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Several funding options that can help minority-owned businesses get the capital they need. Growing your business can be easy peasy lemon squeezy with one of these financing options.
Grants are like loans you don’t have to pay back. There are a number of grant programs designed to help finance minority-owned small businesses. You’ll want to do your research, ensure that you match the specific requirements, and put solid consideration into your application. Grants tend to be hyper-competitive. If you have the time and dedication to go through the application process, it’s a great place to start. If it doesn’t work out (or if you just can’t handle the paperwork), you can try one of the many other financing options…
The government is on your side. Thanks to the US Small Business Administration (SBA), several loans with mouth-watering rates and terms are made available each year. Here’s how it works: the government guarantees a portion of each SBA loan, reducing the risk for lenders. SBA loans can be competitive, and they definitely come with their fair share of paperwork, but they can be an essential resource for financially underserved entrepreneurs. Many minority business owners have used SBA loans to launch their companies. Small business owners looking for mentorship can even apply for the SBA 8(a) Development program.
The loan you think of when you search for “small business loan.” A business term loan can be used for a variety of business needs. Funds range between $5,000–2,000,000 with terms typically ranging from 1 to 5 years.
If your business is less established or you have less-than-stellar credit, you might consider a business line of credit. A business line of credit allows you to borrow against a set amount. You can borrow from the line of credit as often as you’d like and take as much as you need. So, if one month you need $5,000 for inventory to fulfill a purchase order and the next you need a couple thousand for new computer equipment, a line of credit might be for you.
Business credit cards are an essential part of any small business financing portfolio. True, you got into this business to make money, but we all know that you’re going to have to spend money, too. Let your office supply purchases—and whatever else you need to buy—work for you. Many business credit cards allow you to earn rewards that you can funnel back into your business… or use to finance some much needed R&R.
If you don’t qualify for other forms of financing, a business credit card may be a solid short term solution to acquire the capital you need for your business. While no sound financial expert would recommend you rack up consumer credit card debt, business credit cards can be a solid financing option if done right. 0% introductory APR cards can be useful for financing larger purchases, as long as you pay off the balance within the introductory period. Learn more about how you can use business credit cards to your advantage in financing your business.
We all know that minority business owners face hurdles through the traditional banking process. Black-owned businesses, for example, are twice as likely to get denied by a bank for a business loan. Through our lending marketplace, Lendio is making business lending easier and more accessible than ever. Complete a single, 15-minute application to access offers from 75+ premier business lenders. We’ll pair you with a dedicated funding manager, your personal finance expert, to walk you through your options and choose the right loan for your business needs.
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– Janice Y.