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.

What Should I Know About Minority Business Funding?

Being a business owner is something to be proud of. The ability to start and run your own business takes commitment and drive. But running a business can be hard. It is not always like the movies or TV shows where all they show is the fun times. There are going to be struggles as a business owner. If you are struggling their are resources out there to help. There is someone who wants help business owners no matter what the situation. If you are looking for minority business funding or just an alternative funding method to start growing your enterprise, eBusiness Funding is here to help.

Diversity in the business world is on the rise. Diversity is defined as anything that makes you different. It can be your race, sex, sexual orientation, religion, the list can go on. Minority business funding is not uncommon and can bring a lot of advantages to you as a business owner. There are several things you should know about before applying.

Minority Business Funding Advantages

Often times, minority business funding options come with perks such as business coaching. This type of funding can also come with fewer requirements to get approved. These can really help business owners start to grow their business and look for options to expand.

Typically, you are paired up with a business owner who has been where you are in the business ownership process. This can be nice to have a business mentor to discuss the challenges you are currently facing. When you are just starting your business it can be nice to have someone to bounce different ideas off of.

Minority Business Funding Risks

Most of the time minority business funding comes with strings attached depending on how you look at. Some businesses do not have the time sit for the required business coaching sessions. Others do not have the time to participate in the community engagement sessions that are part of the package. Understanding what your business is willing to take on as a commitment before signing any type of funding document is important.

What Other Options Do I Have For Business Funding?

For those that are not willing to make the time commitment certain minority business funding options require 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.

An Alternative Option

Another option out there for businesses is a merchant cash advance. This type of product focuses on getting you the funding you need quickly. This ensures that you can grow your business quickly in times of need. Some of the benefits include;

• We won’t ask for a plan of how you plan to utilize the funding. We know that you know what your business needs to operate. We look to you as the expert for you business not the other way around.
• We are also not going to require any collateral to be put up against the advance. Instead, we are going to take a percentage of your daily credit card sales until the amount of the advance has been paid off.

Getting Started

Applying for a merchant cash advance is easy! Take a look at our online form. After you apply online, you will hear from us within 24 hours. If you are approved, you will have the cash in your hands in as little as three days! Compare that to traditional bank financing.

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!

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!

Minority Business Loans and How to Get One

People often ask, what are minority business loans? Anyone you ask will probably give you a different definition.  Every bank offers different lending products.   Before applying, you have to do your research.  This will help you to determine what product is right for you.  The right product is out there for you.  And these products can help you take your business to the next level.

The challenge with today’s lending market is the increased regulatory environment.  Bank’s have been forced to tighten their standards.  Banks are consolidating their loan products and putting a focus on specific loan products that are lower risk.  This is one of the reasons why not all banks offer minority business loans.  There are a number of different loan resources in the market today that are offered to minority businesses.  These come from all levels of the government.  These loans are offered to businesses at all stages of the business lifecycle.

The Small Business Association also offers different low-interest loans to qualifying business owners.  These loans often go to woman or members of minority communities.  The SBA strives to see small businesses in all different communities succeed.

Often minority business loans come with additional strings attached.  They can require those who utilize this type of funding to partake in different learning opportunities.  To take minority lending to the next level, some banks offer diversity lending programs.  These programs are designed with minority-owned businesses in mind.  This funding is meant to help grow their businesses.

What benefits do business development programs offer?

• One-to-one counseling is offered in a variety of ways.  Often times business owners who have been through the process before will speak to the newer owner and serve as a mentor to them.
• Training and development workshops are offered to help business owners learn the important skills of running a business.
• Management and leadership training guides business owners to stronger relationships with their employees.  Remember you are your own boss now, your employees are looking to you for guidance.

Not only are there minority business loans offered by banks but there are also grants available.  These grants are often offered by nonprofits.

What grants are available to minority business owners?

There are several grant options on the market.  These grants are for minority-owned businesses with longer histories, start-up businesses, and first-time business owners.

• USDA Grant
  • The U.S. Department of Agriculture funds up to $150,000 to businesses.
  • A requirement for this grant is the business must be in a rural community.
  • This is known as the Rural Business Opportunity Grant.
• SBA Grant
  • The SBA offers grants between $50,000 and $250,000 to small businesses (microenterprise organizations) that deliver services to entrepreneurs.
  • This is known as the Program for Investment in Entrepreneurs Act.
  • This type of grant is for both new and existing businesses.
• State Grants
  • State grants will often depend on your business’ revenue stream to determine how much assistance you need.
  • In some states if you earn a certain amount in revenue you no longer qualify for a grant.
  • Typically, the maximum funding is $50,000.
• Amber Foundation Grant
  • These grants are much smaller than the others on this list.
  • They range from $500 to $1,500.
  • These grants are available to women of all cultural groups.
  • The funds can be used for expenses incurred in the start-up of a business.

If you have been turned down for minority business loans in the past, not to worry.  We understand that receiving this type of funding can be hard.  Every bank has different standards.  This can make it confusing to know which bank’s guidelines you qualify for.

There are also other options out there in the market such as grants.  And even if you are not approved for a grant, there are still business funding products out there. Your dream of operating your own business does not stop at being told no a few times.

One alternative lending product you may want to consider is a merchant cash advance.  There are fewer strings attached than a traditional loan.  You can get the cash you need in hand in just three short days.  Our product can help you start to develop your business without all the hassle of a business loan.  A merchant cash advance focuses on getting cash in your hands fast!

It doesn’t matter whether you have good credit or bad credit.  If you are a minority business owner or not.  If you have only been in business for a short period of time.  All that matters to begin with is that you meet our minimum requirements to start the process.  The requirements are simple, have you been in business for over six months?  Do you do at least $10,000 a month in sales?  If the answer is yes, then you are ready to apply for a Merchant Cash Advance today!