Did you know that small business grants for women and minorities can help you get your business off the ground? Many times, they are focused on those who face unique social, economic and legal obstacles gaining their foothold in the modern business world, including women and minorities. While minorities comprise about 15 percent of all small businesses in the U.S, and women constitute 29 percent, it’s still difficult for them to get additional funding (read more on that here). This is because many banks and other lending institutions are often hesitant to provide small business loans to minorities and women because of historically high unemployment rates. Still, the fact remains that there are ways that you can obtain free money from the government to help you start your new business.
The first step to take when you want to obtain one of many small business grants for women and minorities is to look into what an actual minority and/or women business grant program may offer you. It’s important that you fully understand the terms and conditions set by the grant program before applying for it. For example, there are certain minimum qualifications that must be met before you can be considered for any particular grant. There’s also an eligibility review process that you must undergo before you can see some of the funds (as well as a review of your business plan to make sure that it will actually be effective and beneficial to the government). And most importantly, just because you meet the grant’s requirements, doesn’t mean you’re off the hook totally. Remember that you still must maintain your business in order to receive the funds.
What types of minority and women business grants can help you? There are grants available for small business owners who are women or of a minority background. You could use a business grant to help you pay for a business start up, or expand your existing business. Or you could use it to hire employees, or purchase or remodel your existing business facilities. You could even use the money to help you get better equipment to make your business run more smoothly. Whatever your goals or objectives, there’s likely a grant program that will be very beneficial to you.
However, there’s one major stipulation – you must belong to a minority group. While there are plenty of business grant programs that target women and minority groups, this is often not the case. If you belong to a minority group, or if you’re a woman, you’ll have a lot more options available to you. You can find grants for business owners who are women or minority owned companies. In addition, there are often specific business grant programs designed for women owned small businesses.
Of course, you can expect to pay for your business grants. There’s a common misconception that small business grants are free money handed to people like you by the government. This is simply not true. Even the government has specific requirements that must be met in order to qualify for grants, and these will vary from program to program.
Fortunately, you don’t have to be a member of a minority group to get a small business grant. Women owned small businesses are eligible to receive funding, regardless of gender, race, background, etc. So don’t wait – it’s time you found that cash for your new business! Apply, today for your free business grant money!