Unlike loans, grants are free money. You don’t need to pay them back, much less with interest. But asking for and receiving a grant is no easy feat. The application process can be long and tedious with a stretched waiting period. You’ll also have to meet specific requirements depending on the type of grant you apply for.
From federal and state grants to grants funded by private organizations, non-profits, or charitable foundations, your grantor will determine the qualifications and stipulations you need to follow.
New York State Executive Law Article 15-A and state regulations call for all state agencies to endorse opportunities for certified Minority and Women-Owned Business Enterprises (MWBE). This Minorities and Women in Business Enterprise program was established to promote equality in state contracting. Managed by the Empire State Development’s Division of Minority and Women’s Business Development, its participation goal is 30%.
If you apply for grant contracts of $25,000 or more, you’ll be subject to New York State's MWBE requirements. You can achieve compliance through: