Information about the Kentucky State University Cooperative Extension Program 2020
Funding Sources for Minority Small Business Owners
Chris Cribbs, MA, State Specialist for Entrepreneurship
Capital access remains the most important factor limiting the establishment, expansion, and growth of minority-owned businesses. Given this constraint, the current financial environment has placed a greater burden on minority entrepreneurs who are trying to keep their businesses thriving in today's economy. Below are a few capital funding source options for minority small business owners:
• Small Business Administration (SBA)
Grants – The SBA works with different organizations to provide grants for small businesses. For more information, visit https://www.sba.gov/funding-programs/grants
Native American-owned businesses – The federal government provides opportunities in contracting, business development, and other programs for Native American small business owners. Visit https://www.sba.gov/business-guide/grow-your-business/native-american-owned-businesses
other programs for Native American small business owners. Visit https://www.sba.gov/business-guide/grow-your-business/native-american-owned-businesses
Women-Owned Small Business Federal Contracting program – The federal government’s goal is to award at least five percent of all federal contracting dollars to women-owned small businesses each year. Visit https://www.sba.gov/federal-contracting/contracting-assistance-programs/women-owned-small-business-federal-contracting-program
Service-Disabled Veteran-Owned Small Businesses program – The federal government’s goal is to award at least three percent of all federal contracting dollars to service-disabled, veteran-owned small businesses each year. Visit https://www.sba.gov/federal-contracting/contracting-assistance-programs/service-disabled-veteran-owned-small-businesses-program
8(a) Business Development program – The federal government’s goal is to award at least five percent of all federal contracting dollars to small disadvantaged businesses each year. For more information, visit https://www.sba.gov/federal-contracting/contracting-assistance-programs/8a-business-development-program