Minority women looking to start a business or continue funding their business usually get loans from banks or borrow money from family. Although this may be the most traveled path to obtaining money, there are other ways such as getting business grants for minority women.
Business grants for minority women have several advantages over getting a loan. First grants do not need to be repaid and second, grants do not require credit checks.
In order to qualify for minority business grants for women, of course you must be a minority woman. Minority women include African American, Asian, and Hispanics.
Many organizations offer minority business grants for women. The federal government is probably the biggest grantor. Non-profit organizations and businesses are also good places to go looking for grants.
Grantors usually want to see a business plan before giving you a grant. Since they are giving you a considerable amount of money for free, they must have a good reason.
If you do not know how to write a business plan, there are many sample business plans you can look at online. You may also want to hire a consultant who can help you write up a plan.
Visit the federal government website for a list of all the federal grants available. Look for the grants specific to your cause, which would be the minority business grants for women.
Next, go to the chamber of commerce and look up businesses and organizations that provide minority business grants for women. The chamber of commerce is where businesses can network amongst each other.
There is also the state and local government you can try to see if they have business grants for minority women. They usually do not mix there grants with the federal grants.
If you want to get business grants for minority women, you have to apply to many of them. You will not get all of them because there is usually a lot of competition. Sometimes you may find grants that are not as well publicized.
Rick is a financial expert and has helped many minority women find grants for minority women business owners. Through his many years of business financing experience, he has created a website for helping others. Please visit his website for more information.
