Grants For African-American Business Owners-Free Start-Up Money

Grants For African-American Business Owners-Free Start-Up Money

Funding a new business can be difficult and a lack of capital can lead to a failed business. Various organizations and government entities offer financial-aid programs for businesses that are owned by and serve the African American community. These programs are meant to assist individuals who may not be eligible or considered for other forms of financing.

Housing Counseling Program

Established by the Department of Housing and Urban Development, the Housing Counseling Program is a grant that's created to help fund organizations that assist members of low-income communities. These businesses must counsel homeowners and tenants on how to meet their financial obligations. These businesses also help resolve issues such as mortgage delinquency and foreclosure. This program is targeted to help create the organization located in low income or urban development communities. In 2010, $87.5 million dollars was available for allocation through this grant. As of August 2010 amount approximately $79 million is still available for awarding. Applications are only accepted through electronic submission on the Grants.gov website.

Business Development Program

The U.S. Small Business Administration has created the Business Development Program to help fund disadvantaged businesses. These grants are used to assist African American and other minority-owned organizations. The Business Development Program creates various forms of workshops, seminars and training for minority-owned organizations. The main requirement for this grant is the organization must not have assets that total more than $250,000. You can use the Business Development Suitability Tool to help determine if your business will be eligible to receive this grant. It is recommended by the Small Business Administration that all grants are submitted online to help avoid delays. However, if you are unable to do so, applications can also be mailed in to the SBA office; depending on which state your organization is located.

Minority Business Development Agency Grants

The Minority Business Development Agency is a unit of the U.S. Department of Commerce that helps establish minority-owned businesses. This group helps the owners of private and public business owners meet financial obligations while teaching them how to run their company. Financial assistance is available through this organization to facilitate the creation of new businesses and assist established businesses that are financially stable. Applicants for these grants include nonprofit organizations, colleges, universities and some government agencies. Eligible minority groups include African Americans, Asian Indians and Spanish-speaking Americans. The financial assistance award range is from $150,000 to $300,000. Applications can be downloaded and submitted online. The deadline dates for these grants vary for each program.

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