When raising capital for a small business start-up or to expand on your already existing company, grant funds can significantly reduce your overhead expenses. Although the grant writing, submission and approval process may be long, tedious and highly competitive, the benefits of non-repayable business funding make the efforts well worth it when approved. The good news for minority entrepreneurs is that specific grants for small minority businesses exist and offer extra opportunities.

Classification

Before beginning your search for minority small business grants, you must determine whether or not your company can be classified as a minority business. The United States Small Business Administration has used data collected by the Survey of Small Business owners to determine minority business classification guidelines. Minorities are categorized in six demographic groups; Asian, African American, American Indian or Alaskan Native, Native Hawaiian, Hispanic and Pacific Islander. According to SBA, to qualify as a minority business the proprietor must possess at least 51 percent of company stock, assets or equity of the company.

Corporate Minority Grants

Numerous corporation nationwide offer funding to various community enrichment programs including schools, community centers and small businesses. Well-known beer manufacturers and distributors, Miller and Coors, have partnered to establish the "MillerCoors Urban Entrepreneurship Series." The program is designed to help financially empower minority business start-up throughout economically disadvantaged American communities. In a contest-like fashion, each year minority professionals must submit an application with their business plan for a chance to win business scholarships in amounts of $25, 000, $50, 000 and $100, 000.

Women

A commonly overlooked fact among American citizens, is that women of all races and ethnicity are considered minorities as well. Correspondingly, many non-repayable funding opportunities exist for female entrepreneurs. The Open Meadows Foundation supports a variety of nonprofit women-owned small business who concentrate on the betterment and development of young women who are residents of high-risk and economically disadvantaged communities. At the time of publication, $2, 000 grants are awarded to qualified applicants each August. The Idea Cafe website provides frequently updated information regarding small business grants and loans for women. Each summer, female small business owners can apply for a $1, 000 BizGrant. The SBA's Office of Women's Business Ownership also offers numerous small business grant opportunities for women of all cultures.