Minorities and women in our country are still considered to be “disadvantaged” populations, and as such, the US government and independent organizations often give them preference in funding opportunities.
If your business is owned either in full or in part by a woman or other minority, you may be wondering about small business grants for minority women and how they might used to grow or start up a business. The real challenge with small business grants for minority women is making sure that the sources are legitimate.
The Truth: Government grants are NOT given directly to individuals, and this includes business owners. However, you CAN position your company to benefit from grant funds, in the role of a contractor/sub-contractor.
Small Business Grants for Minority Women – The Advantage
Business grants are the ideal mode of funding because they do not have to be paid back. Unlike traditional loans which always require repayment, grants are preferable, although they do carry certain stipulations.
Small Business Grants for Minority Women – How Can My Business Benefit?
Minority and women small business grants are rarely given to companies for generic purposes – there is usually a requirement that a certain project or goal be met in return for the funding.
Regardless of the size of your company, it is always a good idea to apply for contract opportunities that are available in your local area and state before you start investigating loans for your business. Once you learn what to look for and how and when to apply, you might find that opportunities are numerous, for being a contractor/service provider.
In today’s economy, any funding is good funding, and if you aren’t growing, then you are actually falling behind – so take advantage of these opportunities if at all possible to create a stronger and longer lasting business for yourself. Just one good contract, in conjunction with a local, state or federal project, could put your new business into the black in months, instead of years.
Small Business Grants for Minority Women – How To Apply