Last Updated on August 23, 2023 by Hannah Stevens
This list provides information where and how to apply for financial assistance for small businesses in Alabama. You can obtain free grants or low-cost loans, as well as coaching, technical support, and other resources for women and minority owned businesses. Moreover, there are grants or loans available from the government, nonprofits, banks, and other lenders to assist people start or grow a small or mid-sized business. Below, you will find more details, also about grants for women owned businesses.
Every agency or program provides funding for minority owned businesses or those who are disadvantaged in Alabama. This includes Black, Latino, Asian, veterans, immigrants, and other minorities. There are also low-cost loans and free grants provided for women who (1) are interested in starting a business, or (2) may already have business.
Furthermore, small businesses or start-ups in Birmingham, Huntsville, Montgomery, Mobile, or residents of rural Alabama can receive assistance. BIPOC (Black, Indigenous, People of Color), veteran, and MWBE owned small businesses have priority for financial assistance, counseling, and free grants. Every coaching service or financial aid program also has their own application process, terms, and criteria.
Business Loans or Free Grants in Alabama
This list is up to date with the available loans or grants from lenders or the state. You can also find programs operating all year, like community lenders, business development organizations, and other resources for free small businesses.
All Year Resources
Urban Impact Birmingham
The Urban Impact assists MWBE businesses in Birmingham. They offer financial assistance, such as Kiva Loans, micro financing, grants, and other assistance. They also provide counseling services, business development plans, and other resources for small and micro-sized businesses. Click the link above to find out more about the non-profit organization.
Black Belt Incubator Network
The Black Belt Incubator Network supports businesses across the state of Alabama. The aim is to gain access to capital, such as grants or loans, for businesses owned by people of color. They have also formed partnerships with universities, Development Centers, minority business groups, Alabama Power, and others. Moreover, there are several services offered. Click the link above for more details. This is less generous than the Free Grants and Loans for Minority and Women Owned Businesses in Wisconsin.
Hope Enterprise Corporation
Birmingham and Montgomery Alabama have partnered with Hope Enterprise Corporation, Goldman Sachs, and other companies to support Black owned businesses in these communities. They formed a collaboration. The provided assistance includes technical support, low-cost loans, mentoring, Business Education workshops or classes, and more. Learn more about the Deep South Collaborative. Click the link above to apply.
Catalyst Center for Business and Entrepreneurship
The Catalyst Center for Business and Entrepreneurship assists women owned businesses in Huntsville and Clanton, Alabama, similar to the Free Grants and Loans for Minority and Women Owned Businesses in Arizona. They provide free assistance in coaching, website and SEO development, accounting, marketing tips, and other services for small businesses or entrepreneurs. Moreover, they offer information on how minorities and women can obtain government contracts, loan programs, and other tools. You can also find information on business development programs for veterans. Click the link above to read more.
This is the best grants for women owned businesses in Alabama.
Community Foundation of Greater Birmingham
The Community Foundation provides year-round support for small businesses in Jefferson County and Birmingham, with a focus on those who are disadvantaged. The non-profit assists minority, veteran, LGBTQ+, and other underserved businesses. There are several services available, including free grants from charities, information about mentoring, loan programs, networking, and more. You can also find a directory of grants available in Alabama. Click the link above to continue reading.
