Grants for Minority Women Wanting to Start a Small Business
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Grants for women and minorities are prevalent. There are fewer grants available specifically for minority women, but they exist, and the pool of applicants is usually smaller than business grants open to the general public. Applying for these grants can deliver the funds that female, minority entrepreneurs need to start or expand a business.
Locating Business Grants
The world of grants is not static; you must regularly search to discover opportunities. Search engines specifically for grants are available, including the Grants.gov website where you can locate federal grant opportunities. The site even has a mobile app to help with your search process. A simple web search for grant search engines turns up plenty of other possibilities.
Grants are often divided between private enterprise and federal, state or municipal programs. Start with local opportunities first and work to expand the results. Targeting local opportunities is ideal because they have less competition and offer the chance to network and grow your presence in the community. You can apply year after year for these grants, and eventually, you may win as your application skills grow and improve.
Start with Public Institution Grants
Expand into state opportunities before moving to the bigger pool of federal grants. You can find some excellent opportunities while conducting a statewide search. After checking out everything that is funded by public institutions, move on to private grants.
Private grant opportunities are extensive, and many exist specifically for the minority and women categories. In some cases, they are limited to specific minorities such as African-Americans or Hispanics, while others are open to any minority-owned business.
Ongoing Grants Available
The field of grants is ever changing, but several major corporations and federal agencies offer programs that are ongoing and renewed each year. One example is the federal Minority Business Development Agency operated by the U.S Department of Commerce. This resource collects information on grants available to women and minorities each year. It should be a staple in your search.
The Eileen Fisher Women-Owned Business Grant dishes out six figures in awards each year. This one is well worth the application effort, particularly when you can secure a $10,000 grant for your business.
Not all Grants Renew Each Year
Many of the grant opportunities are privately funded and are not guaranteed to renew each year. For example, FedEx has a small-business contest with significant awards, and Zions Bank has offered the Smart Women Grant in the past. This Zions Bank Grant may not be available every year, so check frequently for updates on the program.
Ongoing grants act as staple opportunities that you apply for each year, while temporarily-funded programs that pop up at random come together through regular grant searches.
Winning Grant Money
Obtaining grants is difficult for any business. While numerous opportunities exist, they are competitive, and you must put forth the effort to submit an impressive application. Each program comes with a different application process. Some require specific financial information and proof of current business ownership. Others are more loosely managed.
Save every application you submit because annual opportunities offer the chance to improve your application while learning from past mistakes. You can reuse some material such as videos and essays when applications call for similar information.
If you are not successful when applying for minority- and women-only grants, consider consulting with a professional grant writer. The high-value grants easily justify the expense, and many businesses pay the grant writers on a commission basis for grant money earned. This relationship benefits both parties by adding incentives and creating a focus on winning the best minority, female grants available.
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Writer Bio
Zach Lazzari is a freelance writer with extensive experience in startups and digital advertising. He has a diverse background with a strong presence in the digital marketing world. Zach has developed and sold multiple successful web properties and manages marketing for multiple clients in the outdoor industry. He has published business content in Angling Trade Magazine and writes white papers and case studies for multiple corporate partners.