Small business grants for minorities to help them sustain and grow in competitive marketplaceby Government Grants Owner
Minority-owned businesses constitute nearly half of all the new businesses created in the US in the last decade. However, minority-owned businesses face heightened challenges when it comes to securing funding for their businesses. Grants offer perfect solution to minority owned small businesses to close the gap in business funding, that have historically been marginalized communities. Unlike a loan which must be repaid with interest, a grant is free money that you need not repay, unless the terms are violated. Government and private business entities award small business grants minorities, each with its own eligibility requirements.
Grants.gov has an extensive database of all grants offered by the federal government and its agencies. The website also provides educational information on navigating the grant process. Like grants.gov, USDA rural business development grants are not only limited to minority business owners but also to small and large for-profit businesses, nonprofits, and tribal entities. The grants are available for a wide range of projects, from agriculture innovation to water quality, and housing to rural job creation. Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) program grants are provided by eleven different federal departments. The grants provide up to $250,000 for technology concept development, and up to $1.5 million for prototype development.
EDA and NBMBAA grants
The US Economic Development Agency (EDA) offers funding for several projects, including small business grants for minorities. Funding is usually awarded to state governments, agencies, and universities, who may use the money to fund businesses. National Black MBA Association (NBMBAA) Pitch Challenge grant award of $50,000 is available in the form of small business grants for minorities, to support wealth building opportunities for NBMBAA members. Coalition to Back Black Businesses offers small business grants for minorities of up to $5,000 to black-owned businesses. Some applicants may be invited to apply for $25,000 enhancement grants.
The US Government is committed towards minorities, and as such, provides them with many funding opportunities in the form of small business grants for minorities, to fund their businesses and new ventures. Remember that the term minority is not restricted to any particular race or community. Sure, it encompasses ethnic groups such as , Hispanics, and American Indians, people with cerebral palsy or other such illnesses, such as adult males with low income, or members of the LGBT community are also eligible for small business grants for minorities. Awards are also available for startup costs in the form of federal minority grants, if you meet the eligibility criteria.
Grants are available for different types of minorities
A commonly overlooked fact is that American women from all ethnicities are considered minorities. Many national and local agencies also administer small business grants to women entrepreneurs. There are over 5,000 government sources of grants, and over $20 billion in grants for starting a small business. By paying a small monthly fee of just $29.95, you can get access to all grant opportunities, including childcare grants, first time homebuyer grants, training & research grants, land development grants, and more. This membership fee is refundable in case your grant application is rejected. You can also hire the services of professional grant writers from GovernmentGrants.us to significantly increase your chances of grant award approval.
Created on Aug 13th 2023 23:35. Viewed 128 times.