Promoting women-owned and minority businesses is good for the economy. In the past few years, there have been a number of new programs designed especially for minority women who would like to become entrepreneurs. This is good news for those who are suffering from the recent economic downturn, as one of these business grants can empower minority women to make positive changes for themselves and their communities.
Although business grants are available in many different industries, there are a few that provide more opportunities than others. These industries have unusually low rates of female minority involvement, so the goal is to help increase this number by providing grant opportunities. Some of the areas that provide more business grants to this group of people include construction trades, science, engineering, technology, mathematics and agriculture. Minority women who wish to start a business related to one of these industries are more likely to find grants available than those who pursue other types of businesses.
Who is Eligible?
Eligibility requirements vary from one grant program to the next; however, there are some common requirements. Minority women who are looking for grants should have a written business plan before applying for funds. This plan should include marketing strategies, financial information and business objectives.The proposed business should be headed by a minority female, although its employees do not necessarily have to be minorities. It is also helpful if they live in an economically depressed area, as some jurisdictions that qualify as such often receive additional funding from the federal government for small business startups.
How to Apply
After finding a grant opportunity, the next step is to write a grant proposal. This proposal should outline what the money will be used for and how it will help the community. It can be a good idea to detail how this business would in turn benefit other minority-owned businesses by using them as suppliers or contractors. Writing a grant proposal is a complicated matter, but minority women can typically get advice on doing this from their local office of the Small Business Administration.
Benefits of a Business Grant
Some minority women may find it impractical to realize their dream of small business ownership without assistance from grant monies. These funds help those who might otherwise be dependant on social programs find gainful employment. Grants for minority women can also help them gain a foothold into industries that have traditionally employed few members of this group. Funding small business grants for minority women also keeps larger businesses competitive, and this in turn helps the economy because more people are able to benefit from affordable goods and services.
There are many resources that minority women can use to find available grants for their small business startups. Government agencies, private foundations, and local Chambers of Commerce can all be good places to check with. Much dedication and hard work is required to obtain these grants, but the results will pay off with years of economic prosperity in the future.