Grants and Resources for LGBTQIA+-Owned Businesses
Pride Month, which takes place in June, is a time to celebrate and promote inclusivity and support for marginalized communities. There are many programs available to assist LGBTQIA+ business owners and entrepreneurs, as they acquire, grow, and scale their businesses. In an effort to empower and uplift the community, financial support and valuable resources are available to help business owners leverage innovative ideas into thriving business ventures.
LGBTQIA+-Owned Businesses in the United States
It’s challenging to determine the exact number of LGBTQIA+-owned businesses in the United States due to a number of factors. Between privacy concerns and changing societal attitudes, not all LGBTQIA+ business owners choose to publicly identify their business as being LGBTQIA+-owned. That said, the National Gay & Lesbian Chamber of Commerce estimates that the LGBTQIA+ community includes 1.4 million business owners. These business owners and entrepreneurs contributes over a $1.7 trillion dollars to the U.S. economy and have created 33,000 jobs. In addition to the NGLCC, there are both government agencies and private foundations that provide grants and resources for LGBTQIA+-owned business owners looking to start, grow, or buy a business.
5 Grants and Resources for LGBTQIA+-Led and Owned Businesses
Along with the five programs listed below, grants.gov provides a comprehensive list of federal grants and funding options for business owners and entrepreneurs.
1. National LGBT Chamber of Commerce
The NGLCC works to expand economic opportunities and advancements by supporting and certifying LGBTQIA+-owned businesses, in order to provide increased visibility, support, and advocacy. In addition to valuable resources, the NGLCC has teamed up with Grubhub for the Community Impact Grant with funds ranging from $10,000 to $25,000 to help business owners grow and scale their business.
2. David Bohnett Foundation
Contributing over $120 million in small business grants, the David Bohnett Foundation is committed to promoting equality and social activism. With grants ranging from $500 to $10,000, this foundation has a dedicated section for LGBTQIA+ business grants.
3. Founders First
The Founders First LGBTQIA+ National Grant award 25 grants totaling $25,000 to small business. Committed to increasing the diverse founder-led businesses, generating over $1million in revenue.
4. Local LGBT Business Development Center Programs
Regional centers, such as SF LGBT Center, LA LGBT Center, DC LGBT Center, and others offer business development programs and resources specifically tailored to the needs of LGBTQIA+ entrepreneurs and business owners. Programs vary but often include workshops, mentorship, networking events, and access to funding.
5. The Small Business Administration (SBA)
The SBA provides various resources and support for LGBTQIA+ entrepreneurs, including business counseling, training programs, and access to financing and loans.
Fostering Entrepreneurship for LGBTQIA+-Owned Businesses
Grants are a vital source of capital for LGBTQIA+-owned businesses and provide money and resources to ensure equity and empowerment in business. By providing business owners with the necessary resources they need to buy, build, and scale successful businesses, grants have the potential to build a more equitable and inclusive economy.