Minority groups are continuing to increase in entrepreneurial fields, and more African Americans are looking toward owning their own small business than ever before. While small business ownership can be an extremely rewarding experiencing, it takes a lot of time, effort, and—most importantly—capital to get started.
Fortunately there are many programs available to help assist African Americans when starting a business. Grants for African American business owners are available through federal and private groups that can give you the money and other resources you need to start your own business. Here is what you need to know:
While most people think about grants coming from government agencies only, there are actually a lot of grants for African American business owners available through private companies as well. For example, the MillerCoors Urban Entrepreneurs Series is a financial assistance program developed by the company that has $150,000 in business grants available to African American business owners every year.
Other grants such as the National Association for the Self Employed have minority grants for African Americans and other minority groups that are rewarded every 3 months.
If you are looking for grants for African American business owners, the government has programs available for certain qualified businesses. If you have a research related small business, for example, you may qualify for grants from the CDC, the FDA, and the HHS. If you are in a rural area, grants for African American business owners are available through the Rural Business Enterprise Grant program by the US department of agriculture.
Minority Business Development Agency
The Minority Business Development Agency is a branch of the United States Department Of Commerce and has locations across the country that are designed to assist minorities in securing grants and other resources for their small business. The offer grants for African Americans starting their own business as well as assisting in finding grants from other programs.