Grants For Black Business Starters-Free Grants For Black Entrepreneurs

Grants For Black Business Starters-Free Grants For Black Entrepreneurs

The independence that owning your own business provides is an excellent reason to create opportunities for yourself and your family that would otherwise not be available. As Ted Branson, owner of the Virgin conglomerate of companies says, "You won't get rich working for someone else." Starting your own business takes persistence, hard work and working the resources that are available, especially grants, to help you launch your enterprise.

Talk To the Pros

Talk about your business concept to as many business people as you can find. There are retired business counselors through SCORE (www.score.org) who can give you free face-to-face advice, or you can take some of their online workshops.

Prepare Your Business Plan

Before you apply for funds you will need to sit down and develop a business plan that includes an extensive description of your product or service, a short and long term marketing plan and a management and projected budget of your financial management. These can be daunting challenges, but you can get free or low cost help from the Small Business Development Centers. The are located all across the country and you can find the closest one to you at their website: www.sba.gov or try the Minority Business Development Center at mbda.gov.

Where to Find Grants - Private

There are two sources of grant funding: private and government. For private funding, many corporations like AT&T, Office Depot and Miller Beer offer entrepreneurship opportunities for minority entrepreneurs.The Miller Coor Urban Entrepreneur Series is an annual competition that awards up to $100,000 to the top winners. The best place to learn about these grants and others like them is by subscribing to magazines like Black Enterprise, and Minorities Business Entrepreneur.

Where to Find Grants - Public

The federal government has created a one-stop location for all departments at www.grants.gov. You can search grants by subject, people you hire, industry and services. Your state government will also have a similar site or sites. To check your city, county and state governments, contact your local elected officials. Introduce your business and your goals, and ask for information on where to look for funding. The officials won't do it for you, but can help you with a letter of support to accompany those applications.

Nonprofit Loans

There is an old saying that finding money for your business usually comes from the three F's: friends, family and fools. If your business has a solid plan, with feasible return, don't limit yourself to just grant money, but pursue nonprofit loan funds like Accion, Jewish Free Loan and kiva.org. These organizations are often funded by banks because they have more lenient lending policies and can help you formulate a strong business plan.

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Small Business Administration Start Up Grants-Free Money For Small Business

Small Business Administration Start Up Grants-Free Money For Small Business

Many new businesses require outside funding during the initial phase of business. With banks imposing stricter lending requirements, many businesses turn to alternative sources of financial capital. The Small Business Administration can provide small businesses with access to valuable business-related resources, including financing.

SBA

The Small Business Administration was created to provide education, counsel and financial guidance to the nation's small businesses. By working in conjunction with other government agencies, commercial lenders and community organizations, the SBA is able to give small business owners a range of resources, including mentorship, management assistance, contract procurement and access to funding opportunities. While the SBA does back or guarantee repayment of certain third-party loans to businesses, it does not directly distribute loans or grants.

Grants

All federal business startup grants that the SBA provides small businesses access to are funded by taxpayer dollars. Likewise, each grant is authorized and appropriated by Congress, as well as signed and authorized by the president of the United States. As such, each grant has strict requirements that must be met before it can be awarded to a small business. The amount of start-up grant money available varies based on the type of business seeking funding and the requirements of the specific program.

R&D

If you own a business that is primarily dedicated to scientific research and development, you may qualify for a federal grant under the Small Business Innovation Research and Small Business Technology Transfer programs. Many government agencies award SBIR and STTR grants, including the U.S. departments of agriculture, commerce and defense and the National Science Foundation. Applications are encouraged from businesses that meet federal R&D requirements and have a high potential for success in commercial industries.

Alternatives

While the SBA does not directly fund developing or expanding businesses, it can help a small business obtain a loan from a third-party lender or find venture capital funding. In addition, the SBA can provide a small business with help with business plans, information about business laws and regulations, and marketing strategies. To find out more about other information and assistance provided by the SBA, business owners should refer to the organization's website.

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Federal Government Free Small Business Grants For Disabled People

Federal Government Free Small Business Grants For Disabled People

Supported self-employment can be the most direct route to social and economic empowerment for individuals with disabilities. Supported self-employment means small business development and ownership that is supported from its "dream" stage to fruition by a support team. Developing entrepreneurial opportunities that support disabled individuals who have precarious opportunities in the job market can help them achieve levels of self-sufficiency they have never before experienced.

Using a Plan for Achieving Self-Support

At one time, start-up funds for new businesses were available through federal and state grants, and Small Business Associations (SBAs). Dwindling funding on a national level has forced new entrepreneurs to find creative ways to fund new businesses. This is even more challenging for an individual with a disability.

Many individuals with disabilities receive Social Security Disability benefits, SSI (Supplemental Security Income) and/or SSDI (Social Security Disability Insurance). Individuals receiving these benefits who want to start their own business may qualify for a PASS or Plan for Achieving Self-Support. A PASS is a work incentive developed by the Social Security Administration that allows disabled individuals to set aside a portion of their benefits and save them to use for business purposes, like purchasing equipment or transportation.

There Are No Guarantees

Grants for individuals starting entrepreneurships are nearly nonexistent. Beware of those advertising "free" money from the government for cars, rent, homes and business start-ups. There is no such thing. Also beware of grant writers who promise to get you grant money. Receiving grant funding is entirely dependent on the decision of the funder. It is a grant writer's job to draft the grant, but as far as receiving funding is concerned, there are no guarantees.

Form a Group

The best way for individuals with disabilities to acquire funds to start their own business is to form a group of new entrepreneurs and partner with a local rehabilitation or habilitation center to apply for the funding. It is much easier for a nonprofit organization to secure grant funds. Additionally, most nonprofits have a grant-writing specialist on their team who has the expertise necessary to get funding.

Set Up an IDA Account

When funding is acquired, set up an IDA account. An IDA, or Individual Development Account, is a special savings account in which participants are able to obtain a dollar or more in matching funds for every dollar saved toward their entrepreneurial venture. In the past, banks used IDAs to help low-income families and individuals to purchase homes, pay for education and to start small businesses. Your group can set up a program in which participants could to receive a dollar-for-dollar match toward the start of their small business. As their businesses become viable, they pay back the IDA match money in installments, replenishing the business start-up fund for others with disabilities who want to start their own businesses.

Go Local

Local foundations, especially those focused on economic development, are supportive of IDA programs that assist individuals with disabilities to start new businesses. Speak to your local Chamber of Commerce, Business Development Board, and community foundation to see what types of grants are available locally. Going to your local resources first are your best bet. Local organizations may ask you to give a presentation about your group or the type of business you want to start in the community. Your Chamber of Commerce or similar organization is also an excellent resource for networking with other business people in the community, and the relationships you develop can be your greatest resource when starting your new business.

If You Need Assistance

If you are an individual with a disability who needs a job coach for support in your new business, you may want to reach out to your local rehabilitation or habilitation center for assistance.

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