To increase the number of opportunities for Hispanic minorities the federal government decided to offer minority Hispanic grants to qualifying individuals for business startup, postsecondary education, training, etc. If you do not wish to go through the process of MBE registration (see next paragraph for additional information) but would still like a minority Hispanic grant, you need to research your area foundations. Many foundations offer minority Hispanic grants in the form of scholarships, training, housing, etc. The best way to find a minority Hispanic grant opportunity is to contact a regional or state-wide organization that publishes a list of foundations that fund projects in your area.
The government minority Hispanic grants also extend to businesses. For the main purpose of encouraging minority entrepreneurship within the United States, the federal government decided to offer an incentive, grants to Hispanic minorities that hold over 51% ownership in a company. Before a business can apply for minority Hispanic grants, a MBE (Minority Business Enterprise) application must be filled and approved by the appropriate government agency. Many minority business owners do not apply for minority Hispanic grants due to the amount of paperwork involved with registering as a MBE. This process can be challenging and lengthy. Once the registration is completed, the challenge becomes identifying minority Hispanic grants. Some funding sources will only give minority Hispanic grants to not-for-profits or local governmental entities, who in turn utilize the funds to provide technical assistance to minority Hispanic businesses.
For assistance in receiving minority Hispanic grants that deal with business startup or expansion, contact the Small Business Administration (SBA). The SBA does not give out minority Hispanic grants directly to small businesses or individuals, but they are willing to assist you with identifying minority Hispanic grant opportunities, financing, planning, and a variety of other needed activities. You will be required to have a completed business plan before any grant will be awarded for business startup or expansion.
The important thing to remember is most grants are not just for Hispanic minorities. You may receive additional consideration for being a Hispanic minority, but many others may be allowed to apply. Many times the minority Hispanic business/individual will receive additional points during the scoring process of the grant application. For all minority Hispanic grant opportunities, the best website to visit is www.grants.gov. This website serves as a search engine for individuals looking for grant opportunities, since all federal agencies streamline their grants through this system. The registration process for www.grants.gov is lengthy and can take up to 90 days, depending upon how quickly you can obtain the needed information. There are also two other agencies that you will have to register with before you can complete the registration process – Dunn and Brad Street and Central Contractors Registration.
It is quickly becoming harder to obtain government minority Hispanic grants. Minority Hispanic grants are becoming more widely sought, thus more competitive. With this in mind, make sure to follow all the guidelines and to write the application compellingly and accurately.