Minority business grants are grants that are awarded to the minority community to usher in a change in their way of living. These business grants are specially given by the private grantors, non-profits and the federal government. The best thing about grants is that this money is provided as an aid by the government and other financial organizations and the money is not required to be repaid back. The people who are termed as minority by the U.S federal government may come from various communities and might have different racial classifications. They can be of African, Hispanic or Native American communities and many others. So it is necessary to check out with the government website about the category of minority community before applying for any kind of minority business grants. These minority business grants are given for the betterment and development of the businesses of the minority community. Some business grants for minorities may also be provided to those persons or organizations that have some nature of business beneficial to the minority community as a whole.
Every year the federal government declares the amount of grant that can be given to the people from the minority community. They also set aside a chunk of money for the upliftment of the community and for their economic and social well-being. The Catalog of Federal Domestic Assistant (CFDA) website provides detailed information about minority grants and the application procedure. The Small Business Administration (SBA) is another government website which lends money to those programs which benefits the minority communities. While applying for the minority business grants, the applicants should be aware of the fact that government provides grants only to those programs that have wide reaching, replicable as well as sustainable benefits for the eventual grant beneficiaries. Even the U.S Department of Commerce has the Minority Business Development Agency (MDA) which assists entrepreneurs who belong to minority community. They provide well needed assistance and tips on the procedure of starting a business of one’s own. The MDA also lends its support to the small minority business enterprises (MBE) in different aspects of business like making marketing plans, providing technical assistance and also in areas of financial planning. Minority business grants are also available from private foundations, particularly those already grounded in service to the minority problems. The Chamber Of Commerce is another vital resource for communications. There are various grant writers who have requisite specialization in the specific areas, such as SBIR/STTR or manufacturing assistance grants.
So, the business grants for minorities are indeed a big impetus to the minority business community who not only benefit from these grants but can take this opportunity to prosper in their life and move forward!
