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What minority grants are available to start a business?

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Quick Answer

Minorities seeking grant money to start a business can enter the FedEx Small Business Grant Contest and Miller Lite Tap the Future Business Plan Competition. Minority women can apply to the Huggies Mom Inspired Grant Program, and students can apply to receive funding from the Dare to Dream Grant Program. In addition, the National Association for the Self-Employed Growth Grants provide grant money for micro-business owners.

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Full Answer

The FedEx Small Business Grant Contest awards the largest sum of money to the top winner and lesser amounts to several runner-up businesses. Contest applicants must be businesses with fewer than 100 employees, and vote popularity plays a role in the selection process. Minority businesses involved in rural development projects can apply for the United States Department of Agriculture Rural Enterprise grants. Businesses can use grant money to purchase land, construct buildings and provide technical assistance, or they can use it for other projects.

Business grant programs are also available to minorities who start companies in specific industry sectors, such as technology and transportation. Small Business Innovative Research grants provide funding to small businesses involved in technological innovation. This grant program targets economically and socially disadvantaged businesses and female-owned companies. Minority businesses interested in being a contractor for the Department of Transportation can benefit from the DOT Disadvantaged Business Enterprise Program, which awards money to companies meeting DOT eligibility requirements.

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