Lack of funding is often a major obstacle to growing sales for women, Black, Latino, and veteran owned or operated businesses. Fortunately, there are numerous free and low cost loan and grant programs designed to help level the playing field for small business owners.
While many traditional bank loans require extensive background checks and lengthy application processes, there are online lenders that offer streamlined applications that can be completed in just minutes. These lenders specialize in small business loans for women minority-owned enterprises (MWBE) and may offer more flexible terms and lower interest rates than a conventional bank.
There are also a variety of community development financial institutions and credit unions that focus on lending to minority communities. Many of these organizations provide a range of business services for their customers, including networking events, mentoring sessions, and assistance with the preparation of business plans. These are ideal sources of financing for women-owned businesses, particularly those with MWBE certification.
Finally, there are government-sponsored business programs that offer financing to women and minority-owned businesses. For example, Empire State Development (ESD) offers a program that assists minority-group and women-owned businesses through capital infusions as well as guidance on specialized contracting opportunities with state agencies.
Other options for finding women minority business loans include angel investors and venture capital funds that are specifically geared toward founders from underrepresented groups. For example, Backstage Capital invests in founders who are people of color or LGBTQ, while Hivers & Strivers targets veteran entrepreneurs. small business loan online