No matter how much information you have heard and read about minority business grants coming from the US Government, they simply do not exist. According to the Minority Business Development Agency, the US Government office that handles the affairs of minority-owned businesses, there is no free money allocated for business startups and expansion. While there are federal grants intended for business, you need to realize that most of these grants aimed towards established businesses, most of which are given funds for commercial technology research and development purposes.
With that said, you better cross out the US government as your source for minority business grants. Your best bet is to look for non-profit organizations that cater to minorities. While most do not provide free money to get your business up and running, some do. But these private groups have strict policies when it comes to giving our grants, especially when it comes to starting a business venture. Seeking these groups out might be a tricky proposition since they are very limited and most of the time, grant recipients are filtered out to determine who deserves the funding.
Truth be told, business grants for minorities are hard to come by. Many business experts suggest that you are better off looking for a minority-centered groups and organizations that offer affordable and flexible lending programs. Groups like FAME Renaissance and Operation Hope are bent on helping out people not only from the minority, but those individuals who come from impoverished and distressed communities in Southern California. Aside from financial aid, a number of minority-centered groups also offers technical assistance, such as skills seminars and workshops, to equip borrowers with the right tools to drive their business to success.
The Small Business Administration is also a good option as a funding source. The SBA provides a long array of financing packages that are designed to help people to get money for business purposes from banks and lending firms. As long as you satisfy the requirements, which may vary depending on the type of lending program you choose to avail, the SBA is an excellent choice.
Many people, especially those who are desperate for funding, are duped into believing that there are federal grants crafted to provide money to minorities to help them start and grow a business. As mentioned earlier, the US Government provides no grants for business startups. It is important that you realize this and understand that there are more viable choices around you if just care to explore them and see which suits your situation and present conditions.