You would probably be surprised at how easy it is to obtain minority small business grants within today’s society. The primary reason is that the United States government takes great pride in trying to level out the playing field for the minorities of our country. On top of what the federal government does, minorities can also at times get small business grants from other agencies that sponsor them. For you, if you are minority and a citizen of the United States with a desire to own a business or already running one, it is not unlikely that you would be able to find financial assistance.
Step 1: Create a Business Plan
The first step is that if you currently do not have a business running, you should begin the process by constructing a business plan. These grants are not provided to people simply because they are a minority, but in an effort to improve the wealth statistics of minorities. This means that you should take the time to really think your business through and it should be more than “build a store, done”.
Instead, take the time to ask yourself the tough questions about how your business is going to succeed and where. Often times this requires a considerable amount of pre-planning before you ever request minority small business grants. Where are your customers going to come from? What are the demographics on your potential customers? What does competition look like? How do you know if there is a demand for your business?
Then you should take it even a step further, what does your business look like? What steps are you taking to make it a professional and viable business within the community you are building your business in? These are all the questions you should be able to answer. You have to keep in mind that someone is giving you money, they want to make sure it gets into the right hands so your business plan should always be tailored towards someone who might be skeptical of you and the business you want to create.
Step 2: Obtain Your Small Business Grant
The next step is to actually go out and do the leg work and try to gain support from those providing the small business grants. My recommendation is to begin your journey with the Small Business Association in your area. They do not likely provide the grants to you directly, but they can often time help lead you to investors or grantors.
There are several opportunities available and there are consistently people within the communities who wish to invest their money locally into business models they believe in. A lot of the time these grantors have had a lot of success locally. They know that it can be done, and therefore they are inspired to work with people who have a desire to do the same. You being a minority is also a huge plus, they know that it is a great opportunity for them to give back to a citizen within their community that is trying to better themselves and the area.