Grants for Small Minority Businesses
Grants available for small minority businesses from the federal, state and private agencies. These grants can be used to start a business or develop an existing small business. Grants can be applied for on an individual level. The Foundation Center's Resource Guide reminds applicants that each "grantmaker" has its own requirements and that you should pay careful attention to the differing guidelines and instructions for each application and follow those exactly.
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Misconceptions
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One misconception is that it is impossible or difficult to get grant money for minority businesses. Another misconception is that you have to have good credit to qualify for a grant. You also don't have to have a non-profit organization to qualify for a minority business grant.
Facts
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Grants can be used for business purposes for ethnic minority groups, such as African-American, Native American, Asian and Hispanic. Minorities can use grants for small businesses, such as day-care centers, after-school programs or home-based business assistance. Minorities can use grants to renovate old homes in low-income areas for the purpose of business.
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Access
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Locate grants through the federal or state programs, or foundations that specify minority businesses. Apply for more than one grant by writing different proposals.
You can form your own nonprofit organization to qualify for grants. A couple of helpful books are Bruce R. Hopkins' "Starting and Managing a Nonprofit Organization: A Legal Guide" and Anthony Mancuso's "How to Form a Non-Profit Corporation."
Benefits
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Minority business grants can be used to benefit the community from which the recipient is a member by providing culturally relevant programs. Minority business grants can provide jobs and salaries for a minority community.
Resources
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The Foundation Center calls grantsnet.org an "electronic storefront" for federal scientific grants. The National Endowments for the Humanities (neh.gov) supports all areas of the humanities and funds research and education. The National Institutes of Health. (nih.gov) fund research, education in science and engineering through grants.
Warning
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Be wary of scams. Check with the Better Business Bureau before sending money in or giving out credit card information to grant services.
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