Free Small Business Grants Money For Minority Business Owners
Grants For Minority Small Businesses
Small Business Administration Grant
The SBA 8(a) Business Development program helps minority-owned firms, offering them business development assistance, training, workshops, counseling, professional and technical guidance, management, offers contracting opportunities and managerial assistance. This provides a perfect platform for the minority firms to gain a competitive position in the federal market.
Minority groups such as Hispanic Americans, Asian Pacific Americans, African Americans, Native Americans and Subcontinent Asian Americans can qualify for these SBA 8(a) programs providing suitable and extensive evidence or documents demonstrating discriminated or disadvantaged background. Applicants for the program may also include Indian Tribes, Alaska Native Corporations, Community Development Corporations and Native Hawaiian Organizations.
The SBA 8(a) program also offers its subset, Mentor-Protegé program that also provides technical and managerial aid, subcontracting and joint venture opportunities for a successful completion of federal contracts.
The U.S. Department of Agriculture (USDA) lends funds to the rural community grantees through the Rural Business Opportunity Grant. This given monetary award $150,000, offers technical aid and training to the nonprofit corporations, cooperatives or American Indian tribes operating a new or continuing business for the benefit and profit of their associates.
Several state grants are also rewarded to the minority small business owners through programs like the Iowa Department of Economic Development. The grant offers fund up to $50,000 along with assistance for the minority business plan. There are certain eligibility criteria to qualify for the grants:
- The business should have been functioning for a minimum of three years
- Less than $4 million should be its annual income
- The owner should be a first-time owner
- Disabled people, minority people and women must constitute or own at least 51 percent of the business
National Minority Supplier Development Council (NMSDC)
Small eligible businesses should reach out to the National Minority Supplier Development Council (NMSDC) for getting minority business certification. NMSDC is a non-profit organization which provides business opportunities and assistance in selling goods and services for minority businesses of all sizes. This organization has almost 3500 corporate members and few of them include global brands like Xerox, FedEx, GE, Wal-Mart, Volkswagen and Time Warner.
Created with the purpose to augment minority business opportunities, NMSDC helps in the linking of minority-owned businesses and corporate America. This in turn boosts in overall growth and functioning of the firms.
Application Process: Getting NMSDC's certification for minority-owned businesses is little difficult. The NMSDC has over three dozen regional councils in U.S, situated in major cities. The certification process needs to be applied to these councils for the qualification procedure by the entrepreneurs. The various clauses to be fulfilled and criteria to be met are:
Business must be for-profit only and located in the United States. They must be managed, controlled and at least 51% owned by any member of a minority group belonging from African American, Asian-Indian, Hispanic, Asian-Pacific or Native American heritage. Once the application is reviewed, the NMSDC conducts interviews and on-site inspections for validating the accuracy of the information provided on the application. If the applicants fail to receive certification they can appeal within 30 days and in case of a denial for the second time, the business owners can only apply after 12 months.
Minority small business owners have more options to approach like the Amber Foundation Grant, Georgia-Pacific Grant, The National Minority Supply and Diversity Council, Operation HOPE, Brotherhood Business Development & Capital Fund, FAME Renaissance and others for grants, loans funds and assistance. Look for your required grants and apply for a flourishing and successful business.
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