Many studies prove that BIPOC—black, indigenous, and other people of color—entrepreneurs often get the short end of the stick. Minority-owned business owners receive less business financing. And even if they receive business funding, it’s pegged at a higher interest rate when compared with what white business owners get. Most small business grants can become helpful alternatives to more conventional funding options geared toward minority-owned business owners. (More on this later.) In this explainer, we’ll tell you about two popular funding options for minority-owned business owners. So, without wasting any more time, let’s get down to brass tacks.
