Different types of Minority Grants available
This term minority is not restricted to a specific community. This includes ethnic groups like the Hispanic, African-American, American Indians and more, but those with specific disabilities or chronic illnesses listed are also considered as minority. There are multiple minority grants offered not only by the government but also private organizations to help you start a business or opt for higher education. Most of those in this minority bracket face a whole lot of challenges for not only starting a business but also for the expansion of an existing business. These minority grants available in the required finance can help you tide over the problems faced. .
1. The USDA Rural Business Enterprise Grant Program:
This grant is for the required expansion or even the development of small businesses in the rural areas. You need to have less than 50 employees and the revenue should not exceed $1 million. Besides this the location of the business needs to be in a rural area.
These grants can be used for different purposes like technical assistance, training, development or even acquisition of land and planning for a business on a long-term basis. You need to apply to the state offices of the USDA once in a year.
2. FedEx Small Business Grant:
10 small businesses are awarded the FedEx grant of $25,000 on the basis f a contest. A minority grant is awarded to those businesses which is for-profit and has been operating for a period of six months at least.
This government website allows opportunities for federal funding as minority grants. This website lists almost 1,000 programs which offer grants. You need to obtain a DUNS number which is nine digit identification numbers from the Dun & Bradstreet. You also need to ensure that the registration of your business is done with the U.S government.
4. Minority Business development agency:
This agency which is of the department of commerce in the U.S helps in the growth of businesses run by minority by connecting the owners to the resources offering financing. You need to get in touch with the MBDA center locally for apt information.
5. Operation Hope Small-business Empowerment Program:
This program is specifically designed for those in the low-wealth bracket who are looking to do business. This program includes financial counseling and business training along with different options available for financing the business. There is workshop for training and also on money and credit management.
Tips for applying for a Minority Grant:
You need to follow the tips listed below for applying for the required minority grant.
*A certification as a business owned by minority.
*A written plan for business.
*Researching and finding out which grants is apt for your requirement.
*The required documentation.
*Applying for the grant before the deadline.
You need to ensure you opt for the minority grant which works well for the business. Ensure you go through the restrictions and other criteria before making an application. This can save on time and effort. You can also seek the help of professionals for applying for the specific minority grant.