Business Grants For Minorities

There are many different business grants for minorities, but people in this group are also often the victims of many internet scams. Whether it is a lack communication because of a language barrier, age, or handicap, it seems like these people have to have extra diligence so they don't get burned in the long run. The first big misconception that many get caught up in is the government grant programs you see on television and the internet. These aren't scams, but they aren't quite what they appear to be either.

It is true that they will send you a CD that has a listing of all grants available, whether it is a broad range, meaning and all grants covering every different kind of grant you can think of under the sun or whether it is limited to business opportunities. The problem is that the amount of information is overwhelming, and in many cases, isn't relayed in terms the lay person can understand. Even if it has thousands of listings, it doesn't do you any good if you can't understand the information.

Where these 'programs' make their money is offering services to help point you in the right direction. The more money you pay, the more they dig through the red tape to try to get you funding. What they are hoping is that you will be overwhelmed by all the information, and think that there is no way you could do this on your own, and they step in and go hey, we can help you, for a fee.

The federal government does not, unless in very specific cases, give out grants to people. They fund state and local agencies, where they distribute these funds into the community. There are private organizations that the government funds, like the Minority Business Development Agency, Migrant Farm Workers Association, and many others. The Small Business Administration is another resource to help locate grand funding sources for minorities as well.

Job Service, and Vocational Rehab can help with grant funding as well. While in some cases is may not me a monetary funding, new upgraded equipped could be purchased, supplies and training could be covered, as well as many others like insurance for the first year, or paying for advertisements for a period of time. Each state agency is a little different so you would have to check with each one to find what is available.

Whenever you are looking for funding, whether from grant sources, loans, or gifts, you should be prepared. You will have to disclose financial documents, and must have everything up to date and well presented. You should not even approach anyone officially until you have a comprehensive business plan prepared. However, you can call these agencies beforehand and find out more detailed information on what they require, and prepare your plan accordingly. There are also many resources to help you professionally prepare a plan and you may want to get some in this area.

You can find the Minority Business Development Agency, the SBA, and local agencies online. You can find also find websites that provide professional writing services, which may greatly increase your chances.

Tammy Love is Ms Small Biz and after 12 years in small business she is now helping others to start and grow their own small business.

Further reading:

- Small Business Grants Plan

- Small Business Grants Outline

- Small Business Grants