Small Business Administration loans for Minorities

SBA Fraud Alert | SBA lenders malicious destruction of small

Step 1

Check your credit report before you begin the minority business loan process. Even programs geared towards helping minorities secure loans typically check credit. If there are errors on your report, ask the credit bureau to investigate and remove them.

Step 2

Prepare a business plan that explains the reason for your business, your objectives and your goals. Include details about how you plan to fund and operate your business, whom your customers will be and how you will market your venture. Provide details about the minorities who have ownership in your business. For example, if your business will be 100-percent minority owned, work that information into your business plan.

Step 3

Visit websites that provide information about minority business funding. Often, such websites offer not only information about minority business loans but also guidance for qualifying for them. They may provide information about other types of funding as well.

Step 4

Check with local banks to learn whether they offer minority loan programs. Some major banks are considered minority friendly.

Step 5

Compare minority loan programs based on the maximum amount of money you will be able to borrow, their repayment requirements and their application criteria. Some minority loan programs will consider you eligible only if your business is at least 50 or 51 percent minority owned.

Step 6

Choose a lender or loan program that will provide the money you need, the best repayment terms and the lowest interest rates. Take the time to compare and don't automatically sign for the first loan offer you receive.

Step 7

Gather the documents you need to apply for a minority business loan. The lender you choose will provide you with a list of the documents you need. You typically need a copy of your business plan if you are a new business as well as personal financial documents like past tax returns. If your business is already established, you may also need a profit-and-loss statement, copies of business tax returns and cash-flow projections for a full year. Compile a list of your assets and outstanding debts as well.

Step 8

Offer collateral or a cosigner for your loan if the lender seems reluctant. Either or both may tip the scales in your favor.

Step 9

Apply for a minority small business loan in person or online. Applying in person may allow you to complete the application process faster, ask questions and explain your business ideas to the loan officer. However, applying online can be convenient, and you can phone the loan officer to ask questions.

Starting from scratch: programs are in place to help women- and minority-owned businesses get the loans they need to start or expand their ... An article from: Alaska Business Monthly
Book (Alaska Business Publishing Company, Inc.)
2002-08-21 08:03:59 by Bill_Gates

Be a capitalist yourself

Why don't you try to be a capitalist yourself? Have you ever thought of that? There are a lot of help available out there e.g. Small Business Administration, minority business supports, loans designed especially for minorities, etc. Check your local libraries.
Forget about socialism. History has proved it over and over that it doesn't work. It makes people lazy and stay poor. Even the communist China is changing its economic system to caplitalistic market-driven economy because it knows well without it it wouldn't be able to support its 1.2 billion people and would leave them starved to death.

2011-03-01 06:48:49 by comsenamer

Universal Strategies

Barack Obama says Washington shouldn't just offer apologies for slavery, but also "deeds." Don't worry, he says, he's not talking about direct reparations. Relieved? Don't be.
Obama knows that if he pushes too hard on reparations, he might scare off white voters. So he couches race-specific welfare as "universal" social programs that appeal to broad-based political coalitions -- "even if they disproportionately help minorities," he confides in his book, "Audacity of Hope."
Obama has a name for his scheme: "universal strategies."
"An emphasis on universal, as opposed to race-specific, programs isn't just good policy," he wrote

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