The Spark small business grant program will fuel new business opportunities in the mortgage industry with an initial focus on underrepresented populations.
What is the Spark Small Business Grant Program?
The Spark small business grant program is a business grant designed to provide opportunities for entrepreneurs in the wholesale mortgage industry. For 2021, Spark will feature two separate business grants – Minorities in Mortgage and Women in Mortgage.
Minorities in Mortgage
This grant is dedicated to helping professionals of color make their mark within the mortgage industry by providing an opportunity to create their own path. This small business grant is designed to encourage equity and inclusion in the wholesale channel through assisting owners from underrepresented groups to fund the start-up business costs of opening a brokerage.
Professionals of color in the wholesale mortgage industry who have previous experience as a loan originator or advanced leadership in the retail channel.
Women in Mortgage
This grant is dedicated to providing women the resources they need to start their own independent mortgage brokerage. This small business grant for women is designed to encourage equity and inclusion in the wholesale channel through funding the start-up business costs of brokerages.
Professional women in the wholesale mortgage industry who have previous experience as a loan originator or advanced leadership in the retail channel.
How Can I Apply for a Spark Small Business Grant?
Application submission for the Spark grant program will open on December 1, 2020. Review the following steps to see what you can prepare today to ensure an easy application process.
Review Criteria for Eligibility
Learn more about each of our grant programs and determine if one of our programs is a good fit for you.
Prepare Business Plan
All Spark grant programs require a business plan for submission outlining business costs, marketing plans, projected goals, competitive advantage in your local community, etc.
Compile References & Documentation
Professional and community references are needed to complete your application and should highlight your entrepreneurial spirit and dedication to borrowers.
Why You Should Apply
Through the Spark grant program, professionals of color and women will be awarded up to $50,000 to use towards business expenses.
The Spark grant program funds can be used for a variety of business expenses, including:
Salaries for Support Staff
NOT for signing bonuses
NOT for net worth requirements
NOT for purchasing leads
All applications will be reviewed by a committee based on the applicant’s work history, references and proposed business plan. The funding amount is based on state-required resources for operations.
December 1, 2020
Application Submission Open
Application submissions for the grant programs open on December 1, 2020.
January 31, 2021
Application Submission Closed
Grant program applications will close on January 31, 2021.
February, 1 2021
Grant program applications will be reviewed by a committee.
March, 31, 2021
Grant recipients will be announced by March 31, 2021.Application Coming Soon