Free Money For Bills Fast Government Grants To Pay
Federal or state government grants to start a truck company In case youve made a living driving a truck for quite a few years, you may have decided that starting your own truck business might be an outstanding financial movement. Your income could boost the expense of beginning it could be significant. An alternative for initial funds would be to find and apply for grants which could help you raise the capital required to start your company.
How To Obtain Business Grants For Minorities
Minorities often find themselves in a situation where the environment makes it harder for them to grow, and develop financially. However, there is good news for them that in the US there are a lot of opportunities to get business grants for minorities to encourage them to involve in the national economic development efforts.
We will not go to lie to you that it is easy to get the minority grant as it is needed diligence, persistence, patience and detail to be able to get it. I have the aforementioned quality combined with the certain know-how then there is big chance you will get the grant. Here we will provide you with the detailed information on steps to acquire the business grants for minorities.
Business Grants For Minorities: Final Thoughts
Entrepreneurial talent can be found in every community across this land. Sadly, social and structural barriers to equality persist. Small business grants are but one means by which minority small business owners can get some ever-elusive funding. For other such means, check out our article on the various types of alternative financing available for small businesses.
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Sogal Foundation Black Founder Startup Grant
- Submission Dates: This is a rolling grant program with grants awarded at the end of each month.
- Entry Requirements: Black women and Black nonbinary entrepreneurs qualify for the program. Multiracial black applicants may also apply. All entrants must have a registered business, plan to seek investor financing in the future, and have a scalable business or idea.
The SoGal Foundation has teamed up with businesses such as Winky Lux and Bluemercury to launch the Black Founder Startup Grant. This program is designed to provide Black women and Black nonbinary entrepreneurs with grants to start or further their businesses.
This program provides grants of $5,000 and $10,000 to select entrants. Additionally, winners also receive lifetime access to the SoGal Foundation and SoGal Ventures teams. Applications are accepted on a rolling basis, and awards are given at the end of each month.
Funding Options For Minority
Many government agencies and organizations offer grants, funding and low-cost loans that are intended to help minority-owned businesses grow.
From companies like FedEx to government institutions like the U.S. Department of Treasury, there are several funding options geared toward minority-owned businesses.
If you operate a minority-owned business, there are many opportunities to obtain government and corporate contracts that are allocated specifically for businesses with this classification. However, what if your business is just getting started or has hit a rough patch and you could use some additional funding?
Many government agencies, banks, corporations and associations offer grants and loans designed to provide aid to minority-owned enterprises. While some of the best funding opportunities specifically target minority-owned businesses, other still-good options for funding have broader eligibility but should still be explored. Additionally, some venture capital firms specialize in investing in minority founders.
Here are nine public and private programs that offer good funding options for minority-owned businesses.
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Usda Water & Waste Disposal Loan & Grant Program
The USDA Water and Waste Disposal Loan and Grant Program helps qualified business owners who arenât able to obtain more traditional business financing. This program, as the name suggests, provides both grants and business loans.
To qualify for this grant program, your business must be in the field of water or waste disposal in an eligible areaâa rural area or town with a population of 10,000 or less, tribal lands in rural areas, or colonias. Most state and local government entities, private nonprofits, and federally recognized tribes are eligible for this program.
Minority Grants For Small Businesses
Listen To This Article
Minority business owners are a critical role component of the American economy. They encourage diversity, community development, economic growth, and foster new opportunities in traditionally underserved areas. Minority business owners also face a unique set of challenges.
Its not uncommon for minority business owners to struggle with capital shortages, limited business networks, and limited access to credit. On top of this, the Covid-19 pandemic has had a disproportionate effect on minority-owned businesses.
During the height of government-issued lockdowns, a Federal Reserve Bank of New York report found that 21% of Black-owned and 18% of Hispanic-owned businesses were struggling, compared with 5% of businesses owned by non-Hispanic white people.
In the face of these challenges, a number of government-sponsored and private sector grants have been introduced many of which are exclusive to minority-owned businesses. We took it upon ourselves to research and identify the top 7 grants for minority-owned small businesses. Take a look!
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Operation Hope Small Business Development Program
The Operation HOPE Small Business Development program is designed to help small business owners in underserved communities. The nonprofit organization offers an eight-week entrepreneurship training program to provide minority business owners with business training, personal development, access to professional services, and financial counseling.
The program also helps business owners create and maintain a business plan, as well as gain access to funding and other business resources.
Small Business Development Centers
It can be a little overwhelming to search through all the potential grants available to you, so the SBA has set up Small Business Development Centers all over the country to help you figure out what grants are available. While the SBDCs dont actually offer grants, they do offer meetings with local advisors that have comprehensive knowledge of the grants in your area and nationally.
