What is a Minority loan?
Because minority-owned small businesses have specific challenges, minority loans were created to help address their specific needs.
who can qualify for a minority loan?
A minority group can be defined by a number of different factors, including race, religion, gender, sexual orientation and more. Which group qualifies for a specific loan is dependent on the loan itself. For example, The National African American Small Business Loan Fund offers financing to African American small business owners. It further stipulates that loans are only open to “Chicago, Los Angeles, and New York Tri-State area small businesses with enormous interest and success”.
where can i get a minority loan?
According to recent studies, “the number of minority-owned SMBs grew to 11.1 million in 2017”. With that segment of the small business community growing so rapidly, it’s no surprise that many banks, investment groups and advocacy organizations now offer some form of minority loan service. Below are just a few examples of minority loans as well as groups that offer them:
The National African American Small Business Loan Fund
Available to African American businesses in the New York, Los Angeles areas
Business Center for New Americans Loans
Available to business owners previously turned away by other banks for a variety of reasons
Minority and Women Revolving Loan Trust Fund Program
Available to women and minority business owners in New York
Business Consortium Fund
Available exclusively to NMSDC certified minority businesses
Women-funded investment group that is open to all applicants but favors minority- and female-owned businesses
You can also try looking into your state and local governments. Just as many towns and cities offer tax breaks and special financing options to small business and start-ups, there are also a large number of areas offering similar incentives for minority-owned businesses.
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