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The government sets aside millions of dollars as grants for minorities to help this marginalized section of the population.Nearly 275 billion dollars have been earmarked by the administration as federal grants or business loans and a large share of that money is for financing business for minorities here. The government has recognized the need to support entrepreneurs to help develop the community, especially the minority communities. Most federal government grants are reserved for nonprofit organizations and state government projects that work towards community development. Apply Today Business loans and grants!!
There are many people out there who would like to start a venture that will benefit the community as a whole but do not have the capital to start. Taking a loan is also not an option because financial institutions require guarantees and other supporting documents. Financial aid received in the form of a grant is a better alternative as you do not have to return the amount. Grants are mostly given out to fulfill a specific purpose or to satisfy a need.

In these times of an economic recession, it is difficult to find gainful employment, hence the government has come up with a 787 billion dollar stimulus plan to cushion the economy. A large portion of this money will go towards entrepreneurial projects that will create jobs and benefit the community. A good example of such a venture is child day care center, as it will provide employment in the community and will also allow women to look for employment without worrying about child care.

The government has set aside funds as grants for minorities to contribute to their economic well-being. The administration also has The Catalog of Federal Domestic Assistant (CFDA) website which gives details about minority grants and their application procedures. You can also track the status of your grant application on the government grants website with your Funding Opportunity Number (FON) or Catalog of Federal Domestic Assistance (CFDA) number.

The US Small Business Administration (SBA) realizing that minorities don't have access to commercial finance, have made provisions for small business grants and loans to assist these people. The SBA also passes government contracts on to Economically Disadvantaged Women Owned Small Businesses (EDWOSBs) and minorities. SBA also runs a Small Business Investment Company (SBIC) program which provides start-up funds to businesses in return for shares in the company.

The US Department of Commerce has a Minority Business Development Agency (MBDA) which is committed to assist entrepreneurs from the minority communities. They provide assistance and tips on how to start a small business. They support small minority business enterprises (MBE) in drawing up marketing plans, provide technical assistance and financial planning. The MBDA has over 40 business development centers mostly located in areas which have a concentration of minority population and businesses.

There are many government and private grants for small business start-up for women and minorities. You just need to look in the right places, visit your local chamber of commerce, check the government grants website, and organizations like Rotary. The Office of Women's Business Ownership (OWBO) is also a great place to look for assistance.

According to a survey Hispanics are the largest minority group they consist of 15 percent of the population, followed by African-Americans 13 percent and Native Americans 1 percent. The Obama government also enacted the American Recovery and Reinvestment Act of 2009 under which funds are set aside as grants for the next 10 years.

By Indrajit Deshmukh

Source: buzzle.com/articles/small-business-grants-for-minorities.html

Sunday, 1 July 2012

Guaranteed Free Business Start Up Grants From SBA-Free Online Application

Guaranteed Free Business Start Up Grants From SBA-Free Online Application
The Small Business Administration (SBA) is the first place every start-up business person and entrepreneur thinks they should go for small business grants. There is good and bad news on this: Yes, it is a great first place to go when you are starting your business because they provide free counseling and financial assistance, however, the SBA itself does not hand out free grant money to start or expand a business. Anyone who tells you otherwise is mistaken, or pulling your leg.
The SBA is an independent agency of the federal government and its purpose has remained the same since its creation in 1953. According to their website the purpose of the SBA is "To aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation." The primary way in which the SBA does this is not by providing grants, but by administering low interest loans, or loan guarantees, which give small business owners like you access to start-up money from private lenders all over the nation. These are loans that you might not otherwise be able to get without the guarantee from the small business administration. 
The SBA does not directly provide you with small business financing, they are an intermediary and they contract with private lending institutions in every State. A loan guarantee from SBA gives a bank the added security it needs to lend you money. If the borrower's business doesn't get off the ground as quickly as planned and the business ends up defaulting on the loan the SBA will repay all or part of the loan - usually about 40% of the loan will be guaranteed.
This type of financial assistance may not be as good as free grant money, but if it is money you can actually get your hands on reasonably quickly, on decent terms, and the repayment schedule can fit within your budget, then it's a great deal and probably your best option as far as financial assistance from the Small Business Administration. If you need a line of credit at any point in your business start-up or expansion, be sure to check out these SBA resources. 
Keep in mind that even if in the past you have been unable to borrow money elsewhere, it doesn't mean you won't be able to get business financing now. A loan guarantee from SBA will help you secure financing when it would otherwise be unobtainable based on your credit, perceived ability to repay the loan and other factors. They also have programs and ways of streamlining the application procedures necessary to provide financial assistance to the small business community.










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