What Types of Loans Are Available for Minority-Owned Businesses?
There are various loan program out there meant for entrepreneurs. The challenge, however, is that most of these loan facilities are not extended to minority-owned businesses. This can make it difficult for immigrants and other minorities looking for capital to grow their businesses.
If you’re a minority business owner, this article will definitely come handy for you. On this page, we will share with you some types of loans that are available for minority-owned businesses. Now read on to find out if there isone suitable for your business.
Minority-Owned Business Loans
This loan is dedicated to financing minority-owned businesses regardless of origin or race. It is offered by Accion, a non-governmental organization. Once you’re a minority business owner, you’re qualified for this loan.
The Business Diversity Lending Program
This program is designed to help minority-owned businesses to qualify for business loans. The loan is offered by Union bank and you need to fall in certain category of the minority under the bank’s ethnicity and race to qualify. More also, part of the conditions to qualify for this loan is that your business must has been active for the last 2 years, and you must own at least 51 percent of the business run costs. If you’re of Latinos, Hispanics, American Indian, Asian and African Americans origin, then you can qualify for the loan. Just apply onlineand submit the requested credentials, and then wait for arrival of the loan.
The Black-Business Loan Fund (BBLF)
If you’re an African-American and you need a loan to run your business, the Black-Business Loan Fund (BBLF) can come handy. But, to qualify for this quick loan, you must have at least 51 percent of the total value of the business and the business should have been operational in the last two years.
The SBA Community Advantage Loans
If you run a small business and you have good credit, you can apply for the Small Business Administration Community Advantage Loans. All you need to do is to identify a lender who can offer you the amount of loan that you need and submit the relevant documents to the SBA. Minority-owned business can also enjoy this loan facility.
The National-African American Micro Business Loan Fund
If you’re an African-American, and you run a business in New York, Chicago and Los Angeles, you can easily access loans between $35,000 and $250,000 under this program. This loan doesn’t come with much difficulty. All you need to do is to apply online by entering your basic details and your business type.
Business and Industry Guarantee Loan Program
The Business and Industry Guarantee Loan Program is designed for minority entrepreneurs dwelling in rural areas. All you need to do is to approach a lender who can lend you credit and then present the filleddocuments to the rural development office. However, you must have good credit to qualify for this loan.
There is no more excuse for your business not to thrive. There are lots of financial opportunities out there for minority-owned businesses. All you need to do is to research the program the offers the conditions that suit your particular situation and forward your application.
If you need additional information on the different types of loans in the United States that are available for minority-owned businesses, contact Joblang today for more details