How to Apply for a Minority Business Grant (with Pictures) #business #cards #free


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How to Apply for a Minority Business Grant

Minority-owned business grants are meant to help small businesses that are owned by members of minority populations who are considered to be socially or economically disadvantaged. These grants can be used to expand businesses or help a business develop new technologies or training practices. In order to qualify for a minority-owned business grant, your business must be at least 51% owned and operated by individuals from a minority population and must meet any specific eligibility criteria set forth by a grant.

Steps Edit

Part One of Three:
Becoming Certified as a Minority-Owned Business Edit

Meet the criteria for Minority Business Enterprise Certification (MBE). In order to qualify for many minority-owned business grants, you must first demonstrate that you meet the criteria for and MBE. One way to ensure that you qualify is to be certified as an MBE by the National Minority Supplier Development Council (NMSDC). [1] Certification significantly helps MBEs gain access to government contracts and grants. [2] In order to be certified, you must meet the following criteria:

  • You must be a U.S. citizen.
  • Your business must be at least 51% minority-owned operated and controlled. The NMSDC considers a person to be a member of a minority group if they are at least 25% Asian, Black, Hispanic or Native American. For publicly owned companies, at least 51% of the stock must be owned by one of more minority group members.
  • Your business must be for profit and located in the U.S. or one of its territories.
  • The management and daily operations of your business must run by the minority ownership member. [3]

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Collect business documents. Depending on the type of business entity, you may need to provide business documentation including, but not limited to:

  • Partnership agreements.
  • Cancelled checks from the business.
  • Business Meeting Minutes.
  • Articles of Incorporation.
  • Bylaws.
  • Corporate Banking Agreements.
  • Business lease information.
  • Proof of citizenship.
  • Proof of business insurance. [4]

Complete an online application. In order to become certified as an MBE by NMSDC, you must complete an online application located at http://www.nmsdc.org/mbes/mbe-certification/ The certification application may require the following information:

  • Name and contact information for the business.
  • Description of business’ products and/or services.
  • List of owners and shareholders.
  • Description of the type of business and business history.
  • Information about employees, including the number of minority employees.
  • Business owner information, including race/ethnic origin, gender, citizenship, and their role in the business.
  • Financial information about the business.
  • List of customer references. [5]

Pay your certification fee. In order to become a certified or recertified MBE, you must pay a certification fee that is linked to the region in which you live. The certification fees range from $350-$1200. In order to find the appropriate region for your business visit NMSDC’s website at http://www.nmsdc.org/mbe-certification/. The certification process can take up to 90 days.


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