Due to the age-old prejudices faced by the minorities in our society, the minorities interested in starting new businesses face quite a lot of problems even in getting the approval for the business loans. In order to overcome these obstacles, they can apply for the grants aimed at helping them to commence the new business.
First the minorities should search and find out whether there are grants at the State level. Normally the State Governments will have some business grants schemes for increasing the minority participation in the new businesses. For this, they can consult the Minority Business Development Agency and locate the grants organizations in all the States. They will have to prepare the mission statement outlining the purpose of their business with clear goals in the market place. This way the potentials of the applicants are made visible to the grant organizations without their applications getting rejected in the initial stages.
They will have to prepare a clear expenses budget and submit to the grants organization so as to establish that the business grants are being fully utilized by them for that particular business. The budget also helps to convince the investors about the competency of the minority businessman. By providing the complete details and definitions of the future products, they should impress the grant reviewer about the proper use of the grants.
It would be advisable to include the contributors like department heads and report writers while submitting the grant application for multiple points of contact and review by the grants organization. They can even mention the websites or any online partnerships with which they have associated to bring this project as supporting material for use by the grant reviewer.
The benefits the minority community likely to get from the business will have to be highlighted to the grant organization at the time of applying itself. This will certainly make the grant organizations devoted for the development of minorities views as a genuine reason for sanctioning the grants and thus helping the minority community.
In order to increase the chances for getting the grants, the following information will have to be furnished in the grant application.
Community Certificate to prove as a minority (copy to be attached)
Proof for household income
Receipt of any grants prior to this application
The kind of business that requires the grant
What is the amount required as grant
Plans for making the business very successful
It would be better to give the correct and honest information for the above so that the chances are better to receive the grant.
As there is no restriction for applying for only one grant at a time, it is advisable to apply for multiple grants so that there is a possibility for getting selected for one.
Though it is a long and tiring process to apply for small business grants for minorities, it will be worth and a boon to the minority businessman if one is granted.
Small Business Grant Source:
Learn the application procedures, various funding sources for specific types of businesses and eligibility criteria for small business grants. You can find the most comprehensive information on availing of small business grants by visiting this online guide on grants here
Apart from the Government, there are several foundations that liberally offer grants for several purposes. Visit this Grant Foundation Guide to know how to avail of free grants from private foundations. Also, check out the Education Grants Guide to find the best sources for all types of education grants.
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