Grants to fund Minority Businesses for the Development or Expansion
By: Susan A., Published: Apr 29, 2020 | Related: Home Improvement Funding
Minority individuals and groups that want to start a business may be eligible to receive a grant from the government, a foundation or a corporation. All three set aside over $1 billion in funds each year for the needs of minorities. Government grants are available at the national, state and local levels and are politically important. Overall, there is a great deal of free money available.
The focus of most minority grants is to provide equal opportunity and a better quality of life. Currently, there are more grants available to minorities than at any other time in history. Funding is available for the following eligible groups:
• Those from a particular race or ethnicity
• Those who are physically or mentally disabled (or both)
• Those who have a low income or are unable to work
• Those who have an alternative sexual orientation such as being gay, lesbian, bisexual or transgender (including family and friends)
• Those who have other disadvantages like taking care of elderly parents or a handicapped child
Many do not know that females are considered to be a minority group under certain circumstances, allowing them to apply for a Business Grant for Women. In addition, those who are left-handed can also receive a grant. Any organization or company that serves or assists minorities can also get funding.
Those who are part of an ethnic group or a minority race and are low income, disabled or otherwise in need, can apply for many different types of grants. These funds can help start a business or go toward other important goals. The following list outlines the many grants available and what the benefits are for applying.
• Legal assistance. This grant will pay for an attorney to help a minority person with law issues and navigating the court system for an optimal outcome.
• Education. This can range from basic kindergarten classes all the way to a Masters degree program. An education grant can also be used for job training and rehabilitation to help a person become more skilled and attractive to employers. It should be noted that this type of grant differs from general education grants because minorities often have greater needs in these areas, requiring more comprehensive coverage.
• Home. This type of grant assists with a first-time home purchase and any repairs or upgrades that are needed afterward.
• Child support. Minority single mothers and fathers can benefit from this grant that provides funding for daycare costs and health-related expenses.
• Bankruptcy. Those who have been ill, unemployed, lived through a natural disaster or other difficult times may have been forced to file for bankruptcy. This grant helps with the court fees involved with the process and financial recovery.
• Consulting. Before opening a business, it is best practice to have a professional consultation to start on the right foot. A consulting grant will pay for this vital service.
• Training for business. First-time business owners can learn about running their own company and avoiding any pitfalls through this grant.
Over $1 billion is put aside each year for minority grants. Millions of that goes for both new and expanding businesses. An additional million is available for those who want to buy their first house. Many thousands more are dedicated to higher education scholarships and legal assistance.
Minorities who want to apply for a grant should start with the federal government and work down to the state and local level. Along with the government, there are numerous foundations, charities and private donors who award grants each year. There are many opportunities available, and the key is to keep looking. Some find success through applying for several different grants at the same time.
How to Apply
Minority persons who think they might qualify for a grant but are unsure how to apply can start with their local governments and community leaders to see what is available and what the requirements are. Websites like USA Grant Application provide resources for finding grants and connecting minorities with the funds they need to start a business or generally improve their quality of life.