Capital is one of the greatest needs for all small business owners, especially entrepreneurs of color. Borrowing isn’t always the optimal way to finance your business. Loans have to be repaid and depending on the interest rate and term, debt might not be the best way to sustain operations or fuel growth. In the wake of COVID-19, many companies and business support organizations have developed cash grant programs to help small businesses survive and recover.
Cash grants, which can provide businesses some breathing room and funds to invest could be a viable alternative to a loan, and may often be what small businesses need to stabilize in the wake of COVID-19 and fuel their growth.
While grants can be the source of flexible capital, finding them can be challenging. There are important takeaways from the work of private companies and organizations who have and continue