There are a number of different options to consider when looking for business loans for minority women. Private lenders, for example, often have a wide range of financing programs that work with the unique challenges that come with being a woman or minority-owned company. These include small business term loans, lines of credit and revenue-based financing.
Depending on your individual needs, you may want to look into equipment financing. This is an especially good option for companies that need to purchase or upgrade a piece of equipment. The best part about this type of financing is that you can have funds in your account in a matter of hours, compared to weeks with a traditional bank loan.
Nonprofit lenders and community financial development institutions, or CDFIs, may also offer a variety of business loans for minority women. These programs typically have a much higher credit threshold than standard banks but can help you get the money you need to grow your business.
Business grants for Black women are another great way to fund your company. There are a few different ones that you can apply for, including the Fearless Strivers Grant, which awards a $20,000 grant along with mentorship and digital resources to help your company grow.
The National Minority Supplier Development Council, or NMSDC, offers a number of funding opportunities for businesses of all sizes. You can get information about their funding events and applications on their website. small business loan for women