Free Minority Business Grants

Minority business grants can offer you great opportunities to change your future. The United States government offers billions of dollars in grant money every year to minorities. The two most common types of minority business grants are black owned business and women owned businesses.

Business grants were shaped to offer financial assistance to entrepreneurs and business owners, to help stimulate the U.S economy. These grants are like government thank you gifts to entrepreneurs for being the backbone of the U.S. economy.

Business plan competitions and essay-writing contests are also great ways to get minority business grants. Even businesses owned by an person or people with poor credit can get grants for a business. Business owners and start up entrepreneurs with poor credit who want to start a new business or need some ‘bridge capital’ to help assist in expanding an existing business are provided an exceptional opportunity to help turn around and improve their financial situation.

Everyday, black-owned companies every single day are awarded business grants. These grants are the ideal way for black entrepreneurs to fulfill their dreams of becoming business owners. You can get anywhere from $5,000 to $25,000 in grants that don’t require repayment. Fewer than five percent of black owned businesses even apply for these minority business grants.

Minority business grants for women are also an exceptional resource for female entrepreneurs. There is approximately $20 Billion dollars in grant money available to women owned and operated businesses. Women owned businesses are also shown to produce a higher success rate than male owned businesses. Minority women businesses have the highest success rate of all. If you are a woman and/or a minority woman, applying for and being awarded a grant can be a boon to your business.

Once you have some funding behind your business, you not only show that your business was solid enough to command grant money, this money can be used to assist your company in producing an income, thus making you more attractive to the bank for an SBA loan to even further grow your business. Minority business grants information is vital to helping you thrive in your business. You will need to do some ‘groundwork’ before applying for grants. You will need a business plan.

You will also need a financial plan, complete with an Assets and Liabilities statement, budget forecast, and Profit and Loss statement. You also want to have on hand three previous years tax returns, both personal and business. Finally, your personal credit report, and business credit report if you have it. Once you have this information gathered, you are ready to begin your search and application procedure for finding minority business grants.