Starting your own minority business can be quite a hard task. Minority owned businesses are considered to be one of the crucial elements in the growth of small medium enterprises in the 1980s towards the end of the 1990s.
The Hispanic, Asian, African-American and Native American communities have all experienced surges in small business start ups during the period. The success of minority owned small businesses during those times have been attributed to positive economic trends and advancing realms of education and access to capital. Racial discrimination was a big problem during that time, and today, racism still remains as a sad reality in some industries, communities and corporate environments. Despite of the lingering racism and uncertainty, however, many entrepreneurs that belong to minority groups have still managed to carve out significant business niches for themselves across the entire nation.
Minorities in Business
Small business owners looking for assistance often find the maze of public and corporate resources too complex to handle alone. When a business entrepreneur happens to belong to a minority group, the obstacles and challenges usually prove to be pretty overwhelming. According to the federal government's definition, a minority owned firm is one that is 51% owned by an American citizen who is Asian, Black, Hispanic or Native American.
According to a congressional study, minority-owned businesses usually have a hard time getting access to funding sources from the federal marketplace. There are also fewer business opportunities and lesser cuts of venture capital. Because of these, many government and private sectors are increasing efforts to help these minority owned companies grow and develop.
The following are resources for minority business owners:
1. Minority Business Development Agency
The Minority Business Development Agency solely focuses on the development, growth and expansion of minority owned businesses in the United States. The agency has established a network of business centers and strategic partners who work with minority business entrepreneurs to maximize their firm's potential. They also offer start up business loans and grants, and certifications in addition to business planning and start up expansion information.
2. National Minority Supplier Development Council
The National Minority Supplier Development Council pairs up minority operated businesses to large companies who are looking to use their services. They have a current network of 3,500 corporate members including the biggest publicly or privately owned companies, hospitals, universities and other institutions. The agency has helped over 15,000 minority owned small businesses with corporate members seeking to avail of the products and services they offer. They host several events and activities all year which include regional trade fairs, business development symposiums and business opportunity fairs all throughout the country.
You can also check out Business.gov and look for minority business grants from the government. Business.gov also provides helpful information on other types of funding including low interest loans and many more. The website keeps entrepreneurs posted on the various business grants currently available for minority groups. The site also features sections where you can get important tips on creating a successful business, launching your business, marketing your product and so much more.
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