Loans for Minorities

What Qualifies for a Minority Business Loan?

A minority business is a business that is at least 51% owned, operated, and controlled by an individual or group of individuals who are members of a recognized minority group. This includes people who are African American, Hispanic American, Native American, AsianPacific American, Subcontinent Asian American, and/or women. The goal of minority businesses is to provide economic opportunities for historically underrepresented groups in the economy.

Between 2007 and 2018, the number of minorityowned firms with paid employees grew by 56%. In 2019, African American-owned businesses accounted for the largest share (43%) of minority-owned firms with paid employees, followed by Hispanic or Latino (31%), Asian (17%), and other minorities (9%). In totality, minority-owned businesses had a total of $1.9 trillion in revenues. 

Today, minorityowned businesses account for nearly 40% of all new businesses in the United States, employ 8 million people, and generate $300 billion in payroll annually.  

Benefits of Minority-Owned Businesses

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Business Loans for Women

Women are a driving force for the success of the nation’s economy. We support them 100%.

Equipment Financing and Leasing

Purchase or lease equipment and machinery with our business loans for your company.

Up to $150,000

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Filthy Rich Idea makes it easy to get a minority-owned business loan for your business. Apply online and our lending partner, Business Funding Now, will give you a decision within minutes. One of their Loan Specialists will tailor a loan package for your business needs. As soon as your application and documents are received, a dedicated Funding Advisor will be in touch to discuss the application and next steps if approved. Approval typically takes 24-48 hours, and funds can be deposited into your account the following business day. It’s that simple!

Business Funding - Knowledge Is Wealth

FAQs

What information and documents do I need to apply for funding?

Our lending partners will need 3 months of bank statements, the government IDs of all applicants, 1 or 2 years of business tax documents, business P&L and balance sheets, business licenses and formation documents, and a business EIN.

What is APR?

APR stands for Annual Percentage Rate and is a measure of the cost of borrowing money. It is the interest rate expressed as a yearly rate, including fees and costs associated with the loan. It's a good way to gauge the overall cost of your loan and your planned repayment schedule.

How long does it take to get the money once my business is approved?

Once approved, transfer times vary depending on the lender, but it is possible to receive your capital in as little as 72 hours after approval. Lines of credit, on the other hand, may be used immediately upon receiving approval in some cases.

How do I pay back the funding amount?

Our lenders offer secure digital payment portals so that you can make your repayments on time and without penalty. You may be able to change due dates and other important information.

How To Best Prepare for a Business Loan

Determine the amount of money you will request—and do not request an excessive amount.

Although you may have the option of a small business loan, it is important to only request the amount of money that you need and can afford to pay back. This will demonstrate to your lender that you are financially responsible and increase your chances of approval.

Understand the limitations and costs of your loan.

Before committing to a loan, be sure to consider the speed, flexibility, and cost. Some loans are more or less flexible while others charge for speed. Understand the APR and other associated fees and costs so you can make an informed decision.

Avoid taking out multiple loans.

If you already have a loan, it is not advisable to take out another one. This is calledstacking loans and is generally not allowed, except in certain cases (e.g. having a business line of credit with a term loan). If you stack loans without the permission of your original lender, you could be in breach of your loan agreement and default on your first loan. Before taking on another loan, check with your lender to make sure it is allowed.

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