Free Grants and Loans for Minority and Women Owned Businesses in Mississippi

Last Updated on August 23, 2023 by Hannah Stevens

Women and minority business owners or entrepreneurs in Mississippi can receive financial assistance in the form of free grants, interest-free or low-cost loans, coaching programs, and more. Many charities, nonprofits, corporations, and government agencies offer funding, with some money dedicated to women, veterans, and LGTBQ+ business owners, among others. Below is a list of Mississippi financial resources and assistance programs.

Any organization can provide assistance, including the Mississippi state, the federal government, charities and nonprofits, banks, and more. Mississippi offers financial assistance for women and minority entrepreneurs, as well as owners of small to mid-sized businesses, and grants for women owned businesses.

Although there are many programs available throughout the state, the largest cities like Biloxi, Jackson, and Gulfport have the most resources. However, there are some free grants and loans offered, even minority or women applicants with poor or no credit. The majority of financial aid also comes with ongoing support, free coaching, and mentoring.

Loans, Grant Programs, and Assistance for Women or Minorities Owned Small Businesses in Mississippi

You will find a complete list of resources and year-round assistance programs for MWBE and BIPOC (Blacks, Indigenous, People of Color) owned companies. All business owners and startups can apply. However, some grants or loans are exclusively available for Black, Latino, and other minority owners.

Year Round Free Grants, Financial Assistance, Coaching and More

Higher Purpose Company

This company is the Kiva Loan Hub of the state of Mississippi. It is a local non-profit that works with the national non-profit Kiva to offer 0% interest rate loans. However, most of the funding goes towards Black, women, or other disadvantaged businesses. The Higher Purpose Company also offers financial assistance, a fellowship program, wealth and capital building plans, free business coaching, and other resources.

This programme is similar to one of the free grants and loans for minority and women owned businesses in Missouri, the WEPOWER.

Mississippi Gulf Coast Chamber of Commerce 

They offer a small grant program for minority owned businesses that are members of the Chamber, and have less than 50 employees. Mississippi Power works in conjunction with the Free Shine a Light Grant program. The available funds are for women or BIPOC owned small businesses, and usually amounts up to $1,000.

Small Business Capital Fund of MS 

This is a CDFI that offers low-cost loans up to tens of thousand dollars for start-ups or small businesses. They prioritize businesses with limited credit, or those without access to traditional lenders or financing. Moreover, they offer technical assistance, grant programs assistance, and several free or low-cost services.

Women Business Center (WBCM)

WBCM is also known as the Women Business Center of Mississippi. It is located in Jackson at 1230 Raymond Rd. They assist female entrepreneurs and small to mid-sized business owners. There are volunteers and staff available to help with everything from networking, business plan development, applying for capital (loans or grants, or anything else.

This programme is similar to one of the free grants and loans for minority and women owned businesses in Minnesota, the WomenVentures.