Getting grant money to fund a small minority business is simple today. This is because some minorities can get special privileges from the United States government, especially when it comes to grants. Often there are some agencies along with government departments that offer you minority business grants. And guess what? If you have an operating business, this makes you even more eligible for a minority small business grant!
Develop a rock-solid business plan
Even though you are in a minority, you will need a compelling business plan. There are some cases where a small business owner is running the business successfully and profitably, but never actually wrote a business plan.
If your case is such, then consider getting help from some experienced people. You can also get some business planning software. If you’re creative, you should be able to do the rest. This is key when you get a minority small business grant.
Remember that no matter how many minorities are offered help, they cannot get a grant unless they present a viable, clear and compelling business plan. Always remember that: you don’t stand a chance without a rock-solid business plan. The competition is too tough out there.
You can also consider using free templates that are available online. Some templates are quite nice, allowing you to perform break-even analysis or other financial breakdowns.
Where to look first?
You can start your search at the Small Business Association. They won’t actually grant you the money, but they can guide you in finding potential investors or grantors.
Many organizations are always looking for small businesses (especially minority-owned) that can make promising contributions to society. This means that you have a better chance if your proposal shows that you really have something to give back to the community. Visit the SBA website for key information on minority business grants that are currently available.
Turn to Uncle Sam
The United States government happens to be the favorite of many employers when it comes to obtaining grants. In the early 1990s, the Clinton administration laid the foundation for today’s minority small business organization. His special program still offers financial help to many small businesses.
Therefore, you should focus on finding some local resources, as the US federal government generally does not give you grant money. The money usually comes from a significant fund allocated to states or government agencies/departments.
If you want to receive free grants from government agencies, you can get them on their sites. Just sign up and apply. You can apply for one or multiple grants. Also, it doesn’t hurt to apply to as many programs as possible. This will increase your odds of getting minority small business grants in multiple folds.