The US government provides equal chances regardless of an individual’s background. Even if you are a member of a minority group, you also get fiscal support.
Known as minority grants, this aims to inspire you and other minority business owners to start and/or expand ventures. The US sets a budget per year to support your success. However, just like regular federal grants, the government has a set of criteria for you to qualify.
If this grant is new to you, or if you want deeper knowledge, here are things you should know.
The Context of Minority Business Grants (MBGs)
The Benefits of MBG.
Aside from funding your business, this grant also boosts US’ economy. In fact, in the advent of MBGs, minority-owned businesses have grown four times faster than other US firms. The growth rate improves the income of the country. Moreover, MBGs further minority’s fiscal success since this give them a better life.
One more thing, MBGs break the social wall that had brushed off most members of the minority. This grant led these people to succeed. Thus, they earn a good life and respect from society. Through this, the government brings various ethnic groups together. So far, this is the best reward as this eliminates margin and defies social abuse.
Ways to Apply for MBG.
To apply for an MBG, you must tender a business grant proposal. You will need to write a business plan to complete the proposal. This document supports your purpose and explains the weight of your endeavor. Through this, you can set forth the place of your business, requested funds, benefits of the proposed business, and a market research that shows the need for your business. Also, it shows details on how you will start, operate, and maintain your business. In addition, a well-written business plan can impress funders. Thus, create a well-organized proposal to drive them to support your project.
Means to obtain an MBG.
Like other grant applications, your proposal has a great role to sway grantors to fund your business venture. Funders will review your business plan, as well as the whole grant proposal. Your proposal must be effective in proving the need for your proposed business. As such, be strategic in showing the benefits it will give to the target market. Do the same thing when discussing your qualifications and credibility to operate the business. Moreover, your program must match with your business plan so as not to confuse grant funders.
To increase your chance to get funds, make sure that your proposal has facts and statistics. This data must be relevant to your target market and its current condition. Your business’ goals must be practical and achievable. Moreover, your budget plan must show real estimates of the required items.
Your project must also show that it will support the minority group. Indicate how the business will give them a better life. Highlight that your project is not for own financial gain. You have to prove that it also aims to provide fiscal growth to the community.
You can source out MBGs from the government sectors and private foundations. For federal grant applications, this is year-round. While private funders has their own schedules. To be sure that a grantor welcomes MBGs, you can submit a letter of intent. Otherwise, you may call, drop by their office, or check their Web sites to know if they fund minority businesses. You may also seek grant writing services to help you look for grants.