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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


Wednesday, 4 July 2012

Start-Up Government Grants For Small Business-Free Business Startup Money

Start-Up Government Grants For Small Business-Free Business Startup Money
Start-up grants are generally awarded to a business that is starting or has only been operating under two years. Grants are awarded by private lenders, as well as government agencies on the federal, state and local levels. There are requirements a small business must meet, such as the type of services or products offered by the business, to qualify for the different types of grants.
The Small Business Administration
The Small Business Administration does not offer start-up grants for small businesses, but the administration offers assistance in locating federal, state and local government agencies or businesses that do. The SBA has access to listings, resources and other helpful research tools that are not available online or in publications made available to the public. The SBA not only offers assistance in locating the start-up grants, but the administration also helps a business develop a new or critique an existing business plan that may be necessary to secure a small business grant.
Types Of Small Business Ownership
Start-p grants are awarded to businesses based on the type of ownership of the business. For instance, a small business that is owned by a woman can qualify for start-up grants that are not available for small businesses owned by men. The Women's Financial Fund offers start-up grants ranging from $100 to $5,000 to women starting a business. The grant is extended to all types of businesses, which include service oriented and network marketing businesses.
Repayment Misconceptions
A small business owner should not be under the misconception that all start-up grants are awarded on a non-repayment basis. Some grants do require repayment. Other grants that do not have to be paid back, can have other stipulations, such as giving the donor of the grant ownership in the start-up business, stock in the small business or representation on the board of directors of the business. Before accepting a start-up grant, a small business owner should verify the terms of the grant.
Significance Of Startup Grant Funds
The significance of a start-up grant is to help a small business owner get his business off the ground. Some small business start-up grants can be very large, while other grants can be $100. The small grants can still help with the cost of equipment upgrades, maintaining websites and other promotional services. Larger grants can assist the small business owner with larger expenses, such as purchasing office space or equipment. No matter how small the start-up grant is, the grant is still significant and helps a business cut costs of out of pocket expenses.
The United States Department of Health and Human Services offer assistance for small businesses interested in receiving start-up grants for their business. The department assists business owners with locating discretionary grants for starting a business. The federal agencies that offer start-up grants warn recipients to use these grants for the purpose of starting a small business. A small business owner may not take the grant money to pay for personal expenses that do not pertain to the small business. This is considered fraud, and a business can be penalized and face legal consequences, in addition to refunding the awarded grant money.

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