About Small Grants for Minority Women
Minority women (for example, Native American, African American, Hispanic or Asian women) start small businesses for a variety of reasons. A woman might start a home-based sole proprietorship or establish a single-person limited liability company. By becoming entrepreneurs, women can generate income and strengthen their independence.
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Significance
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Countless grants and organizations exist to support minority business owners. Minority women usually start small businesses to control or supplement their earning. Instead of working for someone else, entrepreneurs are their own bosses who invest in themselves. To become successful, small business owners often must be self-motivated and resilient.
Features
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Many women create home-based businesses. If convenient, women might reduce risk by maintaining full- or part-time jobs as they start their companies.
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Support
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The Small Business Administration (sba.org) is a federal organization that helps business owners obtain information about available grants. Another resource is grants.gov, which includes hundreds of grants from 26 government agencies. Several government (e.g., federal, state, local) contracts are set aside intentionally for small business owners, minorities and women. For instance, minority business owners who have cleaning businesses could apply for a lucrative Department of Education commercial cleaning contract.
Grants
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Minority grant amounts and target areas vary widely. The Targeted Small Business Assistance Program helps businesses in Iowa with less than $4 million (iowalifechanging.com/business/tsb.aspx). Accion USA (accionusa.org) is a national nonprofit organization that provides small business advice and loans of up to $25,000.
Considerations
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To address potential obstacles, women should establish a business plan before opening a business. A business plan typically describes how a business will operate and includes estimates of start up costs, income and expenses.
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