PNC Foundation and Howard University Announce $16.8 Million Commitment to Support Minority Entrepreneurs

How do you start your own business? Do you have the funds to finance it? These are just some of the questions that might run through your mind if you’re interested in going into business but aren’t sure how to get started or what opportunities are available to you and your business idea.

The PNC Foundation and Howard University announced today a $16.8 million commitment to support minority entrepreneurs through programs at the university, community connections, and an upcoming Small Business Grant Opportunities for Women and Minority Entrepreneurs program. The focus of the grant will be on fostering entrepreneurship among minorities, including women, LGBTQ individuals, people with disabilities, and veterans who are starting new businesses.

Small Business Grant

More than $16 million in grants will be distributed to help women and minority entrepreneurs start businesses, become financially independent and find jobs that match their talents and interests, the PNC Foundation and Howard University announced today. The two organizations have joined forces to create the PNC Foundation – Howard University Entrepreneurship Program, which will provide funding to support the university’s efforts to increase entrepreneurship among its students, faculty, and staff.

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Outline

  • How do I get started?
  • Where can I find funding opportunities?
  • How do I develop my business plan?
  • Is there a right time to apply for these grants?
  • What about Tax Credits?

How do I get started?

You don’t need formal education or even experience with small business management to launch your own company—though that doesn’t mean it’s easy. If you’re interested in starting your own business, here are some tips for how to get started: The best way is by learning from someone who has gone through it, if not then read as much as you can on different methodologies of launching a small business (for example, lean startup methodology ). There are several places online where you can read advice from people who have successfully launched their businesses. One of my favorites is StartupBros. They publish interviews with successful entrepreneurs and offer invaluable advice based on what they have learned along their journey that I personally found very helpful when I was launching my first company.

Where can I find funding opportunities?

Grant writing can be tough, but there are many sources out there that can help you. Visit these websites to search for potential small business grant opportunities: Babson Capital Fund, Ford Foundation Opportunities, and SBA Grants. Additionally, if you don’t have a lot of experience as an entrepreneur, visit SCORE for insight on how you can get started with your small business idea.

How do I develop my business plan?

A business plan is a written document that outlines how you intend to start, run, and grow your business. You should write it in a formal way that includes important details like how much money you want to raise, how you’ll use it, your marketing strategy, and so on (see below for more). This can help show investors that you have thought through your idea carefully enough to make it a reality.

Is there a right time to apply for these grants?

Yes, small business grant opportunities for women and minority entrepreneurs are available now! The application process for some of these grants can be a little bit time-consuming. If you have an idea or a need for starting your own business, definitely apply now before it’s too late! In addition, there are other numerous sources of funding that are targeted toward minority businesses including local government organizations such as SBDCs, SBA agencies, and others. As your business grows you may qualify for larger grants at these agencies.

What about Tax Credits?

If you’re starting a business and have difficulty securing a loan, it’s worth exploring your tax credits. Women-owned businesses can get a tax credit of up to $5,000 per year through an IRS program called WOTC (Women-Owned Small Business), while disabled veterans are eligible for an annual credit of up to $50,000 for businesses less than two years old.

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