Home : Business & Finance : 6 Financial Assistance Resources For Felons

6 financial assistance resources for felons

6 financial assistance resources for felons

Rebuilding life after incarceration is far from easy. It can be particularly challenging to explore and pursue different avenues, such as education, professional work, or entrepreneurship. One of the primary barriers to pursuing these prospects is financial constraints. The good news is that there are programs and grants designed to help reduce these monetary burdens. Through these initiatives, it becomes easier for felons to find and create opportunities for their long-term stability.

Pell Grant

The Pell Grant has long been a popular federal grant that helps undergrad students pay for their education. But the government has extended this grant to those who are confined or incarcerated and enrolled in an approved Prison Education Program within a federal or state correctional facility. This makes it one of the most accessible education grants for felons. As a result, it has become easier for felons to pursue college or skill-based programs after release. To apply for this grant, individuals must submit a Free Application for Federal Student Aid (FAFSA) form. The data is then verified for eligibility, and if approved, the funds to be received are determined. Another important feature of the grant is that, unlike any other loan, it does not have to be repaid, except under certain circumstances, such as early withdrawal from the program, changes in the enrollment status, or a reduction in the need for federal aid. 

Grants.gov

This is a federal database that helps individuals to find grants, specifically for starting a business. The government-run directory connects applicants to over 1,800 grant programs, many of which do not automatically exclude those with criminal records. Individuals can look for specific grants provided by government departments. To apply, incarcerated individuals must register with SAM.gov (System for Award Management) and create an account. Upon receiving the UEI (Unique Entity Identifier), which may take several weeks, individuals can search for grants, filter them by eligibility, and apply directly to relevant opportunities. The resource is a practical starting point for finding business grants for felons.

State and Regional Small Business Grants

Many states and local governments offer grants designed specifically for entrepreneurs. Individuals may also find that some of these programs are inclusive of those with prior convictions. A good starting point for finding such reentry grants and programs would be local churches, economic development offices, and city or county government websites.

U.S. Small Business Administration (SBA) microloans

Those (with criminal records) who are looking for government funding for their small business can consider SBA loans as an option. These loans are more accessible and offered through approved nonprofit community-based organizations/lenders. The microloan program provides a principal amount of up to $50,000, while the average microloan is around $13,000, with interest rates ranging between 8 and 13 percent. After clearing the application process, individuals can then use the disbursed amount for working capital, supplies, inventory, fixtures, machinery, among other associated expenses. This makes it a helpful source of financial assistance for former inmates seeking to grow a small business.

Federal Supplemental Educational Opportunity Grant

Besides the Pell Grants, former inmates who wish to pursue educational growth also have the option to apply for the Federal Supplemental Educational Opportunity Grant (FSEOG). This grant is specifically designed for undergraduates with substantial financial need, and the awards range between $100 and $4,000. The grant also has specific eligibility requirements for felons. It states that the grant is available to incarcerated individuals enrolled in an approved Prison Education Program.

Second Chance Act

The Second Chance Act (SCA) is a federal initiative that is mainly aimed at supporting tribal governments and organizations in providing a means of reentry into society for previously incarcerated individuals. Through this grant, individuals can receive funding for various purposes, including housing, enrollment in job training and employment assistance programs, and community-based mentoring services. Through these services, the program mainly aims to help former inmates gain stability and secure their future. The eligibility of this program, however, starts even before an inmate is released. It requires individuals to be screened and assessed while they are still incarcerated to identify who among them can benefit most from the program.

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