Starting or expanding a business requires a lot of hard work and money to get off the ground. Finding ways to finance your venture can include everything from applying for loans to getting investors to using your own savings.
For minority groups, another option is to get minority grants to start a business.
What are minority-owned business grants?
Unlike loans, grants are funds to use for specific purposes that you don’t need to repay. In most cases, minority small businesses are funded by corporations or special interest groups that have created goals to facilitate business growth among minority groups.
Minority groups can be based on race, gender, personal status or even location. To qualify as a minority business, at least 51 percent of the business must be owned or controlled by a minority.
How to apply for minority small business grants
Follow these steps to make sure you … Read more