Finding The Best Minority Business Loans And Funding
Being a business owner is something to be proud of. The ability to start and run your own business takes commitment and drive. At the same time, diversity in the business world is on the rise. But running a business can be hard. There are going to be times of struggle as a business owner, some that cannot be overcome alone. However, know that there are resources out there, many designed specifically for those in your situation. If you are looking for minority business loans or other funding options, there are several ways to go. Minority business loans are not uncommon and can be the difference between success and failure. There are several things you should know about before applying.
Minority Business Funding Benefits
Often times, minority business funding options come with perks such as business coaching. In addition, criteria are not always as stringent. Bank loans have become harder to obtain, but these programs open doors. This can really help business owners start to grow their business and look for options to expand.
Typically, you will meet with a business owner as a mentor of sorts. Many times, they know exactly where you have been because they have been there themselves. Along with their own advice, they can discuss the challenges you are currently facing. When you are just starting your business and are full of ideas, it can be nice to have someone to brainstorm with.
Minority Business Loans And Their Risks
Sadly, Most of the time minority business funding comes with strings attached depending on how you look at. These coaching sessions are common, but not uniform. Some find themselves disappointed with what they expect versus what they get.
Perhaps the biggest issue with these programs, especially loans, is that they have limits. Oftentimes, there is a certain allotment present for funding, and if it gets used up, you’re out of luck. This means it is important not only to move quick but not treat these loans as a perfect solution.
Understanding what your business is willing to take on as a commitment before signing any type of funding document is important.
Other Minority Business Funding Choices
Not everyone can make the time commitment, certain minority business loans and funding options require. However, there are other options out there. These options can often be easier to qualify for than a traditional lending method. One of the main reasons receiving minority business funding from a bank is a challenge, is the fact their standards are so high. Most businesses (80%) do not qualify for a bank loan product. If minority funds are no longer on the table, that may be your only option with a bank.
eBusiness Funding helps businesses that may struggle with traditional lenders. To do this, we provide merchant cash advances that are accessible to a wider spread of businesses than bank loans or private lenders. 95% of businesses that meet our simple requirements qualify for funding. All you need is to be in business for at least six months, with over $10,000 in monthly revenue. With us, it’s not about past credit history or collateral, but about your business’s potential.
It’s important to us that you use the funds we offer in the most helpful way possible. Because of this, we place no restrictions on how you spend our advances. Payroll, expansion, repairs, spend on what you need! We also get you your funds fast, sometimes as soon as 72 hours after you first apply. Repayment is also very simple. Rather than large monthly payments, we take a set part of your future sales. This is set up by our skilled consultants. This percentage stays the same, so if business slows down, you pay less.
Interested? If you’re ready to begin, just fill out this simple contact form. We’ll be waiting, and are looking forward to helping your business get the funding support it needs.