Minority-Owned Businesses

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Tips & Advice to help you make your decision on Minority-Owned Businesses

While historically, the larger the company, the more successful it is was the school of thought, more and more small businesses are coming out of the shadows to take their place among the big dogs. The current economic climate is making it harder than ever for big companies to stay afloat and the unemployment rate has encouraged many people to start their own companies. Many minority -owned businesses are leading the way in this new trend. There is a great deal of information and aid available for those who are ready to take their careers and futures into their own hands.

There are a great number of organizations that have plenty of information and resources to offer you as you embark on the beginnings of your business. These groups can offer advice on everything from the concept of the company, to providing resources for your materials, as well as offering sound financial advice to new business owners as well. Plenty of minority-owned businesses enjoy the perks and benefits provided by these organizations. Some are privately owned and operated, while others are a part of government programs designed to stimulate the economy.

The resources on the left side of the page can provide additional information.

Training for Minority-Owned Businesses

Training for minority-owned businesses is essential to help develop companies run by women and people of color. Technical assistance, entrepreneurial support and capacity building are critical to sustain and grow companies owned by minorities. Additionally, education about accessing minority business grants and minority-owned business loans helps facilitate businesses' success.

Resources exist for minority-owned companies, such as black-owned businesses. Knowing where to find these assets is one way to obtain support. Other ways include investing in educational opportunities, applying for grants or loans and reading publications about minority business development.

1. Attend training programs aimed at entrepreneurs such as minority business owners.

2. Expand finances through grants and loans aimed at minority business development.

3. Study articles focused on improving management skills of minority-owned businesses.

Pursue post-secondary education and other forms of training for minority-owned businesses

Explore curricula for courses on management, operations, finance, minority-run companies and other entrepreneurial disciplines. Look for programs with a history of successfully training individuals for business ownership. Inquire about online courses to attend classes virtually anywhere.
Try: Register for classes at SMU Cox School of Business. Sign up for their Master of Science in Entrepreneurship program. This 16-month curriculum offers weekend and evening courses. Maximize your business knowledge through training at Indiana University. Learn how to gain minority business certification and other resources to support minority-owned companies.

Review newsletters with information supporting minority-owned businesses

Read articles about the challenges and successes of individuals who operate a minority-owned business. Sign up for newsletters to receive regular updates on issues affecting management. Study periodicals designed for women and ethnic minority business owners.
Try: Peruse articles and archives at All Business to gain a current and historical perspective of education and training efforts for women, African Americans, Hispanics and other minority business owners. Learn how to finance your minority-owned business and access an array of other articles for operating a business at Entrepreneur.com.

Pinpoint funding sources for minority-owned business grants

Work with companies who provide grants for minority-owned businesses or who connect you with funding sources to apply for business loans or grants. Look for businesses that accommodate business owners through regional or local offices and through online support.
Try: Contact the Small Business Investment Company (SBIC), a program run by the U.S. Small Business Administration that supports small business owners who often operate minority-owned companies. The SBIC helps facilitate the flow of capital and loans to individuals who run small businesses. Communicate with the Minority Business Development Agency, a U.S. Department of Commerce program, for a comprehensive overview of financing issues related to minority and small business owners.

Use caution with companies that advertise free grant funds for minority business owners. These companies often ask consumers to buy products such as software or publications prior to giving information about free funds.