The minority-owned small business information center includes resources, information and links to assist minorities with starting or growing their small businesses. The Minority Business Development Agency recognizes minority-owned businesses as those owned by African Americans, Hispanics, Asians and Pacific Islanders, or American Indians and Alaska Natives. The most recent publication from MBDA indicates that in 2017, there were 9.2 million minority-owned businesses, and these businesses generated nearly $2 trillion in revenue and provided nearly 8.9 million jobs.
You can also receive free professional business advice and free or low-cost training from your local Small Business Development Center!
Federal Resources for Minority-Owned Small Business
- Minority Business Development Agency – part of the U.S. Department of Commerce, specifically created to encourage the creation, growth, and expansion of minority-owned businesses in the United States.
- SBA 8(a) Business Development program – program to help provide a level playing field for small businesses owned by socially and economically disadvantaged people or entities
- Office of Native American Affairs – offers entrepreneurial development, lending and procurement programs for American Indian, Alaska Native, and Native Hawaiian-owned businesses
- Office of Indian Energy and Economic Development – government agency focused on helping Indian communities gain economic self-sufficiency through the development of their energy and mineral resources, application of established business practices, and co-sponsorship of innovative training programs
Federal Contracting Update: The Biden administration has recently announced major reforms to federal contracting spending for minority-owned businesses with the intent to make contracting opportunities more equitable. The government spending goal for small disadvantaged businesses, which includes minority-owned businesses, is set at 11 percent in fiscal year 2022. This is part of an initiative to reach an overarching goal of 15 percent by 2025. Read more about federal contracting equity here.
Minority-Owned Small Business Associations and Organizations
- Arab American Women’s Business Council – offers networking, leadership and professional development services to Arab American women business owners
- The Asian Business Association – organization representing divergent groups of Asian-American business owners that offers business training and education to its members
- Black Business Association – advocacy organization that offers networking and procurement resources to Black-owned businesses
- Black Founders – association focused on fostering Black entrepreneurship in technology
- Indian American Business Association & Chamber – association for Indian entrepreneurs that focuses heavily on networking and partnerships
- Minority Enterprise Development Corp. – a partnership of public, private and nonprofit agencies supporting minority business leaders
- The National Black Chamber of Commerce – representing 95,000 Black-owned businesses and 190 affiliates in the United States and internationally
- The National Center for American Indian Enterprise Development – largest national Indian specific business organization in the United States
- National Hispanic Business Group – association that works to provide networking and business opportunities for its Hispanic members
- The National Minority Business Council, Inc. – provides business assistance, educational opportunities, seminars, purchasing listings and related services to
- National Minority Supplier Development Council – advances business opportunities for certified minority business enterprises and connects them to corporate members
- U.S. Black Chambers, Inc. – provides advocacy, access to capital, contracting opportunities, training and development
- U.S. Hispanic Chamber of Commerce – provides business partnerships, through dialogue, networking, workshops, and more for Hispanic Owned businesses
- U.S. Pan Asian American Chamber of Commerce – organization representing Pan Asian American and their related groups in business, sciences, the arts, sports, education, public and community services
- Vietnamese American Chamber of Commerce – provides training and education, networking and philanthropic opportunities for Vietnamese-owned businesses
Financial Resources for Minority-Owned Small Business
- ACCION – microfinance organization that supports Hispanic businesses, among other minority-owned businesses, through micro-loans of up to $50,000 and financial education
- Backstage Capital – investment group investing in companies led by people of color, women and those who identify as LGBTQ+
- Collab Capital – investment firm focusing on providing capital to innovative Black-owned businesses
- DivInc Accelerator – startup accelerator program for underrepresented businesses owners that are focusing on tech or social justice issues
- EnrichHER Accelerator Program – offers business financial training and small business loans to women-owned and Black-owned businesses
- First Nations Development Institute Grants – improves economic conditions for Native Americans through direct financial grants, technical assistance & training, and advocacy & policy
- Founders First Capital Partners – offers revenue-based funding and advising to minority-owned businesses
- Minority-Owned Businesses – what you need know to get certified and take advantage of the grants, loans, and government programs specifically designed to help minority-owned businesses
SBA’s grant programs generally support non-profit organizations, intermediary lending institutions, and state and local governments in an effort to expand and enhance small business technical and financial assistance. Other federal grant programs generally support non-profit organizations, and state and local governments and are not given directly to small businesses. A list of Federal Grant programs can be found on SBA’s web site at: SBA Federal Funding Programs.
Unfortunately, not all government grant offers are legitimate – bad actors have become sophisticated in their impersonation techniques so grant offers must be carefully vetted. To find out how to avoid these scams, see the Federal Trade Commission’s article about avoiding government grant scams.
In the same vein, some unscrupulous operators sell manuals, workshops and other materials on how to obtain “free money.” To find out how to avoid these scams, see the Federal Trade Commission’s article about wealth building scams.
Other Resources for Minority-Owned Small Businesses
- Black Enterprise – business news, educational tools, and minority business trends
- Minority Business Entrepreneur – serves as a forum for minority and women business owners, corporations and government agencies concerned with minority and women business enterprise development
- Operation Hope Small-Business Empowerment Program – intensive course, anchored by entrepreneurship training, allows participants to master business basics and gain access to funding to support a strong launch and the ongoing growth of their businesses
- Hispanic Network – a Latino business & employment magazine
- Latin Biz Today – resources on starting and growing a business directed at Hispanic business owners
- Native Business – promoting and advancing Native American business, entrepreneurship and economic development
Additional Small Business Resources
Already in business or thinking about starting your own small business? Check out our various small business resources:
- View more small business help topics here: Small Business Information Center
- View business reports here: Small Business Snapshots
- View industry-specific research here: Market Research Links
Remember, you can also receive free professional business advice and free or low-cost business training from your local Small Business Development Center!
Photo credit: Photo by Christina Morillo on Pexels.
