Minority business resources include small business loan programs and management training.
Operating a business in the United States as a minority business owner can be a difficult venture. It can be hard to find help in the larger community, especially if your cultural background is greatly removed from the dominant culture in your surrounding area. Many government and non-profit agencies, however, are involved in promoting minority business opportunities in an attempt to improve the economic standing of those communities.
MBDA
The Minority Business Development Agency, or MBDA, is the agency of the U.S. Department of Commerce charged with improving the business environment for minority-owned business in the United States. The MBDA staffs and operates a number of Minority Business Centers across the country that help minority business owners find resources for capital, industry opportunities and new work contracts. The MBDA's official website also offers various online tools, such as a minority business locator for networking opportunities and business plan creation software.
8(a) Business Development
The 8(a) Business Development Program, outlined in section 8(a) of the Small Business Act, provides financial support and mentoring services for small, economically disadvantaged businesses. Grant-funded business services supported through the 8(a) program include business counseling, training, surety bonding and management assistance. To receive 8(a) Business Development resources through the U.S. Small Business Administration (SBA), the owner of an economically disadvantaged business should submit a paper application for assistance to Small Business Administration offices in Los Angeles or King of Prussia, Pennsylvania.
State Grants
Minority business owners may also benefit from a number of state-sponsored grant programs to promote business development within a state. Different state business grant programs that minority business owners are eligible for include the Delaware Access Program, the Hawaii Consumer Micro-Loan Program and the Illinois Minority, Women and Disabled Participation Loan Program. Some states have governmental agencies devoted to promoting business opportunities for small businesses owned by minorities; for instance, the state of South Carolina has an Office of Small and Minority Business Assistance dedicated to providing a business directory and other resources for minority business owners in South Carolina.
Female Business Owners
Another minority group of business owners that is sometimes underrepresented in the business world are female business owners. Although governmental agencies don't offer grant assistance directly to female business owners, some agencies offer loans, business mentoring and other subsidized services that offer female owners the chance to catch up in the business world. Female business owners may also be able to benefit from resources available through either the National Women's Business Council or the SBA Office of Women's Business Ownership.
Tags: business owners, Small Business, Business Development, minority business owners, agencies offer
