Know any info in Small business / Govt' Loans for businesses with minority owner

I am working on funding a good old brick and mortar storefront. I am looking for any leads/information DP member might have to on getting Small business loans and/or grants.

One thing to note is that my business partner is a minority. I have heard that this may allow us additional funding options through the government.

Any information members here may have is greatly appreciated.

Thanks...

 

I can't really say much about the US but in Canada I've come across some of the minority loans/grants and it seems quite often they have to be fully owned or majority owned by the minority.

As for finding out about Government loans/grants, don't you have chamber of commerce or business centers in your area? There are people who's business is to write grant requests which might be a good thing to look into.

Now for the most important advice I can give. Be sure you have an air tight written contract with your partner. I could write paragraphs of the things that should be detailed in the contract. Then I could write paragraphs of all the wonderful things that happen with partners and thats with partners who are family, best friends, people I trusted with my life. It's always fun.

 

Well, my business partner is hardworking and loyal. I will be the funding and business manager, he will do the production work. This is a brick and mortar shop. Yes, it is a risk, but one I am willing to take.

I would be interested in hearing about some of your experiences. I will have an accountant go over all the books before I buy, and my lawyer will be drawing up the legal documents for our partnership.

 

You can get info on loans and grants at a local Chamber of Commerce or Small Business Adminstration.