What are the Benefits of a Minority Owned Business
Starting a business is a big undertaking and one that requires a great deal of preparation and hard work. The planning stages of opening a company should include a review of all of the potential ways to position your company properly as well as finding opportunities to fund your venture. If you are a minority business owner you may be able to take advantage of some special programs. There are some benefits of a minority owned business that can help your company achieve success.
Government Funding May Be Available
The United States government provides special funding for minority owned businesses. The 8 (a) development program offers assistance to those members of groups who have historically been socially disadvantaged. It is a federal program designed to provide help in growing a new or existing business. Applicants must provide detailed financial information about their business.
Application to Provide Government Contracts
Eligible minority owned businesses may be able to apply for government contracts. A contract with the government allows the company to provide their goods or services directly without having to go through the standard marketplace. These contracts may be quite valuable to businesses and are an excellent way to quickly provide a steady profit to your company. They can make your business immediately profitable and allow you to provide jobs for more people.
Special Training for Minority-Owned Businesses
Minority owned businesses have access to special training classes. These are offered both online and at regional training centers. Participation allows business owners the ability to learn business practices along with tips and ideas to improve their companies. They are also provided with contacts of other company owners so they may develop a strong network. Large corporations are involved in assisting smaller companies through mentoring.
Additional Funds and Programs are Available
Funds and programs are available to minority-owned businesses on both a state and federal level. There are numerous programs, grants, and other funding opportunities that may be available for your company. Another perk offered to these companies is that they are listed as minority-owned businesses. This list is often utilized by those who want to employ these types of companies. There are also some state-funded contacts for which you may be qualified.
If you are preparing to start your new business, discuss the options that are available to you with a qualified attorney. Contact the commercial law team at Udall Shumway to schedule a consultation today.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding Benefits of a Minority Owned Business, or any other litigation issues, please feel free to contact us at 480.461.5300, log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.