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What are the Different Types of Minority Business Grants?

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  • Written By: Tess C. Taylor
  • Edited By: W. Everett
  • Last Modified Date: 16 September 2016
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There are many opportunities for minority entrepreneurs to start a business due to the availability of minority business grants available from a wide range of sources. Some of the most common sources of minority business grants include local small business agencies, private investment firms, minority business advocacy organizations, and government agencies focused on providing minority business grants that enable the minority population to start and run businesses of all types. Minority business grants can be used to start a business, provide capital for equipment and training needs and develop a minority-owned business into a growing enterprise that will support the economy and create additional opportunities for small businesses and job seekers.

When searching for minority business grants, one of the best resources is making contact with government-funded small business agencies that provide access to government-sponsored business grants and loans designed to launch and support minority-owned companies. These small business agencies can be found by searching for social and business development programs that are geared towards helping minorities start small businesses or fund existing businesses that are struggling. In many regions, small minority businesses can connect with agencies by attending networking events and community programs that support the small business market.

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In most areas, there are minority business grants and other forms of financial support available through small business investment firms and angel investment networks. These grants are designed to support the growing need for innovative ideas and processes that drive economic growth and create jobs and new technologies. By searching for minority business grants through angel investment networks, small business initiative programs, and industry sources, a minority-owned business can gain access to funding to pay for the expenses of starting and maintaining a business venture.

There are also a wide range of minority business grants available through minority business advocacy organizations and civic centers that can provide the much-needed capital to fund a small business start up and growth. While these funds are somewhat limited depending on the amount of investment activity that’s focused on minority-owned businesses, there can be additional benefits to the minority business owner in the form of mentoring, low-interest loans and other forms of support that can be attained in this manner. In addition, minority grants can be obtained through a local source and may be an easier process than competing with other minority businesses from other regions at the same time.

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