Getting the funding you need to move your business forward can be one of the most challenging aspects of running a business—and if you want to get the most access to capital, it’s important to be informed of the different financial and grant opportunities that may be available to you.
And while it’s always important to understand the grant opportunities available for your small business,
it’s especially important for minority-owned businesses, who traditionally have a harder time securing business financing; according to the Minority Business Development Agency, minority-owned businesses are three times as likely to get denied for a loan as non-minority-owned businesses and when they are approved.
it’s generally for a lower amount at a higher interest rate (minority-owned businesses pay an average interest rate of 7.8 percent—while their non-minority-owned counterparts average 6.4 percent).
If you’re a minority-owned business or a minority woman-owned business, there are a number of different grants available to help you secure funding to support your business. Let’s take a look at the eight best small business grants for minority-owned businesses in 2020