Understand Your Opportunity: Establishing a Minority Owned Business
One of the top reasons people let great deals pass them by is the lack of resources to get started. This often affects minority groups. However, A New York State Economic Profile reveals that 2.1 million small businesses run out of the state, and the last survey showed that there was a 31.9% increase in the number of minority owned businesses. This rise is in part attributed to the attempt to set aside resources specifically for minority groups.
At AMD Business Brokers and Commercial Realty, we want to assist you in understanding your opportunity as a minority. If you want to open or acquire a business and think you might qualify to enroll as a minority owned enterprise, then read on; knowledge is power.
Do you qualify to enroll for a minority owned business?
New York State law defines a minority owned business as an enterprise in which 51% or more is controlled by a person with African, Hispanic, Native American, Asian-Pacific, Asian-Indian, and/or Alaskan Native heritage.
If you meet one or more of these ethnic definitions, and your net worth is less than $3.5 million, then you qualify to enroll as a minority owned business, employing less than 300 people.
Why enroll as a minority owned enterprise?
The US government encourages all entrepreneurs to take flight by offering a wide range of programs, grants, and loans to small business owners.
However, both the government and many private sectors provide grants tailored specifically for minority groups.
Here are some of the avenues to finding out which loans and grants you may qualify for and applying for them:
- USA Grant Applications
- Government Grants
- FedEx Small Business Grant Contest
- Dare to Dream Grant Program
For additional support, the federal government provides assistance through the Minority Business Development Agency (MBDA), New York State offers help via the MBWE, and the city of Rochester offers help through the local MBWE branch.
Let AMD Business Brokers and Commercial Realty assist you in taking hold of your opportunity; we want to see you succeed!
Written by: Amanda Piccarreto