Minority Small Business Grants – What You Should Know about Finding and Applying for Free Funding
Minority small business grants are offered by numerous grantors across the country. The providers you can reach out to include private organizations such as large corporations, foundations as well as non-profit organizations, all of them offering financial help to promote minorities and entrepreneurship with their grant programs.
Where to Search for Minority Small Business Grants
You can find out about available grants from conventional, offline sources and by conducting an online research. You can contact the local office of the Chamber of Commerce or you can visit the websites of the Small Business Administration, the Minority Business Development Agency or the Rural Business Enterprise Grants – you will find that federal agencies offer very few and very specific grants for small businesses, but they do help small entrepreneurs by providing guidance and information and by directing minority business owners towards sources of free money. Grantor organizations all have their own websites, so it is a good idea to carry out a search to find non-profits and foundations that you can turn to. Check the sites of the largest companies in your industry – many of them also help small businesses with free money.
Types of Minority Small Business Grants
Minority business grants are offered to businesses owned in at least 51% by members of minorities, and these programs will also have requirements regarding size, turnover and number of employees. Some of the available grants are offered based on the social situation of the owner, such as grants available to minority women, others have territorial limitations or they are offered to minority business owners that operate in a specific niche.
Applying for Minority Small Business Grants
Each grant program comes with its own set of eligibility conditions, but all of them share some requirements:
- Minority ownership of the business in at least 51%
- A detailed summary of the activities conducted by the applicant business
- A detailed development plan or a description of how the grant money will be used for the benefits of the applicant business.
Make sure you understand and address all the requirements and also pay attention to the purpose of the funding – some grants can be used for the acquisition of assets such as computers, others are intended to promote the creation of new employment or for other kind of development.
Some More Aspects to Pay Attention to When Applying for Grants
When preparing your application, pay attention to formal requirements as well as to content. If the company summary comes with word-count related requirements, don’t make your text longer or shorter than expected and also make sure you edit and proofread your text very carefully. The details you are required to provide about your business must also be accurate and correct. Observing the required application method and deadline is also essential – check the program description for information related to the channel to be used for the submission (online platform, email, registered mail or other) and send your documents on time, too. If you have any questions about applying for the minority small business grants you have found, get in touch with the provider’s contact person or office.