Access to capital is vital for small businesses to grow and thrive. The IRC’s Small Business Program can help small business owners to be better able to access capital through the following services:
- Work on establishing or increasing your FICO score through credit-building loans and other safe credit products.
- Be ready to apply for capital by working with a business counselor to develop required documents like business plans and Profit and Loss (P&L) statements.
- Receive assistance in accessing local loan opportunities through partner lenders.
- Business counselors can help you understand loan applications and requirements.
- Apply for capital through IRC’s in-house lending partner, IRC’s Center for Economic Opportunity
Contact us to learn more about screening and referrals to community lenders for business loans, as well as referrals to IRC financial coaches and foundational credit-building loan products.
IRC’s Center for Economic Opportunity (CEO)
The International Rescue Committee’s Center for Economic Opportunity (CEO) is a non-profit lender specializing in making small-dollar loans to refugees and immigrants. CEO is a certified by the U.S. Treasury as a national Community Development Financial Insitituion (CDFI). CEO does not charge any late fees and is flexible with modifying loans or deferring payments to help clients protect their credit and overcome financial turbulence. Some products and rates that are available CEO include:
- Credit Building loans of up to $1,000 with 0% APR
- Business loans of up to $50,000
- Digital Buddy Loans up to $2,500 with 0% interest
Learn more about CEO by visiting www.irc-ceo.org.
Available Capital & Grant Opportunities
Start.Pivot.Grow. Micro Grant
The Start.Pivot.Grow. Micro Grant provides $2,500 in non-dilutive funding to small businesses for essential expenses like rent, inventory, or marketing. Open to U.S.-based, for-profit companies with at least two years of operation, eligible applicants must generate $50,000+ annually and have no more than two employees, including the owner. Winners will also receive a Digital Business Growth Planner and Prep My Loan Planner to support their development. Grants are awarded quarterly, with applications accepted on a rolling basis. Quarter 4 Applications Open Now.
Backstage Capital
Backstage Capital supports underrepresented founders by investing in startups led by women, people of color, and LGBTQ+ entrepreneurs. They focus primarily on U.S.-based, scalable businesses with the potential for high growth. Investments typically range from $100,000 and up, predominantly targeting early-stage companies. Applications are reviewed regularly and feedback is provided to those not selected with encouragement to reapply in the future.
Southern California Job Creators Grant
The Southern California Job Creators Grant will award $50,000 in total to 10 diverse-led businesses across the region, with individual grants accompanied by scholarships to the Founders First accelerator program. Eligible applicants must be for-profit businesses with annual revenues between $100,000 and $5 million, operating in a B2B or B2G model, and located in Los Angeles, Orange County, Riverside, San Bernardino, Imperial, or San Diego. Businesses must have at least two full-time employees and the capacity to create up to two new premium-wage jobs within 12 months. The deadline to apply is November 11, 2024.
Sephora Beauty Grant
In partnership with Fifteen Percent Pledge, the Sephora Beauty Grant awards $100,000 to a Black-owned beauty business, aiming to close funding gaps and promote equity within the beauty industry. Qualifying applicants must have been in business for at least one year, generate an annual revenue of $100,000 or more, and hold at least 50% Black ownership. Applications are open until November 15, 2024, with the winner announced at the 2025 Fifteen Percent Pledge Gala in Los Angeles.
Cécred x BeyGOOD Salon Business Grant
The BeyGOOD Salon Business Grant recognizes running your own business is difficult, no matter if you rent a booth, operate a salon, or work out of your home. Each year, twenty five $10,000 grants will be awarded to qualifying salon business owners in Atlanta, Chicago, Houston, Los Angeles, and New Jersey so they can continue their transformative impact in the community. Applicants need to demonstrate need due to financial hardship; currently a licensed barber, hairstylist or cosmetologist for a minimum of 2 years; has a lease agreement for a salon, suite, booth or chair or show proof of salon business ownership; and been in business for a minimum of 1 year. Applications are open from November 1 – November 20, 2024. Grant recipients are announced on December 20, 2024.
Aurora Tech Award
The Aurora Tech Award, supported by inDrive, is a grant awarded to women founders of tech startups within their first five years of founding. The top five winners will receive cash prizes totaling $85,000, with the first-place winner receiving $30,000, alongside mentorship and networking opportunities. To qualify, startups must be led or co-led by a woman, have a functional product prototype, and have received no more than $4 million in prior funding. The application deadline is November 21, 2024, and winners will be announced in spring 2025.
The Freed Fellowship Grant
U.S.-based small business owners can apply for a monthly $500 grant from The Freed Fellowship. Applicants are evaluated based on the 5C Framework, which assesses various aspects of applicants’ business. Along with the grant, applicants receive feedback on their business and a two-month free membership in the Freed Studio, a community of ambitious business owners. Grant recipients are also eligible for an end-of-year grant of $2,500. The deadline to submit is November 30, 2024.
DoorDash Restaurant Disaster Relief Fund
The DoorDash Restaurant Disaster Relief Fund offers $10,000 grants to help restaurants recover from natural disasters, severe weather, or major infrastructure failures. Eligible applicants include U.S.-based restaurants, gastropubs, or bakeries with brick-and-mortar locations that have experienced revenue loss due to a declared disaster within the past 12 months. To qualify, businesses must have no more than three locations, have been in operation for at least six months, employ fewer than 50 people at each location, and generate less than $3 million in annual revenue per location. Applications are accepted quarterly, with fall applications open through December 2, 2024, at 6:00 p.m. ET.
Verizon Small Business Digital Ready
Verizon announced new $10,000 grant funding opportunities available for small businesses via the Verizon Small Business Digital Ready platform. Small business owners who register on the platform can receive free, personalized access to over 50 online courses in English and Spanish, mentorship opportunities with industry experts, 1:1 and group expert coaching, virtual and in-person community events, and the opportunity to apply for grant funding. Small businesses can unlock the application for this round of grant funding by first registering on the Verizon Small Business Digital Ready portal and completing at least two courses, coaching or community events, in any combination by December 13, 2024 at 11:59pm PT. Small businesses that complete the application will be eligible for consideration to receive a $10,000 grant
Secretsos™ Small Business Grant
The Secretsos™ Small Business Grant offers $2,500 to help entrepreneurs overcome challenges and accelerate growth. To apply, business owners must be 21 or older and operate in eligible US states, excluding Alaska, Florida, Hawaii, New York, and Rhode Island. Applications are due by December 31, 2024, at 11:59 p.m., CST, and the selected recipient will have full discretion on how to use the funds to support their business.