Setting up a business from the scratch can be a tough choice for enthusiastic entrepreneurs, especially if they fall in the minority section. Arranging for the funds and dealing with the expenses can be risky and daunting. The government has thus, initiated varied assistance programs for the minorities interested in small businesses, assisting and boosting them for their endeavor.
There are numerous plans, programs, monetary funding and aid for you under the Federal Assistance for Minorities’ Small Businesses. Go through the list and apply today to accomplish your dreams of having an independent career.
Financial Assistance for Minorities’ Small Business Owners
Firms and business owned by the minorities are offered financial aid in the form of loans, grants, counseling, assistance and training to help them run, expand and compete in the federal marketplace. The aid programs for enthusiastic minority business owners are listed below:
SBA 8(a) Business Development Program
The Business Development program helps firms to qualify by providing training workshops, counseling and technical and management guidance. The program also helps these businesses to compete in the federal marketplace by providing opportunities in the government contract space.
For program qualification some minority groups have already been categorized as economically and socially disadvantaged. These groups include:
• Native Americans
• African Americans
• Subcontinent Asian Americans
• Hispanic Americans and
• Asian pacific Americans
Apart from these groups, other individuals can also be considered for the program if they can provide substantial documentation and evidence suggesting racial discrimination and economic disadvantage.
SBA supports the certified firms by providing business development assistance. It also provides a Mentor-Protégé program which pairs the mentor firms with protégé firms so that mentor firms can provide assistance.
Small Business Administration’s Minority Owned Program
The SBA’s Minority Owned Program offers varied federal resources for the success and growth of your business. It helps in the initiation, financing for the startup, strategically developing and then the overall growth of business.
SBA’s HubZone Program
The program is engaged in promoting for the economic development and growth of underdeveloped areas through the expansion of small businesses in these specific sectors. It encourages in attaining more of federal opportunities and support if your business in located in these distressed areas.
Eligible women business owners, recognized by the government, can receive low-interest loans by SBA, provided they belong to the minority section. The loans are attainable even with bad credit history report and can be repaid after a long duration of time. Enthusiastic minority women can now avail the financial assistance for their startups.
The U.S. Department of Agriculture (USDA) offers funding to grantees up to $150,000 in rural sectors through the Rural Business Opportunity Grant. The funds facilitate in providing technical and training assistance to nonprofit corporations and cooperatives for their business development and growth.
The program, initiated in 1927, helps minorities’ small businesses to set off and expand eventually through the funding program. The grant program usually funds business plans, ventures or projects for entrepreneurship that benefits the lives of the community. Minority business owners with these criteria qualify for this program.
Amber Foundation Grant
The program is targeted towards women entrepreneurs seeking to venture into the business world and accomplish their dreams. Commenced in 1998, the program offers funds to commemorate the death of a 19 year old woman who could not fulfill her aspirations. Amounts ranging from $500 to $1,500 are granted to women from different cultural groups to cover the expenses of starting and setting up a business.