Getting grant money to finance a minority small 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 the government departments that offer you minority business grants. And guess what? If you have a running business, this makes you even more eligible for getting minority small business grant!
Develop a rock-solid business plan
Despite the fact that you’re in a minority, you will need a compelling business plan. There are some instances where a small business owner is running the business successfully and profitably, but never really wrote a business plan.
If your case is such, then consider getting help from some experienced people. You can also get yourself some business planning software. If you’re creative, you should be able to do the rest. This is key when you are getting a minority small business grant.
Remember that no matter how much minorities are offered help, they cannot get a grant unless they submit 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 good, as they let you put in a break-even analysis or some other financial breakdowns.
Where to look first?
You can start your quest at the Small Business Association. They won’t actually grant you the money, but they can be your guide to find potential investors or grantors.
Many organizations are always on the lookout for small businesses (especially owned by minorities) that can provide promising contributions to society. This means you have a better chance if your proposal shows that you really have something to give back to the community. Go to the website of the SBA to get some key information on minority business grants that are currently available.
Turn to Uncle Sam
The United States government happens to be many entrepreneurs’ favorite when it comes to getting grants. In the early 1990s, the Clinton Administration set the foundation for today’s minority small business organization. Their special program is still offering financial aid to many small businesses.
So, you have to concentrate on finding some local resources as the American federal government itself usually does not give you grant money. The money usually comes from a significant fund as allocated for states or government agencies/departments.
If you want free grant money from government agencies, you may get it from their sites. Just get registered and apply. You can apply for one or multiple grants. Plus, it doesn’t hurt to apply to as many programs as possible. This will increase your odds of getting minority small business grant by multiple folds.
