Minority Business Loan Programs

There are a number of small business loan programs available to aspiring business owners – but minority business loans are reserved specifically for business owners who are women or ethnic minorities. The Minority Business Development Agency, or MBDA, is a federal government program designed to promote the growth of minority-owned firms in the United States, and helps provide these loans.

What Does the MBDA Do?

The MBDA does not give out minority business loans itself. Instead, it works with different lenders and local small business development centers throughout the United States. The MBDA also insures minority business loans through MBDA-approved lenders in your area.

How Do I Get A Minority Business Loan?

The business development office in your community can help you find lenders which offer minority business loans. Your community may also have a Minority Business Development Center, or MBDC, which can help you select a lender as well. 

Once you have selected a lender, simply fill out their loan application. Most lenders will also need copies of your company’s financial statements or your own tax returns for the past three years, and a copy of your business plan. Your local MBDC can also help you prepare the application. To find a business development office in your area, you can visit the MBDA web site at http://www.mbda.gov/.