Business loans for minorities provide aspiring entrepreneurs with the resources they need to get the financing they require to achieve success. These types of loans can offer access to capital, business advice, and mentorship in order to help small business owners understand the intricacies of running a business. Many of these loans offer more relaxed criteria than traditional business loans, allowing minorities with a lack of collateral or credit history the opportunity to secure the funds needed to finance their business.

1. Small Business Administration (SBA) 7(a) Loan Program: The SBA 7(a) loan program is the most popular loan program for small businesses, and it is available to all businesses regardless of race or ethnicity. The SBA offers a variety of loan programs, including the 7(a) loan program, which provides up to $5 million in financing for businesses that meet certain criteria. Filthy Rich Idea works directly with the SBA to offer loans geared toward minority-owned businesses. Fill out an application today and get the funding you need in as little as 48 hours. 

2. Minority Business Development Agency (MBDA): The MBDA is a federal agency that provides resources and assistance to minorityowned businesses. The MBDA offers a variety of loan programs, including the Minority Business Development Loan Program, which provides up to $250,000 in financing for minorityowned businesses. To learn more about, visit Minority Business Development Agency (mbda.gov).

3. Community Development Financial Institutions (CDFIs): CDFIs are private financial institutions that provide capital and technical assistance to underserved communities and individuals. CDFIs offer a variety of loan programs, including the Small Business Loan Program, which provides up to $50,000 in financing for small businesses owned by minorities. To learn more about CDFIs, visit the Community Development Financial Institutions Fund (cdfifund.gov).

4. Microloan Programs: Microloan programs provide small loans of up to $50,000 to entrepreneurs who may not qualify for traditional bank loans due to lack of collateral or credit history. Many microloan programs are specifically designed for minorityowned businesses and offer lower interest rates than traditional bank loans. A few microloans are listed below…

Accion: Accion is a nonprofit organization that provides microloans to small businesses owned by minorities. 

Kiva: Kiva is an online platform that connects borrowers with lenders to provide microloans to minorityowned businesses.

Opportunity Fund: Opportunity Fund is a nonprofit organization that provides microloans to minorityowned businesses in California and the Bay Area.

Grameen America: Grameen America is a nonprofit organization that provides microloans to lowincome women entrepreneurs in the United States, including minorities.

LiftFund: LiftFund is a nonprofit organization that provides microloans to minorityowned businesses in Texas, New Mexico, and Louisiana.

If your business is booming and you can’t keep up, or you’re trying to grow and may not know how, Filthy Rich Idea can help. Fill out our online application or get in touch with us at 888-369-4332 to find out more about business loans for minority-owned businesses.

 

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