Business grants are a substantial catalyst for small companies, but finding and applying for them can be an arduous process.
Black-owned fintech and finance company Novae LLC is aimed to make it simple.
They recently announced the launch of a new online tool aimed to help small businesses find grants and tax incentives that can help them scale.
The tool is called Novae Grants, and is described as a database of thousands of financial assistance opportunities from both the government and the private sector.
“We know that local businesses make us more secure, and we know that innovation often comes from startups,” Novae founder Reco McCambry said in a news release. “There are a lot of organizations that recognize this and offer funding to support these missions. But not many people know how to find these grants, and many assume they won’t qualify because they aren’t in some specialized public service role. Our mission is to change that and bring this money into our communities.”
The database holds grants that range from $500 to $5 million and include town- and city-based funding opportunities aimed to revitalize local businesses and foster job creation.
It was also noted that a large number of the grants are designed for small businesses with 6-100 employees.
The grant database can be accessed atNovaemoney.com, and the company also claims to helps companies build business credit, provides access to traditional business funding, and connects businesses with consumer financing for their high-ticket offerings.
The database aims to solve a vast disparity in grant allocation. According to a recent survey conducted by the Blue Cross Blue Shield Foundation, 61.3% of grantees were white-led, 27.4% were Black-led, 11.3% were Hispanic or Latino-led.
According to the news release, Novae’s mission is “to increase access to financing for businesses and customers in underserved communities has helped the company and its CEO to earn numerous awards and distinctions in recent years.”