Most minority entrepreneurs are blocked from access to small business loans—and the resources they need in order to get them—due to forces outside of their control. Fortunately, there are small business loan options specialized to help minority-owned businesses the capital and resources they need to grow. But before we jump the gun, it's important to understand unfair reasons why minority entrepreneurs are typically defined in the first place.
Recent reports from the Minority Business Development Agency clear that something is terribly wrong in the small business financing industry for minority entrepreneurs. 19% of all minority business owners don’t apply for small business loans due to fear of being declined. Getting small business loans for minorities can seem like an impossible task, discouraging many from starting a business in the first place. This is backed by the fact that non-minority business owners being three times more likely to get approved for small business loans than minorities.
This partly has to do with the wealth gap clearly present between minority and non-minority business owners. A good source of capital is essential not just for startups, but for any business to prepare for unexpected challenges and growth opportunities. Unfortunately, statistics taken from the same study above show that non-minority entrepreneurs start their businesses with 16% more capital than minority entrepreneurs on average. Another reason is due to the fact that minority entrepreneurs don't have access to the business services they need to build credit, and increase sales. Typically, business owners use FICO boosting repair services, marketing agencies, and sales improvement strategies given to them by unaffordable business consulting services. All of this translates to minority-owned businesses with even the most ambitious and promising growth strategies and ambitions getting rejected for small business loans needed for capital.
There are over 50+ different types of small business loans for minorities needing capital to grow in virtually any way possible. Each can be tailored to fit the specific needs business from virtually any industry. Here's a few specialized small business loans for minority-owned businesses:
Without capital, you can't have growth. Without growth, you can't get funded. This is a vicious cycle that financing companies like us need to stop in its tracks. To create a space for minority-owned businesses to equal access to the opportunities easily obtained by their non-minority counterparts, we created a line of exclusive small business loans that equip minority business owners get the business loans they need regardless of FICO and financial history - in as little as 24 hours! Here's a few ways our business loans are innovating the way minority entrepreneurs grow:
Now that the economy is on the upswing, it's a better time than ever for minority-owned businesses to seize their opportunity to grow! Contact us or fill out your application to get started, and let's get your business funded!
National Business Capital helps entrepreneurs secure quick and fair financing to save time and cultivate sustainable growth.
Our stress-free online platform is designed for simplicity and speed, helping business owners go from application to approval in a matter of hours. And while we remain a leader in the Fintech industry, our clients agree it’s our personalized service and award-winning team that sets us apart.
From SBA loans to lines of credit, to equipment financing, and more, business owners can access all the different financing programs available to them in one place. Through our streamlined process, we have helped clients secure $2 billion in financing since 2007, and, more importantly, we’ve helped entrepreneurs save a tremendous amount of time and grow faster.
Joseph Camberato, CEO of National Business Capital, developed a passion for business at a young age. Joe started his company in 2007 in his spare bedroom and has grown to secure over $1 Billion dollars in financing for small business owners nationwide. National’s team has an amazing culture and has been name the #1 Top Workplace on Long Island 3 years in a row and counting. Joe is a trusted financial expert who’s published more than 2,000 articles in the last 3 years. His articles have generated over 5 million page views and has been featured on blogs such as Google News, Yahoo, CNBC, Forbes Magazine, etc. His passion has also inspired him to build the "GrowByJoe” YouTube channel where he shares his insights into small business trends and tips for growth. Joe also holds a seat on Forbes Finance Council and is an active member of the Young Presidents' Organization (YPO), a global leadership community.