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.

How To Get Minority Business Financing?

As a minority business owner you know you have accomplished a lot to get where you are. You understand everything you have gone through. Whether it was the hardships of struggling to find people who believed in your idea. Or maybe it was finding funding to get your business off the ground. Whatever it was, you are not in alone in those struggles. Minority business financing is something that most minority business owners have a hard time acquiring.

The market we live in is highly regulated. It is a challenge for any small business to get funding. If you have less than two years of business history, most banks won’t even consider you. So what are startups and small businesses that don’t even meet that requirement, let alone the rest of a bank’s requirements list, supposed to do?

The benefit for minority business owners is that there are alternatives that exist just for you. These minority business financing opportunities were created to help those who fall into any minority business category. You could essentially be anything outside of a U.S. born white male and there is a niche minority business financing opportunity for you.

So how can you qualify for minority business financing?

It is simple and it starts with research. You have to research what types of opportunities exist for you. Each program has different requirements for their different forms of funding. These can come in the shape of grants, loans, advances, awards, and the list just keeps going on.

What are the benefits of a minority business financing program?

There are several benefits of choosing one of these programs. One of those benefits is the opportunity for consulting and mentorships. Most programs are not just handing over free money. A lot of them are looking for candidates who want to better themselves and their business. Some programs offer financial guidance and help. This can be through getting your books in order, basic accounting courses, or just how to apply for a business loan. Other courses include business plan writing and marketing guidance.

These grants or other funding sources often require participation in the types of course offerings listed above. This can be a challenge for some businesses. They may not have the time or desire to grow their business with that type of assistance. Some owners are just looking to grow their business with additional funding help. That is where we can assist you.

Getting Started

At eBusiness, we offer a merchant cash advance that doesn’t come with all the strings attached that most minority business financing options come with. Our application process is simple with a fast turnaround time to letting you know you have been approved. We let you know in just 24 hours. Even better you can start spending what you have been approved for in just three days. That is because we will get the cash you need, deposited directly into your bank account.

Instead of holding collateral like a traditional loan, we have created a different process. We will take a daily percentage of your credit card sales until the advance has been paid off. This is a fixed percentage, not a fixed amount each month like a bank loan. We find our customers appreciate this fact because they don’t have to worry about paying a set amount each month.

Our requirements are simple. Are you currently doing $10,000 a month in sales revenue? Have you been in business for at least six months? Well, you are half way to qualifying. The other half is applying! So why not take that next step in your business’ future and apply for a merchant cash advance today!