Minority Small Business Loans

Minority Small Business Loans!

Up to $250,000!

Are you a small business owner looking for capital to start or expand your small business? Are you a member of a minority group; African-American, Latino-American, Native American, or Asian-American?

The Small Business Administration, established by Congress in 1953, provides small business loans and financial, assistance to help minorities start, run, and grow their small businesses. SBA's minority development programs are intended to help minority owned small businesses become successful for the future.

Click Here For More on Minority Small Business Loans!

Did you know that...?

With a portfolio of direct and guaranteed small business loans worth more than $45,000,000,000 ($45 billion), the Small Business Administration is America's largest financial provider for minority owned small businesses.

Minority-owned businesses...

have received 269 small business loans under the Minority Prequalification Loan Program since its inception in April 1995.
have obtained $26,000,000 ($26 million) in small business loans, representing an average loan of $98,840, under the Minority Prequalification Loan Program.

Minority Prequalification Loan Program

The Minority Prequalification Loan Program helps minority owned small businesses secure capital for start-up or expansion of their small businesses. This small business loan program uses private sector organizations to assist in the loan application process.

A prospective borrower works with an intermediary to develop a viable business loan application. The loan application is then submitted directly to the SBA for consideration of a small business loan prequalification. On approval, the intermediary also can assist the applicant in locating a competitive lender.

What Types of Small Businesses Are Eligible?

Small Businesses that are at least 51% owned and managed by minority person(s) are eligible. The maximum loan amount under the Minority Prequalification Loan Program is $250,000.

The Loan Prequalification Process

Step 1: The small business owner works with a local technical-assistance organization (intermediary), designated by the SBA, to prepare a business plan and complete a prequalification loan application.

Step 2: The intermediary reviews credit information, performs a small business loan analysis, and submits the loan application to the SBA.

Step 3: The SBA reviews the completed application to determine whether it meets the requirements for a guaranteed loan and makes an approval decision.

Step 4: If the SBA approves the application, the agency issues a prequalification letter. This letter states the SBA's intent to authorize a loan guaranty.

Final Step: When an applicant receives the SBA's prequalification letter, the intermediary can assist in locating a competitive lender interested in making an SBA-guaranteed loan.

Click Here For More on Minority Small Business Loans!