How To Apply for Grants for Minorities Starting a Business

The continued advocacy campaigns for the rights of the minorities have somehow leveled off the field of opportunities for them. However, prejudices and unfair treatment can still be felt at times. In most cases, minorities have limited access to or are not prioritized in the distribution of resources in a community, resulting in economic disempowerment of these people. This, however, does not mean that there are no opportunities for them at all, especially in the economic arena. 

So, if you are a minority wanting to get grants for your business, you should know that there are special grants that can be applied for and accessed through the state government. Other institutions like non-governmental organizations (NGO’s) and church organizations are also offering grants through an application. Here are some helpful ways of applying grants for your business.

1.    Conceptualize your business. Before applying for any grant, make sure you have a business that is profitable. If you already have a small business going on, study the flow of sales. If you are yet to start one, think of something you are good at – service, sales, etc. 

2.    Develop a simple business plan. Know the why and the how of your business. In applying for grants, it is important that you know the flow of the business and will not disappoint the granters with how the grant will be handled.  This process will also help you understand and have a grasp of your business concept. The business plan includes:

3.    Study the feasibility of your business as planned. This is optional depending on the kind of business and the capacity you have. If your business is on massage service, you may want to go house-house in the neighborhood or put a signage outside your house to advertise your business. If this clicks, you may hire staff that you will train. The same thing goes for catering services, party planning and sales. However, if you do not have any amount to finance a test, just stick to your business plan, however, make a keen observation of the possible patronage of people to your business.

  • A little introduction of your company or business.
  • A rationale or purpose statement that defines your goals and objectives in applying for a grant. If your business aims at impacting a bigger community of minority people, state the expected outputs that you think are achievable by your business.
  • A practical budget that describes the monthly or quarterly expenses that your business may expend within the grant time-frame. The grant time-frame describes and justifies the amount of grant you are requesting before your business may make profits.
  • A description of target buyers.
  • A sustainability plan after you finish the grant.

4.    Study the feasibility of your business as planned. This is optional depending on the kind of business and the capacity you have. If your business is on massage service, you may want to go house-house in the neighborhood or put a signage outside your house to advertise your business. If this clicks, you may hire staff that you will train. The same thing goes for catering services, party planning and sales. However, if you do not have any amount to finance a test, just stick to your business plan, however, make a keen observation of the possible patronage of people to your business.

5.    Search for institutions that give grants to minorities. Firstly, consult the Minority Business Development Agency for grant institutions in each state. Secondly, search online for NGO’s and Churches that have programs for the minorities since there are a lot of private institutions that are helping minorities. At this stage, you may already submit your business plan with confidence that you will get approved, having done your assignment.

6.    Visit Ten Thousand Villages. This is a fair-trade retailer/wholesaler/exporter of handmade products. If your business is in line with what TenThousand is selling, you may want to connect with them through tenthousandvillages.com.

Being a minority should not be an impediment to a bountiful life. At this modern time, it is helpful to have a positive outlook and approach to life’s circumstances including negative societal conduct towards you and your likes.

 

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