| If you are of an ethnic minority or a woman, you | | | | preconceived notions or prejudices against |
| may be able to secure funds which are | | | | minorities, senior citizens, women, etc. are |
| earmarked for business development. Minority | | | | inaccurate at the least, and blatantly ignorant at |
| business loans for women are granted through | | | | the most. By demonstrating true professionalism |
| many government organizations and businesses, | | | | in all aspects, you will be able to overcome these |
| helping minority business owners to start a new | | | | prejudices and gain the loan you deserve. |
| business or expand and existing one. | | | | There are numerous minority business loan |
| Before you apply for any small business loans, it is | | | | programs across the United States, as well as |
| important to first lay out a clear business plan. | | | | abroad. Any entrepreneur who needs assistance |
| Minorities and women can get financing for their | | | | in putting together a business plan, loan application, |
| business ventures, but only if those ventures | | | | or any other business-related issue can find help |
| appear to be lucrative and professional. After all, it | | | | through their local small business development |
| would be difficult to get a loan for a grasshopper | | | | centers. These agencies provide personal |
| farm if there is no clear method of doing | | | | attention to minority and women business owners. |
| business, no apparent market, etc. On the other | | | | In addition, they often grant minority business |
| hand, if you can demonstrate how you will | | | | loans for women or ethnic minorities when loans |
| operate the farm, where the grasshoppers will be | | | | have been denied through traditional lenders. |
| sold, and the estimated cost vs. profit projections, | | | | The Small Business Administration also aids in the |
| you are much more likely to get a loan approval. | | | | development and funding of small businesses. |
| In other words, make your business plan clear, | | | | Although the agency does not directly loan money |
| concise, professional, and the best it can possibly | | | | to business owners, it does serve to guarantee |
| be. | | | | the loan through a traditional lender. Entrepreneurs |
| An exclusive federal agency, the Minority Business | | | | must apply for an SBA-guaranteed loan through |
| Development Agency, was created to foster the | | | | their local agency. Once they are approved, they |
| growth and establishment of minority and | | | | can seek out an SBA approved lender. Most |
| women-owned businesses. The MBDA networks | | | | banks can serve as a potential lender, but eligibility |
| with various funding venues such as Business | | | | requirements may vary between institutions. |
| Resource Centers, Native American Business | | | | Among the countless SBA approved banks, Bank |
| Development Centers, and Minority Business | | | | of America ranks the highest when it comes to |
| Development Centers across the nation. These | | | | customer service and the granting of minority |
| resource centers serve minority and women | | | | business loans for women and ethnic minorities. |
| entrepreneurs through personalized assistance | | | | Another woman and minority-friendly bank is |
| with marketing, business plans, technical | | | | Wells Fargo, which has agreed to lend as much as |
| assistance, management strategies, and financial | | | | $100,000 dollars to any women, Latino, or |
| planning. In addition, minority business loans for | | | | African-American owned business who meets |
| women can be secured through these agencies | | | | certain business criteria. |
| for business ventures. | | | | In addition to traditional banks, small business |
| Business loans are commonly granted to those | | | | investment companies provide minority business |
| who demonstrate professionalism, who establish | | | | loans for women on a regular basis. These |
| advisory boards, who keep a close eye on | | | | companies are managed investment firms and are |
| various government funding sources, and who | | | | privately owned, offering startup financing and |
| expect to win. At the same time, it is important | | | | venture capital for small businesses. Small business |
| to remember that some business loans are | | | | investment companies are strictly regulated and |
| difficult to obtain simply because of the way they | | | | licensed by the SBA, providing added peace of |
| are designed, such as loans for seniors in business | | | | mind and security for the borrower. |
| or for work-at-home enterprises. Sadly, the | | | | |