For more info and contact information of your local SDBC, visit this resource.
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Small Business Grants For Veterans
Here are some small business grants for veteran-owned businesses:
- StreetShares Foundation: StreetShares is a foundation dedicated to supporting veteran entrepreneurship through educational content, networking and business coaching sessions. The foundation also runs the Military Entrepreneur Challenge, a competition open to veterans or their spouses for three grants between $4,000 and $15,000 awarded for its social impact on the military community.
- Service Disabled Veteran-Owned Small Business Program: Similar to the 8 Business Development program, the SBA runs this program to help award federal government contracts to service-disabled veteran-owned small businesses.
- Boots to Business: The Boots to Business program is not a grant but a business education course offered by the SBA for transitioning service members interested in starting a business.
If you need more funding or these programs dont fit your needs, explore options for small business loans for veterans.
First Nations Development Institute
The nonprofit First Nations Development Institute is an organization dedicated to Native American communities and small business owners. They provide financial grants, training programs, and advocate for improving economic conditions in Native American communities.
Theyve awarded more than $43 million in grants. You can stay updated on the latest grant opportunities here.
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Us Department Of Energy And Environmental Protection Agency
The DOE and EPA are among the federal agencies that offer grants to small businesses. The Energy Department leverages the SBIR and STTR programs to award grants for research and technology on energy production and use, and the EPA awards grants to businesses assisting in environmental clean up and protection.
Find Programs For Veteran
- Hire our Veterans Tax Credit: This program provides a State income tax credit to small businesses who hire qualified veterans. The credit is based on wages paid to those veteran employees.
- Military Personnel and Veteran-Owned Small Business Loan Program: Small businesses that employ or are owned by military reservists, veterans, National Guard personnel are provided with no interest loans.
- : Each State agency in Maryland must structure procurement procedures with the goal of achieving an overall minimum of 1% of the agencys total dollar value of procurement contracts to be indirectly or directly made up of veteran-owned small businesses.
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Determine Whats In It For Your Lenders
If you need to get a small business loan, you need to determine what your lenders get in return for their contribution. Some investors may need to have a say in how your business turns, while others will require an ownership percentage.
For example, an angel investor may need to have an active role in how your company is managed. This kind of investors needs higher returns than what they would get in ordinary investments.
When looking for funding, sit down and figure out what type of lender works for your business. Customize your business plan to meet the lenders need and to answer any questions that may come up while pitching your business.
Don’t Forget To Form Your New Business
Once you’ve decided to set up a new company, the most important next step is to form your business.Most small businesses set up as an LLC .
This keeps all your assets separate from the company, limiting your personal liability, while giving the pass-through tax benefits of being a sole proprietor.
The process of forming your company can be really simple. Incfile can handle everything for you for $0 – all you pay is any state fees. Form your company for $0 now at Incfile.
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Federal Minority Business Grants
The United States governments commitment towards minorities extends in funding of their businesses and new ventures. The government sets aside more than $1 billion on funding projects undertaken by minorities. Among these, small businesses started by minorities are important from the governments perspective because they offer a chance for people to start something of their own, gain their own footing in the world of business and also generate employment at the local level. As a result, these grants are available at the local, State and national level. From a political perspective, these are incredibly important. Politicians leverage their position and use it to provide benefits to minorities in exchange for votes.
Grants for Minority Owned Businesses:
The U.S. Small Business Administrations 8 Business Development Program helps minority owned businesses to grow and develop their business through training workshops, counseling and management and technical guidance. They help in administering small business grants for minorities.
Certain minority groups are presumed to be socially and economically disadvantaged and can qualify for this program. Individuals who do not belong to these minority groups are also eligible provided the can prove that they have been discriminated against and are economically disadvantaged.
Who is Eligible?
There are also minority grants available for start-up costs in the form of federal minority grants, if you meet the eligibility requirements.
State Covid Small Business Grants
In addition to SBA grants, several states have open applications for COVID-19 small business grants. For example, the New York State COVID-19 Pandemic Small Business Recovery Grant Program offers grants of up to $50,000 to to small businesses that did not receive a RRF grant, and Ohio offers industry-specific grants for restaurants, lodging and entertainment venues, as well as grants for small businesses that started up in 2020. Check your states business agency website to learn more about small business grants in your state.
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Small Business Grants For Specific Demographics
Small business grants arent readily available to people wishing to start businesses. However, there are demographics that the government may want to promote and offer helpful resources for their businesses. Three of the largest groups are veterans, women, and minorities. Learn more about each of these subsets in the following sections:
Luce Indigenous Knowledge Fellowship
- Submission Dates: Applications must be submitted by July 13, 2021 at 5 pm MDT
- Entry Requirements: Submissions are open to Native American knowledge holders and knowledge makers.
