Start Up Business Grants Minorities - Why are so many entrepreneurs looking for grants and start-up support? The latest data shows that entrepreneurship is on the rise. Then, new researchers see a need for goods or services after the coronavirus crisis. Meanwhile, others are taking a step toward the business (or side hustle) they've always dreamed of starting. While most people who want to get one are aware of the possibility of applying for a business loan, there is an option that is less well known: the grant.
First, each grant has a separate application process. Some applications are simple and designed to be completed without the need for a grant writer; While grants with larger amounts have a more extensive application process. So, first familiarize yourself with the terms of the loan and the required business documents. In addition, free grant application resources and tools are also available online to help. Otherwise, you may want to invest in hiring a grant writer who can find and apply for grants on your behalf, if you don't feel comfortable doing it yourself.
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Unlike a loan, you don't have to pay back a grant. In fact, the only downside to grants is the tedious task of finding and applying for them. For this reason, databases like this make it easy to narrow your grant search based on recipient type, location, and grant interest.
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In conclusion, grants for new entrepreneurs and start-ups are added regularly and are usually funded by foundations. However, contributions are also made by various local and state authorities.
Additionally, small business grants are also available for registered businesses operating for at least one year. But keep in mind that business grants are generally for programs, projects, activities and services that help your business support the community.
Grants for common business expenses, such as office supplies or building extensions, are more difficult to find. However, persistence, determination and passion have helped entrepreneurs succeed throughout history. Throughout the year, more grants become available, so make a note to bookmark any hyperlinks of interest.
Finally, we wish you the best of luck in your grant-making journey and the future success of your business! The Minority Enterprise Grant Fund (MBE) will soon be open for applications. The MBE Fund provides up to $25,000 to Black and Latino-owned small businesses focused on improving business success, job retention and job creation.
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Businesses must be located in Forsyth County and in business by January 1, 2022 to qualify. Businesses with 1-25 full-time employees and less than $1 million in annual sales are eligible.
Two virtual information sessions are planned for businesses interested in learning more about the grant and how to apply:
MBE Grant: Sobre Subvenciones Information Session (en Espanol) August 24 at 4:00 pm MBE Grant Information Session (English) August 25 at 4:00 pm
The MBE Fund was launched in 2020 and to date has provided $449,000 to 29 local businesses, creating or retaining 40 jobs.
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Consuelo Flores Creando owns Familias Felices, an organization that provides mental health and counseling services. She says last year's grant allowed her to keep a therapist and counselor on staff and expand services to more clients. "It is very important that we continue to provide mental health services to the minority groups we serve." With the MBE grant, I have been able to retain staff and upgrade equipment so that we can accommodate clients who, due to transportation or busy schedules, prefer to use services online."
The MBE grant program is administered by the Entrepreneurship Advisory Committee, which is comprised of Black and Latino business leaders in Forsyth County. This committee reviews applications, provides technical assistance, and determines grant recipients.
Board Co-Chair Lorena Munoz-Holladay says, “The MBE grant program is funded by local donations that provide our community with a leverage to support the growth of minority small businesses. We are able to plan a long-term strategy that goes beyond the initial response to the COVID-19 pandemic. In two years, we have proven that the strategy is successful in driving business success and job retention."
Greater Winston-Salem, Inc. Works in partnership with the Entrepreneurship Advisory Committee to facilitate the grant program. Mark Owens, President and CEO, says, “Our vision for Winston-Salem is to become a premier mid-sized city and a more equitable community. The MBE grant enables us to support a reasonable recovery from the pandemic over the long term, providing greater stability for small businesses.
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Current donors include Allegacy Federal Credit Union, Atrium Health Wake Forest Baptist, Mr. and Mrs. Bruce Babcock, The Budd Group, Alan and Lisa Caldwell, Cook Medical, Jean C. Davis, Brenda Diggs, Duke Energy, Flow Automotive, Flow Lexus, Front Street Capital, Paul Fulton, Drew and Kelly Hancock, Javara, Bill McClain, Modern Automotive, L. David Mounts, David Neal, Novant Health, The Prim Family Foundation, Reynolds American, Ben C. Sutton, Jr., Trust Charitable Trust, Claire and Randall Tuttle, Wake Forest University, Wells Fargo (business) and Wells Fargo Foundation, John Whittaker and Whittaker Park Development Authority. for . AJ writes about auto loans and real estate. AJ Dellinger and Robert Thorpe Written by Robert ThorpeArrow Before recently joining the Right Editor, Robert served as an editor and writer at The Ascent and The Motley Fool, covering personal finance topics including credit cards, mortgages and loans. Connect with Robert Thorpe on LinkedIn Linkedin Robert Thorpe
Edited by Helen Wilbers Edited by Helen WilbersArrow Right Helen Wilbers has been editing since late 2022. It values clear reporting that helps readers transact with confidence and make the best decisions for their finances. He specializes in auto and small businesses. Helen Wilbers
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Minority-owned businesses accounted for nearly half of all new businesses created in the last decade. They have helped create nearly five million new jobs and generated as much as $700 billion, but they still face significant financial challenges.
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