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.

Where Can I Find Minority Business Lenders?

Getting a business loan for any small business can be a challenge. If you are a minority owner of a business it can be even harder. Minority-owned businesses are on the rise across the United States. Sadly, these business owners are more likely to be denied for a small business from a traditional lender. As a business owner, your options don’t just end with the banks. There are minority business lenders out there to assist small business owners with financing and business plan help.

Because we live in a highly regulated world, applying for a loan can be tough. There are many additional requirements than in the past. A business has to have their affairs in order and be ready with a detailed business plan to show the bank how they will use the money. Often times the requirements are why a minority business owner is denied for the loan.

Having assets to use as collateral for a loan can be a challenge for minority business owners. But they shouldn’t feel alone. Most small business owners have trouble with having the appropriate amount of collateral to be sufficient for a bank. Banks have extremely high standards for those to which they approve. Only 20% of applicants for a traditional business loan actually receive on through a bank.

Thankfully there are minority business lenders out there willing to help businesses that struggle to get approved for funding.

Finding Minority Business Lenders

SBA Microloans

This type of funding is offered through various nonprofit organizations. These are much shorter term loans than traditional bank loans. The repayment terms will often be a maximum of six years. If you compare this to something like a home mortgage loan which the terms can be up to 30 years.

Alternative Lenders

Alternative lenders are also on the rise and can typically be found online. They often specialize in the businesses that have been denied by a bank. Unfortunately, they often come with higher interest rates or fees than traditional banks. But alternative lenders can typically get you the cash you need much quicker than a traditional lender.

One option for an alternative funding provider is a merchant cash advance. This type of funding looks at the future of your business not just who you are and where you have been. This is an option for someone who is looking for minority business lenders but doesn’t want to put up collateral.

At eBusiness Funding  the requirements to qualify are simple. We look for businesses that have been in operation for at least six months. This can be compared to a bank loan which will look for at least two years of business history. The only other requirement is that the business is doing $10,000 a month in sales revenue. A merchant cash advance is great for businesses that do a lot of their sales through credit cards.

Applying Is Easy

1. Complete our short contact form on this page.
2. We will get back to you within just 24 hours.
3. If you have been approved, we will deposit the cash you qualified for in as little as three days.
4. You can start spending the cash the way your business needs as soon as you get it.
5. We will then take a percentage of your business’ daily credit card sales until the advance has been paid off.

Seasonal businesses enjoy the idea of a merchant cash advance because of the fixed percentage. This means that if it is a slow month or season they are going to pay the same percentage vs. having to come up with a fixed amount each month.

Why use a traditional business lender, when you can get the cash you need quickly. Even better than getting the cash fast is you don’t have to go through all the hassle applying for a traditional loan will involve. We aren’t going to require a business plan with a breakdown of your business’ future. At eBusiness, we want to see you succeed and trust that you know how to do that for your business. We look to you as the expert in your business, not the other way around. Now is the time to apply and get started achieving your business goals!