Starting your own small business can be an interesting, but challenging time. From financing phase to education and networking, you may not understand where to turn for support and help. If you’re a minority aspiring business owner, the good thing here is that the government organizations have some unique programs designed to support minorities succeed in business.
Read on for recommendations and resources that can turn your dreams of successful minority business into reality.
Small Business Administration
The federal government has nominated the Small Business Administration (SBA) as a resource for all business owners. Small businesses can look up for help from the SBA on the subject of business funding, federal business contracts and education. Each of the unique programs offered by the SBA incorporates lots of useful resources particularly for minority business owners. The extent of their assistance includes funding programs, federal contracting programs for qualified small businesses and educational resources.
People who qualify as minorities can get the SBA business development programs. To be eligible for these SBA programs, your small business should meet the standards to be considered a minority-owned business.
As per the SBA classification, a minority-owned business is when the minority business owner holds 51% or more of the business. This 51% can be in shares, liquid assets or bonds. Under the SBA classification, qualifying minority businesses include African Americans, Native Americans, Hispanic Americans, Subcontinent Asian Americans and Asian Pacific Americans.
These minority businesses would be qualified for the SBA’s 8(a) Business Development program. This specific program provides education, training, protected access to federal contract options and mentorship.
Minority Business Development Agency
Minority Business Development Agency (MBDA) is another federal government agency, which is associated with the U.S. Department of Commerce. Their main focus is on minority business development. The agency seeks to make stronger the overall U.S. economy by battering the Americans lives.
Minority Business Development Agency Education and Training Programs
Some of the Minority Business Development Agency’s focus is on educational and training of minority owned small businesses. Minority Business Development Agency created a continuing series of web-based seminars so that small business owners or aspiring business owners have access to advanced and latest information on small business market trends.
MBDA Library Of Free Resources
Minority Business Development Agency additionally offers minority business owners with an inclusive library of free resources. The resource library provided by the Minority Business Development Agency is a substantial archive of courses and information relevant to the requirements and concerns of small businesses.
Corporate Alliance Program
Corporate Alliance Program or CAP is specific to business located in New York. This program offers manifold of resources for minority-owned businesses, ranging from networking to career assistance. Their main objective is to connect qualified businesses with private sector contract opportunities.