Minority Business Grants – Improving the Business of minority
Anyone starting or running a business will require cash and financing to succeed. Minority entrepreneurs may look for minority business grants to help their company. There is information on grants and loans and technical assistance for minority owned businesses. The following is a list of resources:
Minority Business Development Agency (MBDA.gov). This federal agency, which is within the U.S. Department of Commerce, is committed to wealth creation in minority communities. The MBDA web site contains a variety of information related to minority business development and partnership opportunities. However, the site does not list minority business grants and explains that there is no federal funding for small business start-up and expansion.
However, the MBDA points minority business owners to Minority Business Centers, which provide free financial counseling and assistance in applying for business loans. While the federal government is not a source of business grants for minorities, the technical assistance can help a business save and make money.
Small Business Administration (SBA.gov). The Small Business Administration (SBA) is a federal government agency devoted to the development of small businesses, which comprise 99% of the entire U.S. business sector. The SBA does not award start-up or expansion grants to any business, including minority owned businesses. However, an entrepreneur may do searches on the site to locate grant, loans, and other financing opportunities on the state or local level.
The Small Business Administration has free resources on how to develop a business plan. Business plans are a key process in setting goals and creating objectives to meet those goals. To receive a minority business grant, it is important to have a well-conceived business plan.
Small Business Innovation Research grants (SBIR.gov): While there is no federal grant money to start or run a business, there are research and development (R&D) grants available. The federal government sets aside 3% of its R&D grants to small businesses. These grants are awarded by 11 different federal agencies for a variety of businesses. The SBIR.gov web site provides information on how to find and apply for small business R&D grants. These grants are also available to minority businesses.
Local Government Grants for Minority Businesses. States and local governments award minority business grants. Finding these business grants for minorities requires searching government and business sites in one’s own local area. There are several government and non-profit agencies devoted to business development and will provide free technical assistance and information on finding minority business grants.