3 Programs that Offer Support to Minority-Owned Businesses
Starting a small business is always a challenge. But, like most things in the United States, it is drastically more difficult for minority entrepreneurs. Luckily, there have been programs established to support minority-owned businesses and to provide equity to the small business landscape. Here are 3 programs that can support minority-owned business owners.
Small Business Administration
One of the most valuable assets for minority business owners is the United States Small Business Administration. The SBA has a number of programs specifically designed to help minority-owned business owners. The SBA 8(a) Business Development Program is a financing track that was created to support businesses in underprivileged communities. The program provides lower interest rates for minority business owners, as well as longer repayment terms and a slew of advantages to give them a leg up on their business growth and development. The SBA is doing what it can to encourage the development of minority-owned small businesses.
SCORE is a nonprofit organization that works to lift up minority-owned small businesses in a number of ways. Unlike other institutions on this list, SCORE employs only volunteers to carry out all of their operations, so they are truly a non-profit organization. SCORE works in many different fields, but they primarily focus on providing free marketing opportunities to publicize the development of minority-owned businesses, as well as provide community outreach programs to help underprivileged kids get involved in the world of business.
City Assistance Programs
Depending on where you live, there are likely a plethora of city-sponsored assistance programs that you can take advantage of to help grow your small business. These city assistance programs can offer support in many different ways, but one thing they often do to help is lower the property tax rates for minority-owned small businesses, to allow them to develop faster than other businesses. This is incredibly important for diverse communities as it allows small businesses to stand out against the established franchise stores that populate the majority of suburbia. Every healthy community should be supporting these businesses, as they are an incredible economic asset.
These are just 3 of the many programs designed to provide support to your minority-owned business. It can be exceedingly difficult for minority-owned businesses to survive in the long run, but there are programs to help your business succeed. By taking advantage of these programs, you can ensure that your business will be operational for years to come.