How to Obtain Business Grants for Minority
Minority grants help small businesses find funds and capital to compete in the business world, create jobs, develop and research new technologies and services, purchase equipment, pay rent, salaries and other start-up and expansion costs. Minority businesses play a large role in job training and creative new jobs. That is why the United States government promotes minority businesses by providing grant monies. There are minority business grants for women, Hispanic Americans, African Americans, Native Americans and disabled persons for all types of business.
The U.S. Department of Commerce is one of the largest government agencies that are in charge of minority business grants. There is a lot of competition for business grants for minorities because the money does not have to be paid like loans. You will need to provide certain information about yourself and your business such as you education, age, type of business, nationality, your driver’s license, social security number, business plan and financial information. There are certain requirements and criteria that you must meet in order to receive business grants for minorities. States and municipalities also provide business grants to minority business owners and so do private organizations and corporations.
Areas of Funding
Funders give funds for minority businesses for the following areas:
- Business start-ups and expansion
- Real Estate
- Historical building preservation
- Energy savings
- Medical research
- National security
- Environment protection and green technology and building
Women Business Grants
Women who are looking for business grants can check the government’s grants.gov website as well as the Women Business Centers WBC throughout the nation. Women play a large role in the ownership of businesses. Statistics show that more businesses are started by women, and that women do a better job running businesses. The government encourages women to start new business that promote research and development of new technologies and create more jobs.
Small Business Administration
The U.S. Small Business Administration provides resources for minority business owners as well as small business loans for minority owned businesses to get started, for research, development, job training and technology. The SBA also awards government contracts to many minority owned businesses. For more information about grants and loans, you should visit the Small Business Administration’s website.
Minority grants for minority business owners are very popular, and there is always a lot of competition for these free grants that do no have to be repaid. It’s recommended that you apply to multiple sources as there is no limit on the amount of grants you can apply for. Check your state and local government websites for opportunities as well as the grants.gov federal government grant website. Be sure to follow all the guidelines carefully and submit the required documents to insure your chances of being awarded grant money for your minority business.