Grants are basically free money, meaning that you don’t have to repay them. This is the most sought after form of financial assistance, especially for business owners. You may wonder about government grants for small businesses owned by minorities, and we’re here to provide the answer for you.
It is true that Federal government has numerous grant programs, which are used to help the people in United States who are in need. The grants are often provided for nonprofits and organizations, but there is still some hope to get financial assistance, especially if you are minority and are starting a small business. We’ve listed several possible sources for you below:
List of Government Grants for Small Businesses Owned by Minorities
Small Business Administration Grant
The US Small Business Administration offers grants that can be used for training, technical help and build the capacity of your business. Special attention will be given to women and people from Indian tribe. The amount of money for the grant is somewhere between the $50,000 and $250,000.
Rural Business Opportunity Grant
The US Department of Agriculture (USDA) through their Rural Business Opportunity Grant for minorities and people living in rural areas. Note that the fund is not available for starting up your business. Instead, the program will provide technical assistance, along with required trainings for eligible awardees. The maximum amount of money offered is $150,000.
State Grants
Usually, there are programs aimed to support small businesses in each of the States. They may have different names, but in general they are administered by the Department of Economic Development or equivalent agency. For example, in Iowa there’s a $50,000 small business assistance grant, which people from minorities, the disabled and women can apply. There are additional requirements such as the business should have less than $4 million annual income and it has existed for at least 3 years. Of course, each of the states may have different policy about this. Therefore we highly recommend you to contact your state’s Department of Economic Development or Small Business Administration office.
Non-Government Grants for Small Business Owned by Minorities
There are several grants from well known foundations in United States that support the development of small business in the country. The Georgia-Pacific Grant is one of the company’s Corporate Social Responsibility programs, which is given to the people in the communities where it operates. There’s also a grant coming from Amber Foundation, which range from $500 to $1,500 available for women, including the ones from minority community. There are also several grant competitions, such as The National Association for the Self Employed (NASE) Growth Grants, The Dare to Dream Grant Program, and The Miller Lite Tap the Future Business Plan Competition etc
References:
- Explore Loans, Grants & Funding
- Rural Business Opportunity Grant-Department of Agriculture-Business and Cooperative Programs
- Amber Grants for Women
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