Minority-owned businesses contribute more than $1 trillion into the U.S. economy each year. However, various setbacks make it difficult for minority owners to succeed in business. COVID-19 shutdowns and restrictions have made market entry much harder for disadvantaged entrepreneurs to establish a new company. Fortunately, many government agencies and private organizations are willing to provide grants for small businesses and other resources to help minority-owned companies thrive in difficult times. Read on to learn more.
Black Business Association (BBA)
If you’re an African-American business owner looking for mentorship, training, and other resources to grow your company, the Black Business Association might interest you. The BBA has been backing Black-owned enterprises for more than 50 years now. Being a member of the organization has many benefits, including access to events and networking opportunities.
Minority Business Development Agency (MBDA)
The MBDA is ideal for minority founders who need help or resources like:
- Financial help to start a business
- Technical assistance
- Business training
- Access to contracts
The federal agency is part of the U.S. Department of Commerce and runs business centers designed to prop up minority-owned companies.
Code2040 is a collaboration-oriented nonprofit that supports Black and Latinx-owned companies through training, events, and knowledge-sharing. Their core objective is to empower companies founded by minorities to excel in the tech sector.
National Hispanic Business Group (NHBG)
The NHBG serves the Hispanic business community. It’s an excellent platform for Hispanic founders and entrepreneurs looking to engage corporate executives for business opportunities, including vendor programs. Its membership is open to corporate leaders in the vice-president position and above. The organization holds multiple events to enhance networking between business owners and top company executives across various industries.
Small Business Administration (SBA)
The SBA offers various forms of business support that are difficult or virtually impossible to get elsewhere. The federal agency’s 8(a) certification is significant empowerment for qualified minority-owned businesses. An 8(a) certificate offers multiple benefits to minority-owned companies, including:
- Access to federal contracts
- Training and development assistance under the guidance of select mentor businesses
- Participation in the SBA’s 7(j) program
Minority business owners that take part in the 7(j) program are empowered in various ways, including:
- Training in a broad range of business topics/concepts
- Executive/leadership training
- Direct consulting in concepts like marketing, financials, regulatory compliance, etc.
National Minority Supplier Development Council (NMSDC)
The NMSDC provides an array of minority business enterprise training and certification programs. The organization helps its members to access public and private-sector supply chains. MBE education, opportunities to network with top company executives, and vendor contracts are some of the main membership benefits.
Small Business Development Center (SBDC)
If you need no-cost, practical business empowerment for minority entrepreneurs, your local Small Business Development Center (SBDC) is an excellent place to start. Through one-on-one consulting, the SBDC program equips entrepreneurs and founders with relevant skills for business success. You can also access free online resources for small businesses, including webinars and business guides. The EDC’s Small Business Development Center assists businesses in Ventura, Santa Barbara, and Los Angeles Counties.
S. Hispanic Chamber of Commerce (USHCC)
The USHCC has been instrumental in empowering millions of Hispanic-owned enterprises all over the country. Its membership includes more than 200 Hispanic chambers of commerce and businesses organizations. It provides various forms of support to these minority-owned companies, including:
- Capital funding from established public and private organizations/investors
- International trade support
- Online support programs and resources
- An annual conference and other events
S. Pan Asian American Chamber of Commerce (USPAACC)
The USPAACC provides business support to Pan Asian American entrepreneurs and investors. Much of the resources and assistance comes from major players in the commerce sector, including:
- Federal agencies/organizations
- Large companies
- Asian-American corporate executives
With the USPAACC, the following assistance is available to Pan Asian American enterprises:
- Access to business contracts
- Help in pitching to investors for funding, capital investments, etc.
- Educational programs
S Black Chambers (USBC)
The USBC was created to empower Black-owned companies through networking, advocacy, and mentorship. It brings together 130 African-American corporate organizations and chamber of commerce members. These members facilitate networking forums that provide Black-owned enterprises with business and growth opportunities. Other useful resources offered include:
- Educational podcasts
- Company directory
These are some of the resources available to minority-owned businesses in Ventura County. For additional assistance, including securing small business grants for minorities, consult the experts at Economic Development Collaborative today. We provide various resources to help small businesses thrive, even in tough economic times.