Business Startup Grants for Minority Women
Starting a business is not for the faint of heart and seeking government assistance will require persistence and thorough knowledge of your business goals and the competitive market you will encounter. A solid business plan needs to be completed before pursuing federal grant funds.
Grants are available in locations where the government wants a new business, technology or jobs created. The application process can be daunting as the forms required and the length of time to wait for approval may seem endless, but the funding is significant and may be crucial for your business.
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Get SCORE Advice
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Service Corps of Retired Executives are volunteers across the country usually located in the local Small Business Administration office. These management professionals offer valuable advise to would-be entrepreneurs and can save time and money before developing the business plan. Their consulting advice is free and there is no limit to the number of times you can meet with them.
Winning Business Plans
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Small Business Development Centers assist entrepreneurs with developing a business plan. They can usually be found at a community colleges or chambers of commerce. These are low or no-cost opportunities to work with professionals who can help shape your business plan. They will be aware of federal grant opportunities for which your business may apply based on urban or rural location, number of employees needed, minority status or gender.
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Network, Network, Network
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There are several national, online and local organizations for women entrepreneurs. Visit savorthe success.com, womanowned.com, and startppnation.com which has a section for women in business. Magazines like Black Enterprise, Hispanic Business Journal and Asia-Inc., along with the standard Entrepreneur, Fast Company, Go, Pink, Minority Women In Business, Minority Business Entrepreneur and Women Business. Ladies Who Launch, Smarties, Divas Who Dine, are national organizations, which have local chapters so look for them for support to your business.
Connect with Local Leadership
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Contact your local city, county, state and federal representatives for funding opportunities. Tell them about your business goals and desire for grant funds. You will want a letter of support from your congressperson or senatorial representative to go with your application. They may also be aware of federal funds about to become available for businesses. Ask aboute enterprise or empowerment zones which provide tax credits and some grants to start or expand businesses.
Government Grants
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Unlike the private sector, the federal government has created a one-stop location for sourcing grants: grants.gov. This site sorts grants by category, agency or subject matter. The grant information FAQs are all well documented and provide a customer service contact for further questions. But don't limit your search to the business category only. Do a search by subject for the industry, people you will serve or hire, the location and the product or service you will deliver. Be careful of paid sites and consultants that will use these same sites and charge you for the same information.
Manage your Expectations
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No grant will fund 100 percent of your startup but will help launch your business. There will be some requirements for cash or investment from either bank loan or personal funds. Federal funds are not quick and can take many months before funds are released even after they are approved. Make sure the business plan does not have deadlines that may be endangered by waiting on grant funds.
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