By Ali Stofflet, Arvada Chamber Director of Business Outreach and Growth
Access to capital can be a significant challenge for underrepresented groups such as women, people of color, LGBTQ+, and people with disabilities. In Colorado, efforts are being made to ensure that these communities have access to resources that support their entrepreneurial ventures, education, and professional growth. Whether you’re a small business owner, a student, or a professional looking for opportunities, here are some funding options available to underrepresented people in Colorado.
View more business funding options and other resources at the Chamber’s Business Resource Center.
Grants and Scholarships for Small Business Owners
Underrepresented entrepreneurs in Colorado can access several grant programs to start and grow their businesses. These include:
Colorado Enterprise Fund (CEF)
The Colorado Enterprise Fund provides loans and technical assistance to small businesses, with a particular focus on underserved entrepreneurs, including women, minorities, and veteran-owned businesses. They offer microloans ranging from $1,000 to $50,000, with additional access to coaching and business development resources. https://coloradoenterprisefund.org
Minority Business Office (MBO) of Colorado
The Minority Business Office helps businesses owned by women, minorities, veterans, and people with disabilities to navigate funding opportunities. They offer guidance on accessing state and federal contracts, as well as linking entrepreneurs to capital resources such as grants and low-interest loans. https://oedit.colorado.gov/minority-business-office-of-colorado
The Commons on Champa
This Denver-based resource offers support for minority entrepreneurs through mentorship, networking, and workshops. It also provides access to small business grants and competitions focused on supporting underrepresented groups. https://thecommons.co
The Amber Grant (The Women’s Nest)
WomensNet founded the “Amber Grant” in 1998. The grant was set up with one goal in mind: to honor the memory of a very special young woman, Amber Wigdahl, who died at just 19 years old — before realizing her business dreams. Today, WomensNet carries on that tradition, proudly giving away at least $30,000 every month in Amber Grant money. In recognition of the diversity of businesses owned by women, we’ve also expanded our grant-giving to include “Marketing Grants,” “Business Category Grants,” as well as two “$25,000 Year End Grants.” Applications are awarded year-round and monthy. https://ambergrantsforwomen.com/all-grants
FreedFellowship Microgrants
Each month an underrepresented small business owner can receive a $500 micro-grant from the Freed Fellowship. Monthly grant recipients are also eligible for a $2,500 annual grant. Applications are accepted on a rolling basis. https://freedfellowship.com/grant-a
The Kitty Fund Mother Led Business Grant (Founders First)
The Kitty Fund is a $25,000 grant program established by Founders First CDC, a non-profit organization, to support “mompreneurs” – mothers who are business owners. The fund offers $1,000 microgrants to eligible small businesses led by mothers across the United States. Named after CEO Kim Folsom’s late mother, Catherine “Kitty” Abrams Tadlock Webster, the grant aims to celebrate and support business-owner moms who balance raising families with leading their organizations in challenging economic times. The program is open to mother-led businesses with under $5 million in annual revenue and at least two employees, and applications require a short video describing the company and its need for the grant https://foundersfirstcdc.org/kitty-fund-press-release-2023
Stacey’s Rise Project (Hello Alice)
A collaboration between Stacy’s Pita Chips and Hello Alice, Stacy’s Rise Project awards $25,000 to 10 women-owned small businesses in the food and beverage industry. Eligible businesses must generate annual revenue between $25,000 and $1 million. Additionally, selected recipients are required to participate in a 16-week virtual mentorship program. https://helloalice.com/grants/stacys-rise
Galaxy Grants (Galaxy of Stars)
The Galaxy Grants program is a $3,750 grant opportunity offered by Galaxy of Stars Plus, aimed at supporting women and minority entrepreneurs in their small business journey. The grant is free to enter, with a deadline of June 30th, 2024, and offers a unique feature where if a referred friend wins, both the referrer and the winner receive a $3,750 grant. In addition to the grant opportunity, Galaxy of Stars Plus provides a membership program that offers access to hundreds of other grant opportunities, funding sources, and resources specifically designed for women and minority entrepreneurs. https://galaxyofstars.org/galaxy-grants
The Well Work
The Well Work is a company dedicated to supporting Black women and non-binary founders in their entrepreneurial journeys, primarily by teaching them how to fund their ventures and grow their businesses. They offer educational programs, including the Build Wellth Founder Academy and grant-focused courses, as well as workshops and funding opportunities in partnership with various organizations. Through these initiatives, The Well Work aims to cultivate a supportive community and champion a future where Black women and non-binary founders are integral to thriving entrepreneurial ecosystems. www.thewellwork.co
Angel Investors and Venture Capital for Diverse Entrepreneurs
For those looking for larger sums of capital, angel investors and venture capital can be a great avenue. In recent years, several groups in Colorado have focused on supporting underrepresented founders.
Rocky Mountain Venture Capital Association (RMVCA)
RMVCA is dedicated to growing Colorado’s startup ecosystem, and they are increasingly focused on funding ventures led by diverse founders. Many investors in this network seek to diversify their portfolios by supporting businesses led by women and minority entrepreneurs. www.rockymountainvca.com
Impact Investment Fund (IIF)
The Impact Investment Fund of Colorado specifically targets startups and small businesses that are led by individuals from underrepresented backgrounds. Their mission is to empower businesses that aim to create a social and environmental impact while also promoting diversity within Colorado’s entrepreneurial ecosystem. https://impactinvestorsfoundation.org
Grant Database (iFundWomen)
IFundWomen is a grant marketplace that specializes in funding and coaching for women-owned businesses. You can submit one application and when IFundWomen adds a grant from an enterprise partner, it will match the partner’s grant criteria to applications within the database. If your business is a match, you’ll receive a notification and invitation to apply. Previous grant partners have included companies like Visa, Neutrogena and American Express. www.ifundwomen.com
Education Opportunities and Grants
For underrepresented individuals seeking education and professional development, scholarships and grants are a key option to access opportunities without accumulating debt. Colorado offers several targeted funds for diverse communities.
