Minority Business Grants
The United States is made up of a diverse population of individuals, and each year, the population becomes more and more varied. Unfortunately, however, many individuals who have an ethnic background are not afforded the same opportunities as others. The lack of opportunities and the severely limiting social circumstances that many minorities endure makes it difficult to secure the funding that is needed for so many thing: housing, medical care, food, college, and much, much more. Because of the financial hardship that so many minorities face, things that aren’t a necessity – such as starting a small business – can be nearly impossible.
If you have a diverse ethnic background and you are dreaming about starting up your own business, there is hope! Thanks to Minority Small Business Grants, you can secure the free money start business. Public and private institutions have reserved hundreds of millions of dollars specifically for minorities who need assistance with funding a small business.
Here’s a look of 4 of the most beneficial Minority Business Grants and how to start a business with no money.
This is, hands down, the most useful resource for anyone who is looking to secure a grant in the United States, including minority small business owners. This site contains a wealth of information related to more than 1,000 federal grants.
In order to apply for a federally funded small business grant for minorities, you first have to acquire a unique identification code for your organization, which is known as a DUNS number. You must also register with the System Award Management website to conduct business with the United States government. And lastly, you have to register on the Grants.gov website. Once you complete these three things, you can apply to the many grants that are available for minority small business owners.
2. Minority Business Development Agency
An agency of the United States Department of Commerce, the Minority Business Development Agency is intended to encourage the development of small businesses that are owned and operated by minorities. To find out more information, contact your local US Department of Commerce MBDA center.
This grant is designed to promote the development of small businesses in rural location; both businesses that are owned by the minority and the majority. In order to qualify for this grant, you will have to maintain a staff of 50 employees or less, your yearly revenue must be less than $1 million, and your organization must be situated in a specific rural area.
You can find out more information about this grant by visiting your local state office. Applications for this funding are accepted once a year.
4. SBA 8(a) Business Development Program
The Small Business Association (SBA) provides assistance for minority small business owners. The SBA 8(a) Business Development Program offers funding for business development, as well guidance for operating a successful business. In order to qualify for this grant, a business has to be more than 50% owned and operated by a minority, and whose ethnic background or race has lead to economic hardships.