Launching your own small business can be a challenging process for anyone, regardless of the circumstances they are facing. Unfortunately, for minority individuals, it can seem as though it is even more difficult to get the financing and support required to become a success. Fortunately, a large number of government agencies, both federal and state based, have recognized this issue, and begun to create assistance programs and minority business grants. Although these grants may not always be easy and quick to obtain, they can be an incredibly useful resource for individuals who are determined enough to persist with the process.
The Minority Business Development Agency
The Department of Commerce that currently exists within the United States works to make finding minority business grants and assistance easier than ever for minorities today. In fact, the Minority Business Development Agency attempts to offer individuals assistance in a wide range of different ways, including by distributing grants.
Of course, before you even get to the moment wherein you may need to apply for a business grant, the development agency for minorities offers entrepreneurial individuals the chance to meet with specialists who can help them to develop plans, locate forms of financing, and write grant proposals.
Environmental Protection Agency (EPA) Grants
As the name suggests, the EPA focuses heavily on preventing environmental issues, and cleaning up the world. While it may not seem like the most obvious place to get help for building a business, the EPA actually offers special grants to minorities who own businesses in the fields of equipment, construction, supplies, and services.
Essentially, the agency works to give grants towards small minority businesses who are willing to work with the EPA and meet the environmental standards that they have set.
Assistance From The Small Business Administration
The U.S. Small Business Administration (SBA) claims that it gives out more grants for minority small businesses every year than any other source available. As the name implies, the agency focuses on supporting the growth and development of small businesses across the country, earmarking grants specifically for minority businesses, and backing loans for small endeavors. To learn more, visit the online database of grants offered by the SBA, where you should also be able to find information about states that offer similar grants. The SBA will also provide low-interest loans to eligible business owners who are also minorities. Usually, it is possible to obtain these loans without a credit report, and the amounts can be paid back over an extended period of time.
State Grants
State governments can provide funding to minority businesses through various programs, such as, for example, the Iowa economic development small business assistance solution. Although minority business grants such as this one specify that minorities are permitted to apply, it's important to remember that many state grants also come with a range of other requirements that businesses must comply with to be deemed eligible. For example, the Iowa grant requires that the business in question must be able to bring in less than $4 million on an annual basis, and has existed for at least three years of trading.