Minority women start small businesses for a variety of reasons. Women can start home-based businesses or register as a limited liability company. By becoming entrepreneurs, women can generate income and strengthen their independence. While businesses require initial funding, grants usually provide support rather than start-up money.
- Various grants and organizations exist to support minority business owners. For instance, the Targeted Small Business Assistance Program helps businesses in Iowa that earn less than $4 million in operating income (iowalifechanging.com/business/tsb.aspx). Accion USA (accionusa.org) is a national nonprofit organization that provides small business advice and loans of up to $25,000.
- Minority women usually start small businesses to increase their earning. Instead of working for someone else, entrepreneurs work for themselves. Most small business owners are self-motivated and resilient.
- One federal organization that supports minority women is the Small Business Administration (sba.org). The SBA provides business owners with information about available grants. Another resource is grants.gov, which publishes hundreds of grants from 26 government agencies.
- Multiple government (e.g., federal, state, local) contracts are set aside for small business owners, minorities and women. For instance, a minority business owner can apply for a federal contract to provide supplies or services, such as information technology or commercial cleaning.
- Women can approach non-profits or private sector foundations for additional support. An organization might help minority business owners establish a reasonable business plan, which describes how the business will operate (estimate start-up costs, income and expenses).
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