Small Business Grants for Minorities
Starting a business can be a great challenge but you may be relieved to know that there are a number of grants that can help you establish your startup or enhance your existing business.
Small Business Grants for Minority-Owned Businesses
According to the results of a survey published by the US Small Business Administration, "minorities own 15.1% of all businesses in the country and that 99% of these companies are small businesses". The same report claimed that these businesses generate about $590 billion in revenue.
To further improve the performance of minority-owned businesses in the country, the federal government and several private organizations made special resources available to help them succeed. Here are some small business grants that may help you accomplish your business goals.
The US Small Business Administration's 8(a) Business Development Program
This program aims to help qualified minority-owned businessesto be more competitive in the marketplace through counseling, workshops, and management and technical guidance. It can also provide access to government contracting and joint venture opportunities to help your business prosper. Check the SBA website for more information regarding their eligibility requirements.
Minority Business Development Agency (MBDA) Business Grants
MBDA organizes angel investors every year in an effort to help minority businesses flourish. The agency also helps minority-owned businesses secure contracts and additional financing to protect their general welfare. Award amounts and deadline for submission of grant proposals vary so you may want to keep an eye on their website.
Miller Lite Tap the Future Business Plan Competition
This program, which was formerly known as the MillerCoors Urban Entrepreneur Series (MUES) Grant, aims to empower urban communities by helping aspiring minority business owners take their business to the next level. Each year, the competition pits entrepreneurs against each other for a chance to win grant money. It also offers business seminars, live pitch opportunities, and mentoring programs with renowned business moguls.
To qualify, you must own a business, be at least 21 years of age, a legal US resident and presently residing in the United States. Additionally, you should not have been previously awarded a business grant from the program. Award amount ranges from $25,000 to $50,000 and deadline of submission of grant proposals are usually in April.
While it may take some time and effort to find small business grants that meets your needs and qualifications, the rewards are definitely well worth it so start crafting a stellar business plan and be prepared to prove why your business is worthy of grant funding.