Minority Owned Business Grants
The Most Practical Opportunities for Getting Minority Owned Business Grants
While business grants are usually offered for a wide range of purposes – from small business owners trying to open additional stores in their respective communities, to start-ups looking for the next ingenious idea – minority owned business grants cater to people belonging to various ethnic, religious, or racial groups that have little representation within the society or need extra support because of objective reasons. Women, disabled individuals, people of Hispanic descent and African Americans living in low-wealth neighborhoods and Native American tribe members looking to start a new business venture are just some of the categories that can receive these types of grants.
Minority Owned Business Grants for Ambitious Entrepreneurs
Despite being part of a minority group – whether it be LGBT or a Native American community – some entrepreneurs may have even higher ambitions than individuals who already have the means to launch a fast growing business. They can get their minority owned small business grants from 26 different Federal grant-making agencies and choose from among more than 1,000 grant programs. USDA grants, the FedEx grant contest, Small Business Innovation and Business Technology transfer programs and grants provided by the Minority Business Development Agency (belonging to the US Department of Commerce) all offer valid contracts and financial aid opportunities aimed at expanding promotional, development and production prospects for small businesses owned by minorities.
Minority Business Grants from Nonprofit Sources
The National Organization for the Self-Employed is one of the leading non-profits offering a viable resource for small business owners. Together with similar organizations and programs like the Operation HOPE Small Business Empowerment Program, they offer opportunities for entrepreneurs and small business communities particularly in low-wealth neighborhoods. The amounts granted are usually much smaller than what you’d normally get from a larger prospect supplier of minority owned business grants like the SBA or the USDA. However, they can still offer an excellent incentive for business growth, launching small new endeavors for family-owned minority businesses, or making a few limited investments.
How to Apply for the Best Business Grants
To apply for a suitable grant, you have to first know what your new business needs. Start by establishing a required budget and determining exactly what amount you will require. Then you can begin searching for grant programs and agencies that can cater to your needs. Depending on whether you live in a low-wealth community, belong to a certain race or ethnicity, or if you are a woman, some agencies will provide you with precisely what you seek. Grants.gov is one of the best government-backed resource for valid minority owned business grants and grant agencies providing suitable assistance for any minority groups.