There are grants available for felons who are looking to start a small business, reports Business.com.
Finding a job after incarceration has long been a challenge, senior finance writer Donna Fuscaldo says. Having a felony on your record carries a huge stigma when you are seeking employment. According to the Brookings Institution, close to half of ex-prisoners have no reported earnings in the initial years following their release. Of those who do find employment, half make around $10,090 a year – well below the poverty level.
One second-chance option is to join the ranks of small business owners across the U.S., although that path also presents challenges with training and funding. However, government agencies and nonprofits have stepped up to lend some support. From grants to microloans, here’s a look at the aid available for felons who want to start a business – including government grants, crowdfunding, and resources like the SBDC.