June 29, 2005
Minority Business Loans
If you are a minority or a woman or a small business owner, you are in luck. This means you are entitled to many government funded minority business loans. Below is a little info on that. If you run a soundminded company and have a good business plan, you will be entitled to a new business loan
Minority Business Loan Questions and Answers
Minority Business Loans
If you are a woman or an ethnic minority, you may be entitled to funds earmarked for minority business development. Many businesses and government organizations allocate funds to lend to minority business owners.
The Minority Business Development Agency (MBDA) is the only federal agency created specifically to foster the establishment and growth of minority-owned businesses. MBDA provides funding for a network of Minority Business Development Centers (MBDCs), Native American Business Development Centers (NABDCs), and Business Resource Centers (BRCs) located throughout the country. The centers provide minority entrepreneurs with personalized assistance in writing business plans, marketing, management and technical assistance, and financial planning to secure adequate financing for business ventures.
If you need additional help putting together your loan application package, you can contact your local small business development corporation. These agencies often make loans to applicants who have been denied for regular bank loans.
While the SBA does not offer grants to start or expand small businesses, it does guarantee loans of up to $250,000. Once you’ve been approved for an SBA-guaranteed loan, the next step is to find a lender that is approved by the SBA.
Read the rest of this article about minority business loans here