The San Antonio Area Foundation (SAAF), in partnership with Corporate Partners for Racial Equity, has created a $1.5 million fund to support black-owned micro and small businesses in Bexar County over a three-year period launching in 2022. Last year, a total of $500,000 was awarded. The 2024 program will offer an additional $500,000 to small business owners.
Years of national data show a clear pattern of inequity in access to credit and capital for black-owned businesses, thereby limiting the establishment, expansion and growth. This fund, administered by LiftFund, offers eligible businesses access to capital as well as a menu of comprehensive services that include grant funding, business advising, networking, and marketing opportunities.
*must meet eligibility requirements
The program will provide financial support in the form of grants between $5,000 and $35,000 to eligible micro and small for-profit businesses.
In addition to funding, the grant awards include: Financial & Business planning consultations with LiftFund, including a pre- and post-funding assessment; Values Based Leadership program; access to specific workshops based on the business and financial client needs; and connection with a personal mentor.
The grant funds will be distributed in three allocations over a six-month period contingent on completion of the following:
Additionally, two (2) follow up consultations are required after the grant is fully funded.
Grant funding will be disbursed upon completion of technical assistance requirements. All participants will be required to sign an agreement pledging to attend all course components prior to the start of the program.
Business Support Benefit
As a value-added benefit of this program the LiftFund Business Resource Hub will provide financial and business support guidance and coaching to award recipients to leverage the funding received.
To be eligible for this program, businesses must meet the following criteria:
Businesses not eligible for consideration include nonprofits, gambling/gaming, sexually oriented, payday and auto loan providers. You can view the list of prohibited NAICS codes here.
Additional documents may be requested for verification purposes.
Grant applications will be assessed and scored based on the responses provided for the six categories below. The qualified applications with the highest scores will be approved. The maximum application score is 12:
| Category | Max Points |
| Business located in a qualified census tract | 1 |
| Applied for the program in 2022 or 2023 but was not selected | 1 |
| Number of full-time employees | 2 |
| Use of Funds | 5 |
| Veteran Status |
1 |
| Time in Business (based on date on formation document) |
2 |
Application Period: February 5 @ 9 am – February 21 @ 5 pm.
The Grow Now! Financial Equity Fund will accept applications online beginning Monday, February 5, 2024 at 9:00 AM CST through Wednesday, February 21, 2024 at 5:00 PM CST.
Applicants will be able to save their progress during the application period. Applications must be completed and submitted along with all the documentation required for verification before 4:59:59 PM CST on Wednesday, February 21, 2024.
Applicants will receive a confirmation email when they submit the application.
Application review: February 26 – March 26, 2024
The grants team will reach out to applicants by phone or email if additional documents or clarification is needed. If additional documents are requested, applicants will have 3 business days to submit.
Award notifications: April 5, 2024
Eligible applicants with the highest scores based on the methodology above will be notified earlier within the award notification time frame, followed by lower scoring applicants. All applicants, even if ineligible or not selected for funding, will be notified by April 19.
Selected recipients will be notified of approval and prompted to accept the grant via an emailed DocuSign form. Once DocuSign is completed, awardees must submit their most recent business bank statement and a voided check to verify deposit account information.
Course completion and funding disbursement: May 1 – November 8, 2024
Workshops and consultations will be held between May and October. Grant disbursement will be processed according to the schedule listed in the Grant Awards section of the website.
FEB
5
3PM
The grant amount will be 25% of the business’ gross verifiable income up to $35,000.
You only need to submit the Schedule C.
You will receive a submission confirmation email from [email protected]. The grants team will contact you by phone or email if additional documentation or clarification is needed.
You may still submit the home utility bill. As long as the address on the utility bill matches the other documentation provided, that can serve as verification of business location.
No, we will only consider the number of full time employees.
You will be asked to submit a current business utility bill or lease.
Yes. LiftFund will issue a 1099 in January 2025.
It is based on gross revenue.
You will receive a confirmation email from [email protected]. Please check spam and trash in case it was blocked.
No, you may only submit one application for one business.
No, your business must be physically located in the county.
You can submit a copy of your business lease agreement.
Applicants will be notified by April 5, 2024
Yes, applicants who are not selected for funding will be notified by email in mid April.
LiftFund is nonprofit community development financial institution with a 27-year track record of elevating underestimated and underserved communities across its 15-state footprint. Since 1994, LiftFund has provided over $415 million in opportunity funding and business education to small business owners and aspiring entrepreneurs.