Minority Business Loans: Realize Your Dream

Minority business loans are designed to help ethnic minority or female business owners make their enterprises successful.

Resources Available

One of the best resources available to minority business owners is through the Minority Business Development Agency (MBDA), a US government-sponsored agency that does just what its title claims. Through the MBDA you can receive guidance and advice on how to successfully apply for loans, project your future business calculations, and generally be a strong business owner. The MBDA can also help you know what to look for in a loan as far as interest rates and repayment time are considered.

Lenders

Almost any bank can be a lender for minority business loans. Through the Small Business Administration (SBA), another government-sponsored agency, many banks are granted funds that are allocated for lending to small business owners. Of the banks that the SBA works with, the Bank of America and Wells Fargo have been ranked as top lenders to minorities. Wells Fargo has even guaranteed to lend $1 million to ethnic minority and women business owners. Finally, small business investment companies (SBICs) are also eligible lenders. SBICs are regulated by the SBA and offer venture capital as well as startup financing to minority business owners.