Mi Casa Business Pathways Training
Working to empower the Latino Community, Mi Casa offers several educational courses. Originally valued at $8,000, these classes only cost $50. They offer various session in business start up, training, and growth! These classes are also stackable. https://micasaresourcecenter.org
LEAP (Latino Entrepreneur Acess Program)
A growth-stage accelerator designed for Latino and BIPOC business leaders. The program focuses on three key areas crucial for the success of growth-stage businesses: revenue and customer growth, executive leadership, and aligning values with strategy. LEAP provides participants with valuable resources and access to mentors who play a significant role in helping entrepreneurs grow their businesses. These mentors and advisors offer support on both personal and professional levels, with a particular understanding of the cultural nuances experienced by Latino CEOs. https://latinoslead.org/leap
The Daniels Fund
The Daniels Fund provides scholarships to students from underrepresented communities in Colorado. The fund is designed to support those with financial need, strong academic performance, and leadership potential, helping students attend universities and colleges across the state. www.danielsfund.org
CABB – Collective for the Advancement of BiPOC & Business
CABB works together to identify, support and serve BIPOC+ owned businesses in Denver through culturally relevant education, collaboration and access to capital and financial literacy. www.cabbdenver.com/about
The Denver Foundation
The Denver Foundation offers several scholarship programs for students from underrepresented backgrounds, including those who identify as LGBTQ+, are first-generation college students, or belong to communities of color. These scholarships aim to make education more accessible and create pathways to higher education for marginalized communities. https://denverfoundation.org
The Hispanic Scholarship Fund (HSF)
For Hispanic students in Colorado, the Hispanic Scholarship Fund is one of the largest resources, offering financial assistance for higher education. It also provides career support and mentoring to students who are selected as scholars. www.hsf.net
Crowdfunding and Community-Based Funding
For many underrepresented entrepreneurs, traditional funding options like bank loans or venture capital may not be accessible or sufficient. In these cases, crowdfunding platforms and community-based funding can provide a viable alternative.
Kiva Colorado
Kiva, a global crowdfunding platform, has a chapter in Colorado that focuses on providing zero-interest loans to small business owners, with a particular emphasis on women, minorities, and low-income individuals. Kiva Colorado offers microloans up to $15,000, and the funding is provided by community backers who believe in the business’s mission. www.kiva.org/team/join/kiva_denver
Community Foundation of Northern Colorado
This foundation provides funding through grants to nonprofit organizations and businesses that serve underrepresented communities. They also offer community-driven funds that are directed toward specific causes, such as racial equity or economic empowerment for women. https://nocofoundation.org
Government Grants and Contracts
Federal, state, and local government programs offer a range of funding opportunities, particularly for minority-owned, women-owned, and veteran-owned businesses. Accessing these grants often requires navigating specific eligibility requirements, but the rewards can be substantial.
Small Business Administration (SBA) Grants
The SBA offers several grant and loan programs tailored for minority-owned and underrepresented small businesses. Programs like the 8(a) Business Development Program are specifically designed for businesses owned by socially and economically disadvantaged individuals. www.sba.gov/funding-programs/grants
The Colorado Office of Economic Development and International Trade (OEDIT)
OEDIT runs several programs that provide grants, loans, and other financial incentives to businesses that promote economic development in underrepresented communities. One of their key initiatives is the Advanced Industries Accelerator Grant Program, which supports innovation-led businesses, with a strong focus on women and minority-owned enterprises. https://oedit.colorado.gov
Nonprofit and Philanthropic Funding Sources
Several nonprofit organizations and foundations in Colorado are dedicated to helping underrepresented groups access funding, either through direct grants or by providing support and guidance.
The Women’s Foundation of Colorado
The Women’s Foundation of Colorado offers grants and programs to support women, especially those from underserved communities. Their goal is to help women achieve economic self-sufficiency, and they provide grants for education, business development, and leadership training. www.wfco.org
Latino Community Foundation of Colorado (LCFC)
The Latino Community Foundation supports Latino-led organizations and businesses by offering grants, fellowships, and other resources that promote economic and social equity within the community. LCFC funds initiatives focused on entrepreneurship, community development, and educational opportunities for the Latino population. https://latinocfc.org
Arvada Chamber Inclusion & Belonging Scholarship
The Arvada Chamber of Commerce has allocated $3,000 annually toward scholarship opportunities for business leaders (owners and employees) from underrepresented and underestimated racial and ethnic backgrounds, gender identities, sexual orientations, and/or disabilities. The intent of these scholarships is to encourage and engage increased participation in our community, in alignment with the Chambers Inclusion & Belonging efforts.
Each scholarship is worth $500 in Arvada Chamber Bucks to be used toward Chamber membership, participation in Business or Leadership Bootcamps, event attendance, group fees, and more.
Individuals may nominate or request a scholarship by emailing Ryan Hecht at ryan@arvadachamber.org. Please include background information about the business and staff and why this scholarship is a good fit and beneficial for the business.
After receiving the request, the Arvada Chamber’s Inclusion & Belonging KAPS Council will be notified to approve the request. Requests will be processed within one month. Learn more about the Arvada Chamber’s work in inclusion at arvadachamber.org/inclusion.
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