Minority Grant Money

Since 1992, minority owned companies have grown to more than 2.8 million, up from 2.1 million in the last Census report.

According to a report released recently by the Census Bureau of the Department of Commerce, overall, the growth rate was almost 4 times higher for minority-owned businesses than other U.S. firms. 

One of the major factors in this growth is likely due to the fact that the government is making more business grants available to small businesses owned by minorities.

Minority grant money is awarded to qualified businesses, or business entities that are owned by minorities. Typically a company does not need to be 100% minority owned, but the majority of the enterprise must be owned by a qualifying minority. 

Minority grant money can be used for a variety of projects,  including research, seed money for a new venture, scholarships etc.  In general, grantors want to fund new, creative and innovative programs that have a specific goal, and broad reaching effects.

In general, the minority owned businesses that these funds are awarded to generally have projects or programs that have community benefitting goals, such as minority education or community improvement initiatives.

Minority Grants are part of the federally allocated budget, and can be located by searching the Federal Register or the Catalog of Federal Domestic Assistance (CFDA) at CFDA.gov.

 

One such program is the Minority Business Opportunity Committee (MBOC).
It is administered by the Minority Business Development Agency under the Department of Commerce, and it’s primary goal is to aid in the development of minority opportunities and to help bolster existing minority owned businesses.

The criteria for these MBOC programs can be very stringent, and are highly competitive as they usually only open for grant applications every 3 years, based on the Agency’s goals, and the program’s availability of funds.

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Filed under: Minority Grant Money

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