Minority business grants are available to help small businesses grow and expand to new markets

Nearly 18% of new businesses created in the last decade are minority owned. However, these 1.3 million minorities owned businesses often face heightened challenges when it comes to securing business funding. In fact, black entrepreneurs are three times less likely to apply for a loan or credit, out of the fear of denial, creating significant gaps between the minority and majority owned businesses. Grants offer a viable solution to help minorities gain access to business funding and grow their small business. Many minority business grants are offered by government agencies and private entities, which are given for specific reasons and objectives.  

Minority Business Development Agency (MBDA), which is a chapter of the US Department of Commerce, offers minority business grants and loans, in addition to financial counseling and guidance to minority entrepreneurs. SoGal Foundation provides minority business grants worth $5,000 to $10,000 to multiracial, women, and nonbinary black entrepreneurs who have scalable startups. Accion Opportunity Fund (AOF) provides micro loans, coaching and support networks to small businesses. More than 90% of AOF clients are people of color, women, and low- to moderate-income individuals. Community Development Financial Institutions (CDFI) work primarily in low-income and rural areas as well as underserved minority communities. So, if you are looking for minority business loans, CDFIs can be of help.  
 

Grants of government agencies  

Grants.gov is the federal government’s largest grant providing agency, that disburses over $500 million annually in all sorts of grants, including minority business grants. You can narrow down your grant search according to business and industry type. The website has a database of grants offered by various government agencies, including those offered by the US Small Business Administration (SBA), the US Department of Commerce, and the US Department of Agriculture (USDA). SBA’s PRIME grants are given for capacity building, research & development (R&D), and training & development. To apply for a grant, you must register on the grants.gov website, and then you will be able to download an application package for the specific grant.   

More grant opportunities are available to eligible applicants  

National Minority Supplier Development Council (NMSDC) promotes the success of minority businesses through easy loans and grants. The Native American Business Development Institute (NABD) grant, offered by the US Department of Interior’s Bureau of Indian Affairs, for minority business grants to Native Americans or those of Alaskan Native descent. The program also provides funds to indigenous tribes to support economic feasibility studies for specific economic development projects. SBA aids small business owners, and provides business development support and consultation for management. To qualify, your business must be 51% owned and controlled by an entrepreneur who is economically and socially disadvantaged, and has a net worth of $250,000 or less.  

You can get further updates and information related to minority business grants from governmentgrants.us. For this, you have to take membership of governmentgrants.us, by paying a small monthly fee of just $29.95. The membership will allow you to access other grant opportunities also, such as home improvement grants, childcare grants, women-owned business grants, college scholarships, and more. The website also offers the services of professional grant writers who can craft a perfect grant application for you, and thus increase your chances of success.