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Friday, October 30, 2009

Grants for Minority Business Women - Tips

If you are a minority woman looking to open your own business, you’re in luck. There are many organizations including government out there that are ready to help you out. As everyone knows, getting the capital needed to start a business is the first and foremost. Without capital, there is no business. Most women get start up capital by getting a loan from banks or borrowing money from friends and family. While this is not a bad idea, the problem is you still have to repay the loans eventually. So you’d have to be certain your business is profitable if you plan on repaying loans.

One way to get your business or even fund your established business is to get business grants for minority women. These grants are specifically for businesswomen usually given by the government and other organizations. Minority women may include Asian, African American, and Hispanic women. The business grants for minority women are great because there is no expectation for it to be repaid and plus there is no credit check like loans.

Before you apply for business grants for minority women, you might want to work out a business plan. A detailed business plan not only gets you off on the right foot in your business, but you also need to show this to your grantors who have the final decision as to whether or not you get a grant. If you can’t provide a good reason for them to give you money, then they most likely won’t be giving any money. You can find sample business plans online to get you started. You can also hire a business consultant to help you plan.

Start off your search for small business grants for women by going to the government grants database. This is a government website which has list of hundreds of small business grants for minority women. Search for the grants that suit you. In this case it would be grants for minority women business owners.

Next stop contact non-profit and other charitable organizations and find out if they give minority business grants for women. You can also contact businesses that may also give grants. Find out this information from your chamber of commerce.

Your state or county government may also have separate small business grants for minority women from that of the federal government. Give them a call and see what they have to offer.

When you are applying for grants for minority women starting a business, you’ll face a lot of rejections since there are many other women applying as well. Just keep on applying and write convincing business plans so that you get a higher chance of getting the money.


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