Minority Business Loans & Womens
Loans
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Minority
business
loans and womens
business loans are
difficult to obtain,
but are available.
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Minority business owners are one of the
fastest-growing segments of small businesses in the
USA but do face obstacles to financing their
business. There are special minority business loan
programs and government agencies with resources
devoted to minority business owners available, which
are designed to fit minority entrepreneur and women
entrepreneur needs. |
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Minority Business Loan Programs
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Wells Fargo/National Association of Women Business
Owners $1 Billion Loan Program
A woman-friendly bank, having pledged to lend a
billion dollars to African-American, Latino, and
women-owned business. To qualify, you must be a
profitable business, have been in business for at
least two years, have good personal and business
credit records, and not have declared bankruptcy in
the past 10 years. Lines of credit can go from
$5,000 to as much as $100,000. If you qualify
call 1 (800) 358-3557 ext 120 to apply.
Blue Chip Venture
A 60 million venture capital fund for high growth
women owned and minority owned businesses.
Call (513) 723-2300
Business Consortium Fund
Network of over 150 banks who loan to minority owned
firms certified by National Minority Supplier
Development Council.
Call (212) 243-7360 |
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Government Agencies
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SBA
Information on SBA loan programs and publications.
Website: www.sba.gov/
Phone: (202) 205-6673
Minority Business Development Agency
The only federal agency created specifically to
foster the establishment and growth of
minority-owned businesses. MBDA provides funding for
a network of Minority Business Development Centers (MBDCs),
Native American Business Development Centers (NABDCs),
and Business Resource Centers (BRCs) located
throughout the country. The centers provide minority
entrepreneurs with personalized assistance in
writing business plans, marketing, management and
technical assistance, and financial planning to
secure adequate financing for business ventures.
Website: www.mbda.gov
Call for nearest office of this Federal agency,
which offers management and technical assistance.
Phone: 1 (888) 324-1551In Your Local Area
Offices which frequently sponsor programs or even
entire departments geared to minority business
owners:
Small and Minority Business Trade and Commerce
Agencies
Governor's Offices
Chambers of Commerce
Mayor's Offices |
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Federal Trade Commission
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Consumer Response Center
Washington, DC 20580
Website: www.ftc.gov/
Phone: (202) 326-2222
If you believe you have been denied a loan or credit
because you are a woman, you can contact the FTC's
Consumer Response Center for help. The FTC is in
charge of enforcing the Equal Credit Opportunity
Act, which prohibits lenders from denying credit
based on gender or marital status. While the FTC
will not act on individual complaints, a large
number of complaints against a vendor may force it
to take action and investigate further. The FTC also
can put you in touch with other agencies that can
investigate a complaint immediately. |
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