Do you think a grant for minority businesses or minorities is not available to you? You might be wrong. Although the term “minority” is often used to describe a restricted, small group of people, federal grants are a broad term.
More than half of Americans can qualify for federal grants, whether they are small businesses, education, or any other grant that is specifically targeted at America’s minority communities.
With this in mind, applicants who are just starting to look through the almost 3,000 federal grants are advised not to automatically disregard grants that are targeted toward minorities. Instead, they should examine if these programs are a good fit for their needs and qualifications.
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Federal Grants | Free Money For Minorities and Minority Businesses
What is considered a minority when it comes to federal grant applications?
Ethnicity and race can define a minority, which includes Hispanic Americans, African Americans, Asian Americans, Native Americans, and Asian Americans. A large number of grants are reserved for Native Americans or indigenous North Americans who live on reservations. The term “minority,” however, may also be used to describe women in certain areas, such as scholarships and small-business funding and loans.
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What grants are available to minorities?
There are many forms of federal grants that can be given to minorities. These range from scholarships to college education loans and funds to support sociological and scientific research to community projects and outreach programs. Federal and state agencies often provide money or low-interest loans for education. Potential and current students will have many options, including the Pell Grant Program and the Federal Supplemental Educational Opportunity Grant. Minorities are often given an advantage in the application process. However, true financial need is just as important. Many education-based grants are awarded to those who most need them.
What grants are available to minority-owned small businesses?
Potential applicants should not assume that federal grants are always equal to “free money” when they are expanding or starting a small business. Although many grants for minority-owned small businesses may be low-interest loans, they are often just as valuable as cash handouts in the early stages of a business’s development. Many federal agencies that give minority small business grants, such as the U.S.D.A.’s Rural Business Opportunity Grant, target a specific area. However, other grantors, such as the Small Business Administration or U.S. Department of Commerce Minority Business Development Agent, have more broad criteria that allow women and minorities from all backgrounds and business interests to apply for and start a business.
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Minority applicants may find it easier to search for grants through a Government Agency (such as the S.B.A. or U.S. Department of Commerce) for a comprehensive overview of all ongoing grants.
Federal grant terms clearly define what qualifies as a “minority.” This can include any gender or ethnicity. Potential applicants who fall within this category are encouraged to look at all possible grant options. This will ensure that there is no stone unturned and no opportunity missed.