What are the Best Funding Options for Minority Small Business Owners?

Minority-owned businesses are on the rise in America. Over 27 million enterprises are owned by minorities. These firms make up to 29 percent of all businesses, according to a 2018 report by the US Small Business Administration. Many entrepreneurs struggle to get business grants for minority women. The following are the six best funding options for minority small business owners.

1. Small Business Administration (SBA)

The Small Business Administration program provides training, technical and management guidance, and entrepreneurship development assistance to the small business owners who are socially and economically disadvantaged. An American citizen who is subjected to cultural prejudice due to race qualifies to receive assistance from SBA.

2. Asian Women Giving Circle

This organization has been funding artists and Asian cultural projects in New York since 2006. Anyone who is working towards social transformation by raising awareness on issues affecting Asian American families, women, and girls qualify for economic aid. The highest grant given by the Asian Women Giving Circle is $15,000.

3. FedEx Small Business Grant Contest

The FedEx Small Business Grant Contest is open to small business owners for six months. At the end of the contest, twelve winners are awarded grants for their businesses and FedEx business services. The awards range from $15000 to $50,000. The contest winners also receive other benefits like; print expert consultation, website optimization, $300 FedEx voucher, and a trip to FedEx headquarters in Memphis.

4. National Black MBA Association

The National Black MBA Association offers educational and economic empowerment to African Americans. The NBMBAA has a scale-up pitch challenge which targets start-up enterprises. At the end of the challenge, the association gives a grand prize ranging from $1,000 to $50,000. The National Black MBA Association is one of the best associations for a business grant for minority women.

5. National Association for the Self-Employed

The National Association for the Self-Employed provides grants and educational materials to small business owners. One has to become a member of the association and provide a report on how they will use the capital to apply for the $4000 grant. Minority and self-employed business owners profit greatly from this association.

6. USDA Rural Business Enterprise Grants

This association under the U.S department of agriculture benefits minority business owners living in rural areas by providing them with grants, technical assistance, and training. This organization has led to the development of many rural areas thus aiding the economy of America greatly. Grants from USDA Rural Business Enterprise Grants range from $10,000 to $500,000.

Minority small business owners need to have a work plan and a well laid out financial data before applying for a grant. Also, it is important to consult experts on grant money and financial management to have a better understanding of how grants work. If you need grants for minority women and other minority small business owners, call New USA Grants via (1-888-364-1123). We also guide minority small business owners on where to apply for a business grant. Please visit here for more details: https://www.newusagrants.com/minority-hispanic-grants