Funding for African- Americans Starting Their Own Small Business. African- American seeking capital have special resources available. To determine the best places to start a business in Minnesota, NerdWallet looked at 123. Pick the county where your business is located. Types of Loan Programs; Business Loan Funds. Get Access Over 200 Federal Government Grant And Loan Programs For Your Minnesota Business. One Response to Minnesota Small Business. SBA.gov » Starting & Managing » Starting a Business » How to Start a Business » Business Types » Women-Owned Businesses. Learn the advantages of becoming a certified Women's Business. I need capital to start or grow my business. Apply for a small business loan & get. Small Business Assistance. Small business management mentors work. Business Loans, Services and Grants. Section 108 Business Loan Program. Let the City of Rochester help you navigate the programs and find the best fit for.Mikhail Olykainen from Fotolia. Black- owned businesses accounted for 5 percent of American businesses, according to a 2. Small Business Administration from 2. U. S. The federal government as well as a number of private organizations make it their mission to increase that percentage. Therefore, there are special resources to help African- Americans get their businesses off the ground. African- American entrepreneurs with a good business plan have good odds of getting the help they need using the right channels. Preparation. The first step to getting funding for any business is a solid business plan. You must be able to present your ideas in a way financiers can understand and find confidence inspiring. The federal government charges the Minority Business Development Agency with the task of giving African- Americans free help devising business plans and preparing to present to banks and investors. Similarly, numerous nonprofit organizations, such as the Northside Residents Redevelopment Council in Minneapolis, Minnesota, perform the same function for African- Americans and other minorities. In addition, these organizations offer connections to mentorship and technical advising opportunities. Debt. So many small businesses start out using small business loans. The federal government knows how difficult it can be for any entrepreneur to secure a loan, let alone a minority entrepreneur. The SBA's 8(a) Business Development Program is dedicated to helping racial and ethnic minorities secure financing for their small businesses. The SBA can connect you with lenders who are predisposed toward lending to minorities, such as the Minneapolis Consortium of Community Developers, which is dedicated to supporting African- Americans in its community. In addition, you can apply for an SBA guarantee which means the government promises to pay off your loan should you default. This opens the door with many lenders. Equity. If going into debt isn't an attractive prospect, you can always try to sell equity in your business to get your needed startup capital. Many people turn to friends, family and community business leaders as potential investors. However, if you need more than that, organizations facilitate networking with African- American and minority business leaders and groups, which can help connect your with investors who may give you special consideration. Again, you have to be willing to sell part of your business, but the resources and the advice and input of a venture capital group can really help a business succeed. Groups, such as Diverse Strategies and Active Capital, are known for their support of minority businesses. Grants. The federal government says very clearly on the SBA, MDBA and a number of other business resource sites that it is not in the business of giving grants to startup businesses. However, many private organizations are. It takes some research to find an organization whose qualifications you meet, but one well- known organization that give grants to African Americans includes the Miller. Coors Urban Entrepreneur Series. This grants is focused especially on businesses in areas in need of urban renewal. About the Author. Eric Feigenbaum started his career in print journalism, becoming editor- in- chief of . He later did many print and Web projects including re- brandings for major companies and catalog production.
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