Grants for African American businesses may prove to be challenging at first. Yet, it can actually be less intimidating once you have found the resources to locate them. The internet nowadays is a friend to everyone who is looking to avail of grants for African American business. Primarily because of the vast amount of information available in just one website, a businessman interested, for example, in knowing what grants are available, what the office address of the foundation is, forms that needed to be filled out, qualifications needed, can all see them in just one website.
An example is the Minority Business Development Agency (or the MBDA) website, which should prove very helpful from minorities like African American businessmen in getting information about grants that they could avail for their businesses.
For businessmen who want to avail of grants without having to go to a major city, business resources for minorities, including African Americans, are actually closer than they think. Most, if nor all states, have their own local Economic Development offices. More often then not, these Economic Development offices also have their own websites that provide information for grant seekers. Aside from financial grants for African American businesses, State Economic Development Offices also provide marketing assistance, research and development programs, tax reimbursement to start-up firms, technical backing, and workforce training.
Grants usually come in forms of Community Development Grants and loans which provide funding for projects that further the objectives of the state’s economic development and generate jobs for residents. Grants can also come in the form of Small and Medium Enterprise (SME) Growth Funds that usually provide initial amounts, usually from $150,000 to as high as $350,000, as long as they have potential to thrive and is beneficial to the community. State grants also assert the importance of employment generation in starting businesses.