By Sally Lauckner
"According to Census Bureau data, the number of minority-owned firms doubled over the last decade. This being said, however, although minorities are majorly driving the growth of entrepreneurship in this country, minority business owners still face a multitude of challenges when trying to start and finance their businesses. Overall, minority-owned businesses tend to be smaller and generate lower profits than businesses owned by white people. BIPOC entrepreneurs are also less likely to get access to credit, which is a key predictor of a business’s future success."
"Luckily, in addition to traditional financing options, like business loans, there are a variety of alternative funding solutions that minority entrepreneurs can explore, like small business grants. In this guide, therefore, we explore a list of 12 of the best minority small business grants and what you need to know to apply for these grants for your business."