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Showing posts with label bad credit. Show all posts
Showing posts with label bad credit. Show all posts

Monday, October 16, 2017

Minority SBA Loans

There is a common mis-perception that minority loans are not profitable for small business loan lenders.  This is 100% not true.  According to the Kauffman foundation, minority small business loans can be very successful for lending institutions with am average net return of $1 million dollars per investment.  Along with women business owners, minority owned small businesses are the largest growing sector is the United States.

Minority owned small businesses are one the of the largest growing sectors in the United States

Many government and private associations put funds aside each year for funding minority owned small businesses.  The Minority Business Development Agency (MBDA) is the only government agency 100% dedicated to the growth and success of minority owned small businesses.  The MBDA provides funds to a network of Minority Business Development Centers (MBDC’s), Native American Business Development Centers (NABDC’s), and Business resource Centers (BRC’s).  All of these centers have a focus of consulting minority owned business owners in the areas of business plan writing, financial planning, technical assistance, growth marketing, and entrepreneurship so they can one day become fund-able small businesses.

The Small Business Administration (SBA) does not offer grants to start or grow a small business however, they do guarantee loans up to $250,000 dollars.  You can visit one of your local SBA offices to find out what you need to be approved for an SBA loan.  SBA loan requirements are pretty strict and require that you have a good business credit score with all three business credit reporting agencies, have a professionally written business plan, and a business loan application with proper financials.  Without these items it is going to be quite difficult to prove to a lender that you are a low risk small business borrower.

Get started building your three business credit scores

Let a professional SBA certified business plan writer create your business plan

Wells Fargo and Bank of America have been known to be the nations top minority small business loan lenders.  Before you do anything try to visit one of your local Wells Fargo or Bank of America’s and see what their guidelines are to be approved for a minority SBA loan.

Lastly, another good funding resource for minority owned businesses are the small business investment companies (SBIC’s).  These are privately owned companies monitored by the SBA and offer venture capital and debt financing solutions for minority owned small businesses.