6 Resources for Minority-Business Owners To Have Success
Running a small company requires hard work, a sound business sense and enough working capital to grow. However, it can be difficult to obtain financing or support when you’re local, especially if you’re a minority-owned business. Fortunately, there are many resources specifically geared toward minority business owners. If you need support, here are six places you can find it.
1. Affinity Groups
An affinity group is a network of businesses that share a common characteristic or interest. This can mean many things; for example, there are many affinity groups for women-owned companies that. There are also affinity groups for handmade clothing or accessories. Since there are so many options, you may need to do some research to discover which group has the most to offer you.
If you’re looking for self-development options, you may want to look into SCORE. It’s a non-profit organization that aims to pair new business owners with mentors and provide educational opportunities. You can find a mentor who specializes in helping minority-owned enterprises.
3. Minority Chamber of Commerce
A great national resource is the Minority Chamber of Commerce. This nonprofit specifically works with members by assisting with contract bids, offering financial assistance and providing educational opportunities.
You may also be able to find support from your local chamber of commerce. While not every chamber has programs specifically for minority-owned companies, there may be resources available for small businesses.
4. Local-Level Minority Business Assistance Programs
Depending on where you live, your city or town may have assistance programs for minority-owned enterprises. These may be government agencies, departments or non-profit organizations that work with local government officials. These programs can be invaluable sources for networking, education and financing. Some cities also have programs that aim to help new entrepreneurs.
5. Small Business Administration
If yours is a small minority-owned business, you can also get support from the SBA. This government agency not only encourages lending to small business owners, but provides extensive services that include programs for women- and minority-owned companies. You can find support for accessing markets, technical support and management.
6. Department of Commerce Minority Business Development Agency
One of the biggest resources is the MBDA, which was created about 50 years go specifically to support minority-owned enterprises. This agency can help you compete for government contracts, loans and grants, which are all major sources of income. If you’re looking for advice on running your business, you can find amazing suggestions on its website.