At one point or another, most Americans have at least thought about opening their own business. Owning a business provides a lot of advantages and perks, likewise it also has its disadvantages and risks. A lot of individuals that think of beginning a business do so for the perks of “being their own boss” or “doing what they do in their own way”. If you have found yourself in this position, most likely you are reading this article because you want to know how to obtain a minority business grant to begin or continue the operations of your business. Additionally, you have reason to believe that you have the potential to qualify for a minority business grant. Below you will find tips on locating and applying for minority business grants.
- Whether you have been in operation for several years or if you have just decided to pursue opening a business, you will need to develop a strong and “breathing” business plan to ensure your ability to obtain a minority business grant. Your plan needs to detail what you plan to do and how you plan to do it and include items such as your mission, vision, and objectives for your business. If you have a business plan that is sitting in a drawer collecting dust, pull it out and tweak it to make it a “living” document. Without a solid business plan that reflects the current and future plans for services or programs, you are wasting your time pursuing a minority business grant.
- You will need to gather all of your business documentation to ensure that you have all the documents that you need to complete a minority business grant. You will need your businesses’ EIN, state and local licenses or registrations, prior tax returns, prior and current budgets, financial analysis (often a recent Profit and Loss statement), and audited financial statements to assist you in meeting the requirements of a minority business grant.
- Now you will need to begin researching various avenues to obtain business grants for minorities. Minority business grants are readily available to individuals who desire to provide social services to the community or plan on conducting research in accordance with the named federal objectives. A great resource for researching minority business grants that suit your enterprise is the US Small Business Association webpage entitled “Search for Business Loans, Grants, and Financing”. For more information or to use this tool visit: http://www.sba.gov/content/search-business-loans-grants-and-financing
- Additional business grants for minorities can be found by searching the grants.gov website.
- Once you have located several minority business grants that you feel are the best fit, you will need to begin completing these applications. You will need to remember to complete all of the requirements outlined in the minority business grant information, adhere to all published deadlines, make sure that you are consistent and organized in all documents, and complete all required documents to include a detailed project budget.
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