How the Federal Government Supports Minority Owned Businesses The United States’ government’s commitment towards minorities extends in funding of their businesses and new ventures. The government sets aside more than $1 billion on funding projects undertaken by minorities. Among these, small businesses started by minorities are important from the government’s perspective because they offer a chance for people to start something of their own, gain their own footing in the world of business and also generate employment at the local level. As a result, these grants are available at the local, State and national level. From a political perspective, these are incredibly important. Politicians leverage their position and use it to provide benefits to minorities in exchange for votes. Grants for Minority Owned Businesses: The U.S. Small Business Administration’s 8(a) Business Development Program helps minority owned businesses to grow and develop their business through training workshops, counseling and management and technical guidance. They help in administering small business grants for minorities. Certain minority groups are presumed to be socially and economically disadvantaged and can qualify for this program. Individuals who do not belong to these minority groups are also eligible provided the can prove that they have been discriminated against and are economically disadvantaged. Grants for Women: A commonly overlooked fact is that American women from all ethnicities are considered as a minority. Women as well as minority businesses can take advantage of grants offered by private institutions and government agencies. There are several agencies, both on the national and local level that administer grants to women entrepreneurs. There are over 5,000 government sources of grants over $20 billion in grants for starting a small business. You need to select a grants program that caters to your own personal needs. There are organizations that offer grants for starting a small business as well as small business grants for minorities Select a range of options--grants for women only, minorities only or both--if you are both a woman and a part of a minority group; this will give you a wider range of possibilities.
Summary: The United States government strongly supports the development and initiation of new businesses and start-ups by minorities. With the help of various fund designed specifically for their support, the government hopes that minority groups start new business and find ways to succeed in this slowly by steadily recovering economy.