The First Nations Development Institute is partnering with the Henry Luce Foundation to offer the Luce Indigenous Knowledge Fellowship, a program that awards 10 fellowships of $75,000 each to 10 Native American knowledge holders and knowledge makers engaged in work that benefits Indigenous people.
Fellows will be required to gather together three times to pool their collective knowledge, and create a community of practice that crosses fields, geographies, and tribal cultures. Further details can be found on the Fellowships application page, listed above. Submissions are due by July 13, 2021, so apply ASAP if you are eligible and interested!
Define Your Business Plan
Whatever minority-owned business grant you pursue, a well-crafted business plan will surely be a requirement. Make sure to describe why your business will be successful.
Also, explain how youll use the funds from the minority small business grant. Finally, be sure to detail how youll fulfill the specific goals of the grant.
Usda Rural Business Development Grants
Do you run your business in a rural area? If so, youâll want to explore the Rural Business Development Grant program from the USDA, which offers small business grants between $10,000 and $500,000.
This program is available to businesses operating in rural areas, with a population under 50,000. Additionally, grant money must be used for projects that benefit your rural area or town. A variety of entities are eligible for this program, including nonprofit corporations, federally recognized tribes, rural cooperatives, state agencies, and more.
You can find the documentation and other requirements relevant to your state on the USDA website.
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Private Small Business Grants
In addition to government grants for small businesses, some private corporations and foundations also offer small business grants, including some small business startup grants. Private grants require their own applications and may contain eligibility restrictions limited to certain industries.
|Startup businesses focused on payment solutions for consumers or businesses|
Are There Any Downsides To Business Grants
A variety of factors make many business owners skeptical of the free money that business grants offer. While every grant has a different application period, rules, terms, and conditions, here are some potential downsides you should keep in mind when applying.
As mentioned above, business grant funds are taxable income for IRS purposes. The funds will still be free money for your business, but you will need to make sure you dont spend the entire payout without planning for the added income in your tax bill.
Business grant applications take time. Youre already a time-crunched business owner wearing a million hats, do you really have time to apply for every business grant opportunity you come across? Its a valid complaint about business grants. The likelihood of winning the grant can be small depending on the size of the contest, so you have to make your own cost/benefit analysis to figure out if your most precious asset time is worth it.
Small business grants may require campaigning. Many business grants require a social media component, where you campaign or share something publicly about your grant application. Thats not necessarily a negative if you have an active and vocal social media following, but campaigning does take additional time and some business owners may understandably not want to be as public about their search for money.
This article was originally written on November 19, 2019 and updated on August 23, 2021.
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Minority Small Business Grants For Business Start Up Opportunities
First off, it is true that there are numerous grant programs coming from the government. They are distributed to the state government, nonprofit organizations, community organizations, and individual. Grants for businesses are considered as an individual or personal grants. Unfortunately, most of the individual grants are given in the field of education. There are other indirect personal grants such as food stamps or health benefits such as medicare and Medicaid, but there are no currently available direct personal federal grants for business.
If you are a minority and are trying to make your first business there are other forms of financial aid available, but before we talk about this, lets dig into what the government offers.
Rural Business Opportunity Grant
People living in rural areas in United States can benefit from this grant. Its not a direct grant, so no money is given directly to business owners. The money from the grant is usually used for technical assistance and training related to the business development. Contact your local US Department of Agriculture for more information.
Small Business Administration Grant
This grant program is also an indirect grant program aimed to provide technical help, training and building business capacity of business owners, especially if the owners are from a minority community.
I hope you find this post helpful for your search for minority small business grants for business start up.
The 12 Best Minority Business Grants
In late 2019, the U.S. Department of Commerces Minority Business Development Agency announced more than $3 million in funding for American Indian-, Alaska Native- and Native Hawaiian-owned businesses.
Minority business grants dont stop there. Here are several other grant opportunities to consider:
How To Apply For A Small Business Grant For Your Startup
Although startup small business grants may be difficult to obtain, there are things that you can do to increase your chances. Once you find the grant that you think is best for your business, gather everything you need to know before applying. Understand whats required in the application, when its due, and anything else that may be needed.
A grant application could take weeks to fill out and submit.
A grant application might require an outline of your proposed work and financial data on your organization. Dont be afraid to consult other experts such as your accountant or any team members who may be able to help with the application, too. Whatever you do, just be sure to follow the parameters of the grant application and dont leave anything out. Otherwise, you might not be considered.
Look for workshops or conferences that you can attend to learn more about the entire grant process. These events may connect you with grant writers and funders, which could give you the chance to make a good impression before even submitting an application.