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Are you seriously considering minority business loans as a source of business start up funding for your new venture?Stop your search!Minority small business loans simply do not exist. I realize that you may find this vital piece of information quite shocking –but it is nonetheless true.

As a Start Up Business Consultant, I often have the unfortunate job of telling potential clients that minority business loans are a fairytale and not a fact.Oddly enough, I get the exact same reaction when I tell these same clients that small business start up grants are also nearly impossible to garner. So what is the good news?The good news is that I’m about to save you a lot of potentially wasted time and effort by giving you the facts.

Get the Facts!

Let’s check out these valuable tidbits before we proceed by examining some options — and the ultimatesolution.

Fact #1:
There are no specific business start up loans for members of a minority group.

Fact #2:
The only forms of government guaranteed financing available to minorities are SBA loan products.

Fact #3:
Minority small business start up grants do not exist.

What Government Programs Exist to Help Minorities?

So what help is available to members of a minority group?The Minority Business Development Agency (MBDA) operates under the auspices of the U.S. Department of Commerce.This government agency was established to give minority entrepreneurs the tools necessary to successfully compete in national and global markets.This agency however, does not offer minority business loans, nor do they hand out minority business start up grants.

Why is there So Much Misinformation about Minority Business Loans?

In 1977 the US Congress passed a law known as the Community Reinvestment Act. This law prohibited lenders from engaging in discriminatory loan practices in low income communities.This law was specifically intended to encourage banks to approve a larger percentage of loans to minorities.The passage of this law does not constitute a lending program specifically for members of a minority group.It was intended however to require that financial institutions give fair and unbiased consideration to minority loan applicants.

What Are My Start Up Financing Options?

Here are the most common methods of obtaining small business start up funding:

• SBA Loans
• Commercial Loans
• Home Equity Loans
• Peer-to-Peer Lending Groups (such as Prosper and Zopa)
• Credit Card Financing
• Loans from Family and Friends
• Bootstrapping

Consider Getting Some Help from a Start Up Efficiency Expert

A Start Up Efficiency Expert can point you in the right direction and advise you on how to reduce and/or eliminate many of your start up and operating costs.Certainly, you should also continue to conduct thorough research. However, do not trust every source of information you find floating out in cyberspace.You’ll not only waste a lot of time – but perhaps face staggering disappointment.

The Solution:
Find Free Sources of Business Start Up Funding

The Start Up Business Survival Guide is an excellent resource for anyone desiring to start a business with very little money.You can make your dreams of owning your own business without bank loans a reality – even if you have poor credit or don’t own a home.

Author: Kimberly Kelly
Article Source: EzineArticles.com
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The U.S. Federal Government is the nations largest provider of financial or monetary assistance for small businesses. Since 1953, the Small Business Administration (SBA) branch of the Federal government has helped many small ventures that have become household names today. The government considers small businesses very seriously. They realize their obligation to promote and develop these firms for the integrated development of the whole nation.

Small Business Administration:

The SBA does not directly offer grants to individuals for business expansion or start-up. For individual set-ups, it provides a wide variety of loan programs on easy pay back terms. However, the SBA does offer many types of grants programs indirectly to benefit small business entrepreneurs. SBA grants programs are specifically designed to expand and enhance those organizations that provide small businesses with technical or financial assistance. These monetary grants generally support state and local governments, non-profit organizations and intermediary lending institutions.

Small businesses can in turn avail the grants from these institutions. The entrepreneurs need to have a workable business plan and meet the required basic criteria to avail the loan or grant from SBA supported institutions. These funds can be then utilized to either set-up or expand the existing businesses. SBA has very special and easy terms to offer business grants to women entrepreneurs and members of the ethnic minority groups to help them become economically independent. This leads to numerous co-related activities and finally development of underdeveloped regions of the vast country. It brings about a social change and societal uplift.

Benefits of Grants from SBA:

A grant is a direct financial contribution made without any expectation of a repayment but with very specific expectations of the required outcome. These programs are designed to encourage and assist entrepreneurs in starting their own ventures. This promotes an economic development and integrates the individuals into the mainstream of American economic society. Organizations that give grants exclude for-profit businesses, but encourage small businesses to take their grants. The grants are readily provided after meeting certain basic criteria.

Women entrepreneurs are the largest beneficiarys of governments generosity for special encouragement. Federal grants are extended to those non-profit organizations that provide counseling, training and other technical support to women groups. The SBA runs special help centers and womens business centers to train the women technically. They give access to credit and capital, provide with government contracts etc as well.

Ethnic minority groups too are special beneficiaries of federal governments financial grants on easy terms. SBA runs a Minority Enterprise Development Program known as the 8(a) program. This helps the minority entrepreneurs to bag the government contracts for the utilization of their products.

