Minority Business Loans
Minority business loans are a source of business funding offered exclusively to minority-owned businesses. Business loans for women are also often considered minority business loans.
Popular Types of Minority Business Loans
SBA loans are generally the most popular type of minority business loan. They’re backed by the government, so lenders can offer favorable rates and long repayment terms. Other business owners may be looking for grants, which do not have to be repaid. Certain community organizations, microlenders and nonprofits offer assistance for minority-owned businesses. Examples of popular minority business loans and programs include:
SBA 7(a) Loan Program
SBA 8(a) Business Development Program
SBA Community Advantage Loans
SBA Microloan Program
Business Consortium Fund Loans
USDA Business Loans
Business Funding Available Through The Business Backer
Although The Business Backer does not offer government-backed SBA loans or grants, there are three products available that can help minority business owners receive the funding they need.
From Application to Funding in 3 Easy Steps
One of our experienced Funding Advisors will call you shortly.
Receive a decision.
Your Funding Advisor will help determine the best financing option after you submit 3 months of business bank statements.
Receive your funds.
Sign your contract and receive funds as soon as next business day, if approved.‡