What are the criteria to qualify for minority-owned business grants in the U.S.?

1. What are the criteria to qualify for minority-owned business grants in the U.S.?

2. INTRODUCTION Minority businesses act as the spine of a nation. Over the last decade, minority-owned businesses generated about 5 million employments. Presently, there are over 4 million minority-owned businesses in the USA, with ongoing sales that total approximately $700 million. Despite their increasing value, minority-owned businesses suffer from loads of obstacles, specifically when it comes to financing their businesses at the outset. Minority-owned businesses are far less likely to have loans sanctioned than the businesses owned by the majority, especially those businesses with less than $500,000 in gross. Different resources offer minority-owned business advantages to help top the playing field, ranging from agencies to training opportunities, from access to contracts and business loans.

3. What qualifies as a minority-owned businesses? The United States has seven minority groupings: Latino or Hispanic Americans, African or Black Americans, Arab and other Middle Eastern Americans, Asian Americans, Alaska Natives, Native Americans and Native Hawaiians and other Pacific Islanders. Federal agencies and other corporations believe that it is an ideal practice to do business with minority ventures that is why they often set apart a definite share of their funds to work with accredited minority business enterprises (MBEs). In order to grow as a certified, visit America’s Got Grants – they have the largest directory of all the latest and running grants for minority-owned businesses. In addition, they also have a team of professionals who can thoroughly guide you to get the most suitable fund to help your business take off. Here are the criteria to receive minority-owned business grants:

4. One has to be a legal U.S citizen Minimum of 51% of the business has to be owned and run by a minority. If it is a publicly traded company, a minimum of 51% of the stock has to be owned by one or more group members from the minority community The business should be a comprehensive profit enterprise, based out of the U.S. or any trust territories. Daily operations and management should be practiced by the minority ownership member(s). In order to qualify for minority-owned business, your small business should: Be at least 51% controlled and owned by U.S. citizens who have been socially and economically disadvantaged Be owned and operated by an individual who currently has net worth of $750,000 or less Be owned and operated by an individual whose average gross income for 3 years is $350,000 or less Be owned and operated by an individual with $6 million or less in properties or assets Have the owner of the business manage daily operations and also make lasting decisions.

5. Benefits of Being a Certified Small Business 1. Access to Government Grants and Contracts 2. Greater Business Partnership Opportunities 3. Training Management, Workshops and Technical Guidance