Hispanic-owned small businesses and start-ups typically look for financing through small business loans and venture capital, but grant monies are also available to aid small businesses starting up. According to Power Home Biz, "there are hundreds of millions of dollars in grant funding available free to entrepreneurs and small business owners. These grant monies come from the government, non-governmental organizations, and private institutions." Aside from grants, Hispanic entrepreneurs and business owners may find loan programs and venture capital programs that aid minorities.
Regardless of ethnicity, Grants.gov supplies grant monies to all small business owners and entrepreneurs. Grants.gov is the official United States government grant portal that comprises 26 federal agencies offering more than 1,000 grant programs and provides business grant applicants with information on how to access over $500 billion in grant monies annually.
U.S. Department of Health and Human Services Grants.gov 200 Independence Avenue, S.W. HHH Building Washington, DC 20201 800-518-4726
Indian Grant Program
Hispanics with an Indian heritage may be eligible to participate in the Indian Grant Program. This grant program is run and governed by the Bureau of Indian Affairs and gives up to $100,000 to Native Americans but has a stipulation that states the grantee must use the monies to engage in a "profit-oriented" small business on officially recognized Indian Reservations. The Indian Grant Program also states the grantee is responsible for 75 percent of the project cost and the Indian Grant Program will provide the remaining 25 percent.
Indian Energy and Economic Development Indian Affairs MS-SIB-20 1951 Constitution Avenue, N.W. Washington, D.C. 20245 202-219-0740 bia.gov
National Association of Investment Companies (NAIC)
The National Association of Investment Companies, NAIC, focuses on providing finances to minority and ethically diverse businesses. "NAIC’s mission is to promote the development of successful private equity investment firms that: invest in businesses significantly owned by ethnic individuals; invest in businesses that substantially serve ethnically diverse markets; and/or are significantly owned by minority or ethnic individuals," according to its website. The NAIC does not provide grants but seeks to invest monies into the United States' Emerging Domestic Market and to expand its member base.
National Association of Investment Companies 1300 Pennsylvania Avenue NW Suite 700 Washington, DC 20004 202-204-3001 naicvc.com
Small Business Investment Company Program
The Small Business Investment Company, or SBIC, program does not provide grant money but do offer loans and venture capital to new businesses and start-ups. The SBIC "has provided nearly $30 billion in financing (both loans and equity investments) to 90,000 small businesses since 1958," according to startupnation.com. The SBIC provides venture capital and long-term loans to small businesses. The SBIC comprises privately owned companies that are regulated by the Small Business Administration and seek to promote small business growth among minorities. Contact the National Association of Investment Companies for eligibility requirements and inquire about minority preference.
Small Business Investment Company 1100 H St. NW Suite 610 Washington, DC 20005 202-628-5055 nasbic.org
Owen Richason grew up working in his family's small contracting business. He later became an outplacement consultant, then a retail business consultant. Richason is a former personal finance and business writer for "Tampa Bay Business and Financier." He now writes for various publications, websites and blogs.