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An advantage for using these agencies is that they often make loans to applicants who have been denied from regular banks.
After you have been approved for an SBA loans, you will need to find a lender that is approved by SBA. Although American banks are potential lenders, Bank of America and Wells Fargo are known to be a top lender to ethnic minority groups. Both banks have pledged to lend billion of dollars to Latino, African-American, and women-owned business.
SBA Loan Key Requirements For Minority:
- Applicant must be turned down for a loan by a bank.
- Applicant must submit both personal and business guaranty to qualify for the loans.
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- The working capital loans should be repaid within 5 -1 0 years.
- The business must operate for profit and must operate in the United States.
- The business must meet eligibility criteria for financing under the SBA’s 7a
The Minority Business Development Agency (MBDA) and Small Business Investment Companies (SBICs) are other options for business loans to minorities. SBICs are privately owned investment firms that offer funds for small business, and MBDA is the only federal agency created to foster establishment and growth of minority-owned businesses. For more information, visit http://www.mdba.gov & http://www.sba.gov/INV.
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