Small business people or groups are very hard working and enthusiastic about their business. They spend quality time to develop it and stay in touch with their work, as they do not have too many people to help. Their businesses take precedence over their family, friends or even vacation plans. They stay in constant touch to avoid failure or any unprecedented disaster. This helps in successful maturation of their businesses after an initial set-up time.

Author: Alexander Gordon
Article Source: EzineArticles.com
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Women and minority Americans have an opportunity to obtain thousands of dollars in small business grants, which is free money that never has to be repaid. The media spent a lot of time discussing the mortgage and bailout grants that have been made available to the American people. What they haven’t discussed is the billions of dollars that are also available to small business owners, including women and minority entrepreneurs.

The government provides free grant money for personal use for one reason. To stimulate the economy and keep American running properly. One way to do that is to help people facing foreclosure, debt and other financial hardships. But the other way is to help those who can change the current environment and push America forward. The small business owners have the ability to do this, and the government is very interested in these groups.

Unfortunately, with the credit markets tightening and banks being unable to lend, small business owners are not able to start new businesses or grow their existing ones. That’s why the government provides small business grants to people who would otherwise be able to build successful businesses, but are strapped for cash.

There is billions of dollars available, and as long as you are at least 18 years old, you can apply for these funds. All you need is access to the free grant applications and an idea for a business. There are grants for as much as $50,000 to help people fund home based businesses, buy real estate, pay employees, and even buy new office computers and furniture. The money is there but you have to ask for it.

Author: Melissa Sabella
Article Source: EzineArticles.com
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Did you know that there are grant programs specifically for women and minority owned businesses? Even if you just have a business idea, you can receive free money from the government and other organizations that focus on helping women and minorities succeed.

The best part about these programs is that this is free money that you never have to pay back, and small business grants are some of the largest grant checks being sent out. Millions of Americans are claiming checks for as much as $200,000 for their business. While that amount of money is tougher to receive, it is not uncommon to get a check for $50,000 or more.

Once obtained, you can use these funds any way you like as long as it is within the limits of the grant term. It may be used to buy new computer and office equipment, furniture, to rent office space, or to help develop prototypes of your product or invention.

Unlike small business loans, if your venture fails you still don’t have to pay back the money. The government knows it’s taking a risk but must move forward with helping minorities and women succeed in the business world.

Many of the government grants that are available can be received over and over again. In other words, once approved, you can expect to obtain these funds year after year. Imagine getting a check in the mail for $20,000 every year just because you asked for it.

To claim some of these funds, just look over the hundreds of grant programs that are offering free money today. Select the ones that you qualify for and ask for the money by submitting an application. You could receive a check or have the funds directly deposited to your account in as little as 7 days.

Author: Melissa Sabella
Article Source: EzineArticles.com
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These days, we can see plenty of ads everywhere that promise to offer the most beneficial minority small business grants. Everything seems perfect and nice – the ads are colored and shiny, the slogans are attractive and capture the interest of the reader. But before we get all eager to start the application for the minority small business grants, we should look a little deeper than just on some piece of paper that advertises and gives us hopes.

When you read the ads that talk about all the free money you can get and all the highly profitable grants, you should think twice: can these minority small business grants be real? The answer is simple: "no". There is no such thing as grants offered for free, without interest or paying back specifications, in case you are interested in opening a small business. There are, however, grants that are allocated to organizations that fight for good causes – but these types of foundations are non-profit ones. If you want to find out more about the type of organizations that can actually obtain funds, also known as minority small business grants, then you should know that they must be dedicated to improving one aspect of the community. An area which does not have running water, for example, welcomes people with viable projects and these people can count on the government’s support.

But obtaining free money is not easy at all, since there are many criteria of eligibility. For starters, you must have a very perfect-looking credit card history and you must prove that you are part of an ethnic group – even though these grants are also allocated to women and in this case, they are known as small business grants for women. The most popular business ideas that can get the government’s support regard heath and education, but also environmental aspects and animal care.

Some people claim, on various blogs or in certain communities that they have obtained substantial funds from the government, which they refer to as minority small business grants. Well, these people actually refer to loans, and not exactly grants – which means that the money needs to be paid back and there is also an interest involved. However, these minority small business grants, or, better said, loan programs, can be quite advantageous, financially speaking and they seem to appeal to people who need funds in order to continue their education or to purchase different goods.

Even though the above facts might sound a little too discouraging, the facts are that these programs do exist, but are simply misinterpreted. If you think you are eligible, meaning that you are part of a minority group and if you have a non-profitable business idea in mind, then you can start thinking about applying for minority small business grants. Minority small business grants seem to have gained a lot of popularity, yet not many are aware of their true meaning and purpose. But since you have found out what exactly these free funds represent, you can start thinking whether they worth your interest or not. Act to your advantage!

Author: Sam Ness
Article Source: EzineArticles.com
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