Last Updated on August 7, 2022 by Danielle McDonald
There are many small business loans and/or grants that the state of Louisiana offers each month. These programs are offered with a focus on grants for women owned businesses, minorities (including Black, Latino, or Asians) and other minority groups. The government, non-profits, banks, credit unions, or other community lending issues the grants and loans.
These funds are for starting and/or growing an existing business. Every lender (or free grant program) has its own established application process. Below is a list of Louisiana funding sources that are available to minorities, women owned, and disadvantaged companies. Many of these programs are located in New Orleans, Baton Rouge, Shreveport, and other cities. However, financial assistance, free business advice, and other support is available in all other cities in Louisiana.
Loans and Free Grant Programs for Small Businesses in Louisiana
This is a list of current, ongoing government programs or lenders for loans, grants and other funding sources in Louisiana. Most of these programs are geared towards women and/or minority owned businesses. They are often called MWBE or BIPOC (Black, Indigenous, and People of Color).
Ongoing and Year Round
HOPE Credit Union, along with partners Ford Motor and Goldman Sachs, combine resources to assist black owned businesses in Louisiana and New Orleans. The Deep South Economic Collaborative administers this program. Low cost loans, mentoring, technical assistance programs, and many other services are available. Their aim is to help black entrepreneurs and businesses progress and grow.
This non-profit is located in New Orleans. They offer 0% interest Kiva loans to qualified entrepreneurs and small businesses. The peer to peer Kiva program helps financially disadvantaged businesses in Louisiana. The program is geared towards women, veterans, Latinos, Black, and immigrant businesses (among others). They also assist with goal setting, financial empowerment, operate an accelerator program, and much more.
The Louisiana Minority Business Development Agency Business Center assists immigrants, Black and Brown business owners, and other people of color. The assistance offered includes information about starting or growing a business, and how to get help doing it. They also help with employment opportunities, training, financial matters, legal contract reviews, and many more. Click the link above to learn more about the non-profit organization.
This programme is similar to one of the free grants and loans for minority and women owned businesses in Maryland, the Baltimore Small Business Resource Center.
THRIVE is a non-profit that assists small businesses in New Orleans. This non-profit attempts to offer support, with occasional loans from the Restoration Thrift Store and Racial Equity Grants. They also encourage consumers and companies to shop at minority owned businesses. Furthermore, there is a wide range of assistance and advice available.
Propeller assists Jefferson and Orleans Parishes nonprofits and small businesses. The program helps businesses who are trying to make a difference in the world through supporting environmental and/or socio-economic causes. There is a priority on women, minorities, and disadvantaged businesses. Moreover, the Kiva Trustee provides capital loans to businesses without interest. There is also access to a business accelerator program, and other resources.
This is similar to one of the free grants and loans for minority and women owned businesses in Kentucky, the Seed Capital Kentucky programme.
Good Work Network (Go.Be.) is available to MWBE owned businesses in the Southeast Louisiana area. This regional non-profit offers several services, including referrals and assistance in applying for grants, loans, or other financing. There are also many programs, such as Level Up, incubators, networking, free business coaching, and more. This program is open for application to Black, Hispanic, women, and other disadvantaged businesses.
The Tangipahoa Parish Black Business Network is exclusively for Black owned businesses. They assist, mentor, and support anyone, from small business owners to vendors, sole-proprietors to larger companies. They also provide classes, information about government grants and government contracts, workshops, advice from experienced business owners, and more. This organization assists Black owned businesses in growing and finding opportunities. For more information, contact the United Way.
The Urban League of Louisiana provides assistance to the state’s disadvantaged citizens. The Black Business Works Fund is one of the programs. It can provide free micro-grants (as resources allow) to minority owned businesses. This includes Black, Latino, immigrant, or other minority groups. Moreover, they offer one-on-one technical assistance, free workshops about starting and/or growing a business, mentoring, marketing support, and more.