B:Side Small Business Growth Grant

BIPOC-led small businesses, particularly those that are considered low-income and low-wealth entrepreneurs, face systemic barriers to capital due to historical disinvestment, limited access to traditional financing, and structural inequities in the financial system. These businesses are critical drivers of economic empowerment, yet they are disproportionately underfunded, making it harder to sustain operations, grow, or respond to financial shocks.

Studies show that BIPOC entrepreneurs receive significantly less funding than their white counterparts, with Black and Latinx businesses securing only a fraction of available loans and investments. Without access to flexible funding, many of these businesses struggle to remain viable, let alone expand their impact. When these businesses lack support, it affects not just the entrepreneurs but also the low-income communities they serve, reducing employment opportunities, wealth-building potential, and access to vital goods and services.

The B:Side Small Business Growth Grant provides unrestricted, low-barrier capital to overlooked businesses, ensuring they have the resources to stabilize and grow. By directly investing in these entrepreneurs, we fuel local economies, create jobs, and empower historically excluded communities, contributing to a more equitable financial system.

The B:Side Small Business Growth Grant will provide $2,500 in unrestricted funding to BIPOC-led small businesses, with a focus on serving and empowering low-income and low-wealth entrepreneurs. The grant is designed to support businesses that are often overlooked, ensuring they have the capital needed to sustain and grow their operations.

Eligibility Criteria: 

1. BIPOC-Led Business – At least 51% owned and led by a person(s) who identifies as Black, Indigenous, or a Person of Color. Priority will be given to low-income and/or low wealth entrepreneurs.

2. Small Business or Sole Proprietorship – The business must be a for-profit entity with fewer than 5 employees.

3. Location – Business must be registered and located in Arizona, Colorado, New Mexico or Utah, with a Good Standing with the Secretary of State.

4. No Time in Business Requirement – Businesses do not need to meet any time in business thresholds to qualify.

5. No Revenue Minimums – Businesses do not need to meet any revenue thresholds to qualify.

6. No Credit or Collateral Requirements – Applicants will not be subject to credit checks or collateral requirements.

7. Simple Application Process – A short, straightforward application with minimal documentation.

8. No Restricted Use of Funding - Funds can be used flexibly for business expenses, including but not limited to: Rent or utilities; Equipment or supplies; Marketing and outreach; Hiring or retaining staff; Professional development; Emergency expenses

Application Process:

1. Online Application – A short, accessible online form with basic business details and a brief statement on how the grant will support the business.

2. Rolling Deadline & Quick Review – Applications reviewed on a rolling basis, with responses within 2-3 weeks of submission.

3. Pre-Grant Impact Assessment - Awardees will need to complete a Pre-Grant Assessment about themselves and their business.

Grant Conditions / Impact Metrics & Reporting:

• To track the impact of the grant, recipients will complete a Post-Grant Impact Assessment 30-days (mid-April) and 60-days (mid-May) post-funding. These updates will be light-touch and designed to avoid burdening recipients. However, they will be in-depth enough for B:Side Fund to provide the following metrics to the ICC.

• To ensure transparency and demonstrate the effectiveness of the program, B:Side Fund will provide impact reports to the ICC at 30, 60, and 90 days post-grant disbursement. These reports will highlight the program’s reach, grantee progress, and key outcomes.

30-Day Report: Initial Implementation & Reach (End of March)

• Total number of grants awarded and demographic breakdown of grantees (race/ethnicity, industry, geographic region).

• How grantees are using funds (aggregated data based on grantee feedback).

• Initial qualitative feedback from grantees on how the grant has helped address immediate needs.

60-Day Report: Early Outcomes & Business Growth (End of April)

• Early indicators of business growth (e.g., % of grantees reporting increased revenue, new customers, expanded services).

• Grantee satisfaction (feedback on program application and selection process)

90-Day Report: Long-Term Impact & Sustainability (End of May)

• Sustained business impact – % of grantees reporting business stabilization or growth.

• Economic impact – New jobs created, new partnerships, or community engagement resulting from the grant.

• Testimonials & Success stories – Short profiles of 2-3 grantees illustrating the impact of the funding.

• Recommendations for future funding rounds – Insights on how to scale or refine the program for greater impact. Since this is a pilot program, we would hope to continue it in the future by approaching other potential funders.

Data Collection Methods

• Surveys – Sent to grantees at each reporting milestone.

• One-on-one check-ins – Brief 1:1 calls with grantees.

Additional Grantee Support:

To maximize the effectiveness of the funding, grant recipients will also receive optional support:

• Financial & Business Coaching  – Access to B:Side U free workshops and B:Side Connect office hours with our Senior Community Development Officer (Spanish-speaking)

• Personal Financial Literacy and Money Management Education - Access to 1:1 coaching sessions through our mission-aligned, non-profit partners.

• Promotion & Visibility – Featuring grantee businesses on social media and newsletters to expand their reach.

Use of Funds:

• $20,000

  • $12,500 grant funds to small businesses

    • 5 businesses will be awarded $2,500 in flexible funding (they can spend funds as they see fit)

  • $7,500 to cover staff time to operate grant program, collect & analyze impact; and employ Spanish-speaking underwriter

• Increased Access to Capital – $2,500 in unrestricted funding to BIPOC-led small businesses, helping them address immediate financial needs and sustain operations.

• Business Stability & Growth – Enabled grantees to cover essential expenses like rent, payroll, inventory, and marketing, leading to increased revenue and business resilience.

• Job Preservation & Creation – Helped small businesses retain employees and, in some cases, expand their workforce, contributing to local job creation.

• Support for Underserved Entrepreneurs – Prioritized businesses serving low-income and low-wealth entrepreneurs, ensuring resources reached those most in need.

• Reduction in Financial Barriers – Eliminated traditional obstacles such as credit checks and collateral requirements, making funding more accessible to historically excluded business owners.

• Stronger Entrepreneurial Ecosystem – Connected grantees with business support networks, optional coaching, and promotional opportunities to enhance long-term success.

• Data & Insights for Future Scaling – Collected impact data through 30, 60, and 90-day reporting, providing insights to attract additional funders and expand the program.

• Alignment with Racial Equity Goals – Advanced racial equity in entrepreneurship by directing capital to BIPOC-led businesses, addressing systemic disparities in funding access.

• Community Impact & Visibility – Elevated BIPOC-owned businesses through media features, case studies, and funder engagement, increasing their visibility and growth potential.