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Federal Grants for Minority Business

grants for minority business owners

In this article, we will be sharing with you all the information about government grants for minorities. Minorities are an important section of the society and supporting them for an overall inclusive development is crucial. Hence, many government organizations and agencies come forward with the motive of helping with federal grants for minority businesses.

If you are willing to know more about the federal grants for minorities and government grants for small business, then keep reading further.

minority business grants

Government grants for minorities

There are a lot of government organizations and agencies working towards offering the federal government grants for minority people and businesses. If your business is eligible of receiving these grants, then you can get financial assistance, technical help, training and management assistance through such grants.

If you want to get more information about such grants, then you can read the detailed article below.

Eligibility to get Minority Business grants

If you are eligible, then you can get free money for minorities. Minority does not only mean a particular race or community. It includes ethnic groups like Hispanic, African-American, American Indians and so on.

Along with that, it also includes people with cerebral palsy or similar illnesses, as well as adults, single mothers, etc. having low income or members of the LGBT community, differently abled people are also eligible for minority grants.

At times, minority grants are also given to the start-ups as federal minority grants to bear the start up costs, if the business is eligible for the same.

List of government programs for minorities

Given below are some of the most well known minority federal grants and programs for minority businesses. You can check the complete list and apply for the programs that you are eligible for. Make sure that you have all the documents and you provide only the right information as it will be later on cross checked.

Government grants for minorities

USDA Rural Business Development Grant Program

USDA Rural Business Development Grant Program is a USDA grant for the development and expansion opportunities for small businesses in rural areas either owned by minority or not.

In order to qualify for this program and grants, one must have 50 or less number of new employees. And also, less than $1 Million in gross revenue. The business must be located in the eligible rural area.

One can use grants given by the USDA for different types of purposes like financial assistance, technical assistance, training, acquisition of assets, development endeavors, long term business plans, and so on. For this program, the applications are released once every year and accepted through the state office of USDA Rural Business Development.

Minority Business Development Agency

The Minority Business Development Agency offers government grants for minorities and their businesses. This agency of the US Department of Commerce works to promote and boost the growth of minority businesses.

grants for black owned businesses

They do so by offering financial assistance, market opportunities and federal contracts to the small business owners. For more information about their grants, you can contact the local Minority Business Development Agency.

Small Business Innovation Research and Small Business Technology Transfer Programs

The Small Business Innovation Research and Small Business Technology Transfer Programs offer grants and contracts to the small businesses which are looking forward to commercialize research and development.

SBA 8(a) Business Development Program

The SBA 8(a) Business Development Program is a great minority federal grants program that comes forward to help socially and economically less priviledged small business owners. Through this program, the small business owners are given training, management, and business development assistance along with technical help.

In order to be eligible for this program, a small business should be at least  owned by and controlled by a citizen who is been through cultural bias or faced an economic disadvantage due to ethnicity or race. You can check the official website to get more details about this program.

Grants.gov

Grants.gov is a website wherein you can find and apply for federal funding grants for the needy. You will get a wide range of information on this platform about over 1000 grant programs offered by different federal grant agencies across the country. You can also see grants offered by the U.S. Small Business Administration and the Department of Commerce.

In order to apply for the federal grants one must have the DUNS number from the Dun and Bradstreet. For those of you who do not know, DUNS number is basically a unique 9 digit identification number for a business. You can register using this number for your business with the US government through their System Award Management website and create an account on Grants.gov.

Operation Hope Small-Business Empowerment Program

Operation Hope Small-Business Empowerment Program is a well known program especially designed for low income or needy entrepreneurs that often are minority people or community.

This program will help businesses and entrepreneurs with business training and financial counseling with financing options for small businesses. The participants will complete a 12-week training program along with workshops on business credit and financing and also money management.

National Minority Supplier Development Council

Government grants for minorities

The National Minority Supplier Development Council is a corporate member organization which aims to increase the business opportunities for certified minority owned businesses.

This Development Council runs a non-profit business development program, the Business Consortium Fund. This fund is used to finance and give business advisory services to its members.

National Association for the Self-Employed

As you can guess by the name, the National Association for the Self-Employed is a non-profit trade association that helps the self employed people with grants and educational resources for entrepreneurs and small businesses. The association offers grants of up to $4,000.

In order to apply for this grant, you will have to become a member of this association. You will also have to provide a in-detail explanation of how you will be utilizing the funds from the grant. Along with this, you are also required to show how the grant will be helpful for your business with documents supporting the claim.

Fast Break for Small Business

Fast Break for Small Business is basically a grants program that is a result of partnership between the NBA, LegalZoom, WBNA, and NBA G League. This program is administered by Accion Opportunity Fund which is a Non-profit organization. Through this grants program, a total of $6 million are offered to the needy as grants.

FedEx Small Business Grant Contest

Another one on the list of government programs for minorities is the FedEx Small Business Grant Contest. Through this grant, 12 small business are rewarded with grants of over $50,000. In order to be eligible for this grant, your business must be non-profit and running for at least 6 months now. It should also have less than 99 employees.

FAQs

What is considered a minority-owned business?

A business where at least 51% stake is owned by people/person from minority group, is considered as a minority owned business. The management and the day to day operations in such businesses are carried by minority people.

How do I get a minority business grant?

You can get a minority business grant through various grants for minority business programs by submitting your documents and business plan. You can refer to the above article for more information.

What federal assistance is available to minority businesses?

The minority business can seek help from organizations like Minority Business Development Agency to get business consulting, financial assistance for minority business as well as procurement matching and so on.

Are federal grants free?

The federal government does not offer grants or free money to business or individuals for covering personal expenses.

Concluding Words

That was it all about Federal Grants for Minority Business to get free money for minorities. I hope you have all found the above article of use. In case you have any queries, feel free to ask us in the comment section below. We will be glad to help you out.

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