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.
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.
- Fast Break for Small Business. The Fast Break for Small Business grant program, in collaboration with the NBA, WNBA, and NBA G League, offers small business owners and entrepreneurs the chance to win a $10,000 grant and/or up to $500 in LegalZoom products and services. Awarding a monumental $3 million in total grants and services, the initiative, currently in its third run, has already aided over 3,150 small businesses. The application window closes on September 13, 2024, at 8:00 p.m. ET.
- Small Business Digital Readiness Program. In partnership with Verizon, National ACE has developed a digital readiness program to help small business owners succeed in a digital world. The free online curriculum includes expert coaching, peer networking, and other resources to support your small business. Those who register for the program and take two courses are eligible for a $10,000 grant. This opportunity is rolling and you can learn more at the program’s webpage.
- Small Business Digital Readiness Program-Verizon opportunity, $10,000 grant (Aug. 2)
- Galaxy Grant-Hidden Star Opportunity, $4,250 grant. Application due Sept. 30, 2024.
- Queer to Stay: LGBTQ+ Business Preservation Initiative -0The “Queer to Stay” initiative launched in June 2020, awarding 10 LGBTQ+ small businesses across the country by addressing the financial hardships faced during the height of the COVID-19 pandemic. With the fifth iteration of this program, “Queer to Stay” will reach over $1 million in total distributed funding, awarding over 100 businesses across the country over its lifetime.
- Faire Small Business Grant. The Faire Small Business Grant provides $5,000 grants to select new retail businesses to help them stock their stores and cover their inventory expenses. To be eligible, applicants must be U.S.-based and have opened their retail store in 2023-2024 or plan to open this year. Applicants are asked to submit a short video about their store concept and community involvement, along with a few business and financial details. Applications for the first cycle are open through August 31, 2024. Learn more and apply here.
- Famous Amos Ingredients for Success Entrepreneurs Initiative. The Famous Amos Ingredients for Success Entrepreneurs Initiative, now in its fourth year, awards $50,000 to three Black-owned start-up businesses in the U.S. In partnership with the U.S. Black Chambers, Inc., this annual program supports Black entrepreneurs with capital, valuable resources, and access to a strong professional network. Eligible businesses must be at least 90% Black-owned, under five years old, and owned by individuals aged 21 or older. Applications must include a pitch video and business overview and are open through August 4, 2024.
- Female Founder World Grant. The Female Founder World Grant, offered by VistaPrint and Female Founder World, will award a $15,000 cash grant plus marketing support to one small business owner. To qualify, businesses must be part of the Female Founder World community, have annual revenue between $40,000 and $1,000,000 and fewer than 10 employees, and sell a physical product. The grant funding must be used for marketing, manufacturing, or research and development. Applications are open through September 17, 2024.
- Veteran Shark Tank. Veteran business owners can compete for $50,000 in the 11th annual Veteran Shark Tank, held on December 9, 2024, in Philadelphia. To qualify, businesses must be less than three years old, and veterans must own at least 50% of their company, have a clean legal record, and use the prize money for business improvement. Applications, due by October 6, 2024, must include a brief video pitch and a PowerPoint presentation detailing the business plan.