Grants for small minority businesses to help them grow and thrive in a competitive marketplace 

Grants for small minority-owned businesses can help level the playing field for business owners who have traditionally been in a disadvantageous position when it comes to getting loans. Owners of 1.2 million minority-owned businesses often face heightened challenges, and are less likely to apply for credit, out of fear of loan denial. Grants for small minority businesses can be a significant contributor to their growth. And the best part is that, unlike loans, grants are free money, and not required to be repaid. Coalition to Back Black Businesses offers $5,000 in grants each fall to black-owned businesses with between three and 20 employees. Grantees also participate in a mentorship experience, and some can receive an additional $25,000 when they are finished.

The US Small Business Administration (SBA) helps minority-owned businesses to grow and develop their business through training workshops, counseling, management, and technical guidance. The US Rural Business Development Grant (RBDG) is another federal program resource that provides small rural businesses with funding, ranging from $10,000 to $500,000 in awards. Though the US Department of Agriculture’s program grants are not directly available to small businesses they and some households may benefit if an eligible applicant applies. If your business is developing innovative new technology through partnership with research institutions, you may qualify for grants for small minority businesses offered by Small Business Innovation Research (SBIR), or Small Business Technology Transfer (STTR), of up to $2 million.

Grants to economically disadvantaged persons

The US government is committed towards the upliftment of minorities, and sets asides $1 billion on funding projects undertaken by minorities. Among these, small businesses started by minorities are important from the government’s perspective, as they offer a chance for people to start something of their own, gain their own footing in the world of business, and also generate employment at the local level. As such, these grants for small minority businesses are available at the local, state, and national levels. Certain minority groups are presumed to be socially and economically disadvantaged, and can qualify for these grants. Individuals who do not belong to these minority groups can also be eligible provided they can prove that they have been discriminated against, and are economically disadvantaged.

Minority is a term that is not restricted to any community. Sure, it encompasses ethnic groups such as African-Americans, Hispanic, and American Indians, people with cerebral palsy or other such illnesses, adult males with low income, or members of the LGBT community are also eligible for grants for small minority businesses. A commonly overlooked fact is that American women from all ethnicities are also considered a minority, and can take advantage of grants offered by private institutions and government agencies.

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