Last Updated on August 23, 2023 by Hannah Stevens
A number of grant and loan programs are available to help women, veterans, and minority owned businesses in New Jersey. You can also get funding from banks, government agencies, non-profits, corporations, and other lenders in your area. Below is a list of grants and low cost or interest-free loan programs.
These funds are available for small and mid-sized businesses. Both entrepreneurs and start-ups can also apply for loans or grants. However, disadvantaged businesses in New Jersey receive priority. These disadvantaged businesses include Black, Latinos, immigrants, women, LGBTQ+, veterans owned businesses, and those who are struggling to obtain the funds they require.
This list is up to date with the available funding sources. Loans and grants may be available in some of the most populous New Jersey cities, such as Newark, Trenton, Jersey City, Paterson, and across the state. There is a focus to provide capital (often with free grants or loans) for BIPOC (Black and Indigenous People of Color), veterans, and MWBE small businesses.
Free Grants or Loans for Minorities and Women in New Jersey
The main government programs, corporation, and lender programs in New Jersey are listed below. This list also includes both loans and grants that are free to most, if not all, residents of the stage. However, there will be funds especially available for minorities (Black, Latino, Asian, LGBTQ+, etc.), women, veterans and others.
Year Round Financial Assistance, Grants, Loans, and Free coaching in New Jersey
There are four non-profits which provide year-round support for disadvantaged businesses. These include the following:
Grameen America
Grameen America assists minorities, women owned small businesses, and entrepreneurs with low incomes. Microloans, credit building assistance, and business training are available for Black, Asian, or Latina women.
Greater Newark Enterprises Corporation
This corporation offers loans of up to $100,000 to minority-owned businesses, which are small or midsize. You may call the phone number (973) 242-4132.
Black Business Enterprise Capital Program
This program provides low cost loans. You may call the phone number (609) 561-620.
Rising Tide Capital
This nonprofit is based in Jersey City (telephone 201-432-4316). They provide assistance for businesses from low income communities, including minority and grants for women owned businesses. Furthermore, they offer classes in business training and management, and loans or grants in Camden, Newark, Jersey City, and other cities.
African American Chamber of Commerce of New Jersey
They provide various services for small businesses, including interest-free, 0% APR Kiva loans with the chamber as a Trustee. The financial aid is available for those with poor credit or no credit, as well as start-ups and small businesses of color and start-ups. Additionally, you can get technical assistance, marketing help, networking events, and many more. Click the link above to find out more about the Chamber here.
Black and Latino Angel Investment Fund of New Jersey
This program is designed to support high-growth start-ups businesses of people of color. They help them connect with Angel Investors and/or grant programs for capital. They also assist creating a connection between them and business leaders, and others in the community who can help small businesses succeed. Furthermore, the Investment Fund is part of the Center for Urban Entrepreneurship and Economic Development (CUEED) at Rutgers. Click the link above to find out more.
Minority Business Development Agency (MBDA)
The Minority Business Development Agency office (MBDA) may provide assistance for businesses in Camden. It is open to all minority owned businesses all around New Jersey. The Enterprise Center is a non-profit organization, which has opened an office in Camden. Access to a broad range of assistance programs are available for businesses owned by people of color. These programs include information about how to obtain capital or government grants, sales and marketing advice, business coaching, networking opportunities, and more. Click the link above to find more information.
This is quite similar to one of the free grants and loans for minority and women owned businesses in New Mexico, the Arrowhead Center.
Latin American Economic Development Association (LAEDA)
The Latin American Economic Development Association (LAEDA) offers a variety of financial assistance and other services to entrepreneurs and businesses in Camden, Atlantic and Burlington county. This non-profit runs a women’s business center, provides information about grants and raising capital, licensing and business plan development, starting a company, and more. Furthermore, their main focus is on women, minority, Hispanic, and disadvantaged businesses. Click the link above to find out more about the non-profit organization here.
Invest Newark
Invest Newark provides a broad variety of classes, workshops, and small businesses programs. Most resources are also available in Spanish. They assist women, immigrants, veterans, minorities owned businesses to apply for capital loans and grants. Moreover, the non-profit offers workshops with local lenders and banks, a Language of Capital program, and more resources. Click the link above to learn more.
Rutgers Business School’s Center for Urban Entrepreneurship and Economic Development
They run the Black and Latino Technology Angel Investment Fund of New Jersey. This free grant program provides financial assistance, counseling, workshops, and other support to disadvantaged businesses. Moreover, the Fund is intended to help entrepreneurs, and allow Black, Latino, and minority owned small businesses to launch or grow in New Jersey’s inner cities – Urban Revitalization. The program is also known as The Black and Latino Technology Initiative. It has helped hundreds of minority owned businesses to receive funds, free grants, networking opportunities, and technical assistance. Click the link above to find more assistance programs available.
This is similar to one of the free grants and loans for minority and women owned businesses in Nevada, StartUpNV.
Urban League of Essex County
Urban League of Essex County assists women, minority, and disadvantaged owned businesses. In conjunction with the Newark CDFI, they also assist arranging small business financing (small dollar loans). Moreover, there are many services available for businesses in Newark. These include registering for website or social media workshops, network, technology classes, free coaching, technical help and more. The main focus of the non-profit is to assist Black Americans and families with low incomes. Click the link above to find out more about the non-profit organization here.
Women’s Center for Entrepreneurship
The Women’s Center for Entrepreneurship has a headquarters in Chatham. This non-profit assists women in starting a business, or growing an existing one. There are many assistance programs available. These include free coaching, workshops on growing a business, company valuations, and advice on how to apply for loans or startup funds. Additionally, there are other resources available. Click the link above to learn more about the non-profit.
