Are you under the impression that a minority or business grant isn’t available to you? Rethink. While the term “minority” may conjure up images of a small and restricted group, it can actually be used for federal grants.
Technically, more than half the U.S. residents are eligible for small business, education, and other grants specifically targeting American minorities.
Keep this in mind when you are starting to search for federal grants.
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Free Money To Minorities
What counts as a minority when it comes to federal grants?
Ethnicity or race can be used to define a minority, with Hispanic Americans being the most common, as well as African Americans, Asian Americans, and Native Americans. Many grants are only available to Native Americans and Native North Americans who reside on reservations. Women may be considered a “minority,” especially when it comes to scholarships and small business funding.
What grants are available for minorities
Minorities may receive grants in many forms. They can range from financial aid to scholarships, loans for college, and even funds for scientific or sociological studies. Federal and state governments often offer money or low-interest loans to students.
Current and potential students will find many options in this category, including the Pell Grant Program, the Federal Supplemental Educational Opportunity Grant, or the National SMART Grant. Although minorities may have an advantage in grant application process, true financial needs are just as important. Education-based grants are given to those who really need the money.
What grants are available for small minority businesses?
Potential applicants who are looking to start or expand a small company should not assume that a federal grant will always be equal to “free cash.” While many grants to minority-owned businesses are low-interest loans, the funds can be just as useful in the beginning stages of starting a business as free cash.
Many federal departments providing minority-owned small business grants, such as the U.S.D.A. Rural Business Opportunity Grant, focus on a particular action or region. Other grantors, including the Small Business Administration and the U.S. Department of Commerce Minority Business Development Agency, have broad criteria that make it easier for women and minorities of any business interest and all walks of life to apply for and launch a successful business.
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Minority applicants looking to start the process might find it easiest to search for grants from Government agencies (such as the S.B.A. and U.S. Department of Commerce), which will give you a complete overview of the ongoing grants.
Federal grant terms define an eligible “minority.” It can be any age, gender, or ethnicity. It is important that applicants who might fall into this category explore all possibilities when looking for possible grants.