Your minority owned business may have a distinct advantage because there are generally additional resources to help in the search for financing. These services are both private and public and are available to all minority-owned startups.
A good place to start is the Small Business Administration (SBA). They have considerable resources for business startups, including business loans to minority owned businesses and specifically women-owned businesses. They guarantee loans and provide additional services to help in the search for funding.
Try federal resources. The Minority Business Development Agency or MBDA provides valuable information for small business owners. The organization’s site has links to state and local resources. It also has information on the process of starting a business and obtaining financing. There are even links to unconventional lenders for those who have flawed financial histories.
Check the nonprofits. There are nonprofit organizations who provide financing and assistance to minority entrepreneurs. You can find them through the MBDA.
To apply for a loan, you’ll need a business plan, a credit report and some startup capital. We can help you prepare the business plan and line up the right investors.