Cash flow is often a big issue for a small business owner. This is especially true for minority business owners, who face more funding challenges than non-minority entrepreneurs. The good news is that there are now a number of resources available to help minority small business owners find small business funding. Here are some of the best resources available today.Best Small Business Funding for Minority Entrepreneurs
Scaling your venture takes cash flow, and today, there are a variety of resources geared specifically for minority business owners. Here are four of the best types of resources to consider:
- Government Resources
The U.S. government has set aside some funding resources tailored specifically for the minority small business owner. The first to consider is the Minority Business Development Agency (MBDA). This organization has a variety of services to help create jobs and build capacity in your minority-owned business. Their Business Center network provides technical resources to help your company succeed. The organization says it’s provided small business funding for minority-owned companies totaling more than $31 billion since 2009. Click here to go to the MBDA site.
- Non-Profit Organizations
Advocacy non-profits such as the National Minority Supplier Development Council (NMSDC) offer a variety of services to the minority-owned small business, from funding to opportunities to bid on contracts, training, and general support. Click here to go to the NMSDC website.
There is also the Women’s Business Enterprise National Council (WBENC), which is the nation’s largest organization devoted to helping women entrepreneurs. The WBENC offers training and certification, networking, access to grants, and more. Click here to go to the WBENC website.
Also consider SCORE, the nation’s largest network of volunteer business mentors offering support for minority small business owners. This network could provide more than training and advice for the minority entrepreneur; it also could potentially link you to venture capital dollars when you’re ready to scale. Click here to access the SCORE website.
- Educational/Academic Help
Don’t forget to look for academic resources in your region. For example, there is a Minority Business Executive Program at Dartmouth College designed to train and provide resources to small business owners. The University of Washington has a similar program that partners minority small business owners with corporate partners to help them achieve their business goals. If you’re a graduate of an academic institution, consider reaching out to your alma mater to see how they might be able to help.
- Regional/State Resources
If you need small business funding, don’t forget to look around your region and state for small business funding opportunities. Some cities offer minority business assistance. There are also minority Chamber of Commerce organizations around the country that offer assistance to qualifying small companies.
Minority-owned small businesses have a variety of resources to help them succeed. One of them is Benetrends Financial. Our organization helps with startup and existing business funding and can provide you with the expert advice you need to grow. Download Innovative Funding Strategies for Entrepreneurs to learn more today.