Empowering Historically Underrepresented Entrepreneurs: Navigating Government Loans, Grants and More

​TriNet is committed to supporting the success of small and medium-size businesses (SMBs), especially those from historically underrepresented communities. In today's rapidly changing business landscape, SMBs often face challenges that hinder their growth, scalability, or mission and vision. These commonplace challenges can result from having one or more variables to contend with: limited access to capital, navigating unfamiliar and complex business landscapes, or external factors disproportionally impacting businesses led by those from historically underrepresented communities (such as the recent pandemic and subsequent economic crisis).

At TriNet, we recognize and understand these unique challenges faced by SMBs within the historically underrepresented business (HUB) community and have compiled a comprehensive list* to connect entrepreneurs with helpful government resources. Follow along as we explore some popular programs, grants, and other financial incentives available through federal, state and local agencies.

• Small Business Administration (SBA) Loans are perhaps the most widely known programs within the SMBs space. SBA loans are financial products earmarked to help support businesses at various stages of growth. The loans are guaranteed by the SBA thereby making it easier for lenders to offer favorable terms and rates. These loans typically have a longer repayment period and lower interest rates making them attractive to SMBs. The most popular is the SBA 7(a) loan which offers working capital, equipment financing and businesses acquisition funding. Watch this brief discussion between Samantha Wellington, TriNet’s EVP of Business Affairs, CLO and Secretary, and SBA Administrator Isabella Casillas Guzman to learn more about SBA loans and other ways SMBs can gain access to capital via SBA programs.

• Grants.gov, managed by the Department of Health and Human Services, is a platform that centralizes information about grants offered through various government agencies. This user-friendly platform allows entrepreneurs to:

1. efficiently search for grants that align with their business needs;
2. provide a standardized application package including forms, instructions, guidelines, ensuring compliance and uniformity across applications;
3. provide tracking and confirmation to monitor the status of the application throughout the process;
4. workspace collaboration where team members can collaborate on the application; and
5. notification and updates on new funding opportunities and program updates.

• The Research and Development (R&D) Tax Credit is a form of government incentives intended to encourage businesses to invest in research and development activities. The R&D tax credit serves as a powerful financial tool, allowing businesses to reinvest funds back into their operations to fuel innovation and growth. With TriNet’s Clarus R+D, businesses can get help in claiming these tax credits which frees up resources for further growth and innovation. Understanding the nuances around the benefits of these tax credits, qualifying, applying and claiming these tax credits, can be cumbersome, so we suggest working with your trusted business partners or Clarus R+D.  

TriNet remains dedicated to empowering underrepresented entrepreneurs and SMBs by shining a spotlight to valuable government resources through an ever-evolving curated list. It’s important to note that the eligibility criteria, availability and application process varies across states and programs. With careful planning and the right support, SMBs can obtain the necessary funding, support and incentives to fuel innovation, drive growth, and unlock their full potential. We encourage entrepreneurs to explore these resources TriNet has pulled together, connect with relevant programs, and take advantage of the support available to propel their businesses forward. Together, we can create a more inclusive and thriving entrepreneurial landscape for all.

* Although a curated list of government resources is provided for educational purposes, enrollment is the responsibility of each business based on their specific needs.

© 2023 TriNet Group, Inc. All rights reserved. This communication is for informational purposes only, is not legal, tax or accounting advice, and is not an offer to sell, buy or procure insurance. TriNet is the single-employer sponsor of all its benefit plans, which does not include voluntary benefits that are not ERISA-covered group health insurance plans and enrollment is voluntary. Official plan documents always control and TriNet reserves the right to amend the benefit plans or change the offerings and deadlines. 

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