration Grant is providing $10,000 grants to Black-owned businesses in the beverage alcohol service, sales, and hospitality industries. Grantees will also receive educational, and mentorship support to accelerate their business. Deadline to apply is July 30 at 6 p.m. ET.
Contact the Pace University SBDC to schedule a no-cost, one-to-one business counseling session to help assess what programs might be a good fit for you.