If you are interested in expanding your business and are looking for funding to support it, there are several grants available in Chicago. Some of these include Swaby’s black-owned business Chicago, the Comcast RISE Investment Fund, and JLH Social Impact Fund. Others include Accion Chicago and LISC Chicago. The following information will provide you with more information. And if you have any questions, feel free to contact me. I will be more than happy to answer your questions.
Comcast RISE Investment Fund
The Comcast RISE Investment Fund is a new grant program designed to support small businesses in the Twin Cities. The fund focuses on businesses owned by women and people of color. This year, the fund will award $5 million to 500 small businesses in five cities. Grants are made for creative production and linear TV marketing campaigns, and the recipients will also receive consultations from media experts. Once awarded, each small business will have 90 days to place advertisements on the network.
The Comcast RISE Investment Fund is an opportunity for small businesses owned by women and people of color to expand their businesses. The funds will help businesses in various stages of development. Last year, the company awarded $1 million in grants to small businesses in Philadelphia. The Comcast RISE Investment Fund will continue to do this in the future. Ultimately, it aims to help all minority and women-owned businesses grow in the area.
JLH Social Impact Fund
The JLH Social Impact Fund has recently announced the next round of grantees for its annual awards. The grantees are selected based on their unique business model and need for funding. They will receive mentoring, training, and social media exposure. The funds will match the first $10,000 raised through a FundBlackFounders supported fundraising campaign. The Fund will also help grantees acquire new donors and support their overall fundraising strategy. Grantees will receive 14 weeks of coaching and mentoring from The Kinship Advisors and FundBlackFounders executives.
The JLH Social Impact Fund is a new program being launched by NBA All-Star Jrue Holiday, who has pledged to donate the remaining $1 million of his 2020 NBA salary to fight racism. The JLH Social Impact Fund is a grant program designed to provide financial support to Black owned businesses and nonprofits that have the potential to make a difference in the community. Holiday plans to distribute $1 million of the funds to 25 Black-led nonprofits and small businesses in the next three years.
If you have a startup company, a detailed business plan is an excellent way to attract investors. The USBC is a great place to start as well. You can apply for free certification as a Black-owned business. Additionally, they run events for entrepreneurs and partner with big brands to help them access opportunities. The DOT’s DBE helps minority-owned businesses apply for federal funding. As an American citizen, you automatically qualify as disadvantaged.
The National Urban League offers scholarships, grants, and mentoring to entrepreneurs of color and other minority groups. You can also access funding from their Advancing Black Entrepreneurs program, which focuses on entrepreneurship and business growth. Another great resource is IFundWomen, a nonprofit that supports female-owned businesses. You can receive coaching and networking, and learn about funding opportunities through their website. It’s important to remember that these programs aren’t available in every state.
One example of how LISC Chicago grants can help a small business owner is in the purchase of real estate. Shanetha Pollnitz runs a Chicago child care center. She recently purchased a building with four rental units on the upper level. It’s not like purchasing a home – most business owners want to own real estate but don’t know where to begin. For this reason, she needed help with the purchase.
The LISC Chicago’s Diverse Supplier Grant Initiative was created in response to the current challenges that Black entrepreneurs face when it comes to accessing capital. The fund allows businesses to meet corporate minimum standards through alternative financial resources. Corporations may donate to the program, and JP Morgan Chase will match their contribution dollar for dollar. Currently, there are over a dozen corporations that have pledged more than $1.2 million to the program.
Coalition to Back Black Businesses
The Coalition to Back Black Businesses provides grants to small, Black-owned businesses across the country. In addition to providing grant money, the organization also provides a year-long coaching platform to help entrepreneurs succeed. The group has awarded over 600 businesses with $25,000 grants since its establishment in 2011. In a recent grant cycle, the organization awarded twenty-five recipients with $40,000 in grant money for a variety of business needs. These businesses include those looking to expand their business models, improve their e-commerce capabilities, and purchase PPE. In addition, American Express is inviting grant recipients to apply for enhancement grants for additional funding.
The Coalition to Back Black Businesses in Chicago is a multi-year grantmaking and training initiative that awards grants for up to $5,000 to small Black businesses. The program will distribute grants to qualifying Black-owned businesses each fall and offer an opportunity to apply for enhancement grants of $25,000 the following spring. In addition, the nonprofit provides a mentoring program and online resources for aspiring business owners. It is currently accepting applications until Sept. 2021. It has helped more than 1,000 small Black businesses grow and thrive.