I can see the reason for minority business assistance, but doesn't it inherently create a double standard?

One other thing - a lot of big corporations also consider minority status in procurement.  So there's another big group of potential customers.

If your business is certified as a minority-owned business, it can qualify for certain advantages in the bidding process of government contracting.  There are also some resources you can access only as a minority business owner, such as the local offices of the Minority Business Development Agency that Byroncurt mentioned, as well as some chambers of commerce.   The big question is usually how minority status relates to funding.  In my time working at an SBA resource partner, I found only one program that offered grants to start businesses, and it was only for women victims of domestic abuse in the Phoenix area and only about 10 grants per year.  There's a huge myth that there are grants to start businesses that is simply that- a myth.  The other part of funding I used to get a lot of questions about are loans.  It is illegal to discriminate based on race in processing loans, so minority status does not affect your ability to get a loan one way or the other.   Another benefit (or maybe simply feel-good) is that hanging up a certificate of minority status can add some credibility to your business.  Not because of your minority status, per se, but because the government entity that gave you the status deemed you as a 'real' business.   The big benefit, as I see it, is really in contracting.  Each program is different so benefits vary.

The Minority Business Development Agency at the U.S. Department of Commerce is the only federal agency dedicated to advancing the establishment and growth of minority-owned firms in the United States. These firms are then better positioned to create jobs, impact local economies and expand into national and global markets.

Hi Jjlopez - Here are some Frequently Asked Questions from the SBA on the qualifications of socially disadvantaged businesses. Please see this Minority Owned Business guide from Business.gov for financing and government contracting incentives for minority-owned businesses.