If you’re searching for information about minority business loans, here you’ll find honest answers to some of the most frequently asked questions (FAQs) relating to this topic. 

FAQs About Applying for A Minority Small Business Loan

Q: Where Can I Apply for Minority Business Loans?

A: At present, there are no specific loan programs for members of a minority group.

Q: As a Minority, Where Can I Find Government Backed Financing?

A: The U.S. Small Business Administration offers a variety of start up loan programs for small businesses. 

FYI: Visit their website at sba.gov for more information.

Q: Are There any Government Grant Programs Available Specifically for Minorities?

A: No grant programs exist to specifically help minorities finance a small business.

FYI: U.S. government sponsored business grants are generally available for research, limited educational projects and biotechnology.

Q: What Government Agencies Exist to Help Minority Businesses?

A: The U.S. Department of Commerce has established the Minority Business Development Agency (MBDA).

FYI: The MBDA offers educational programs to help minority entrepreneurs grow their businesses to successfully compete in national and global markets.  For more information, visit their website at www.mbda.gov.

Q: Where can I Find a Local Minority Business Development Office?

A: The MBDA has 4 regional offices in Atlanta, Dallas, New York and San Francisco.

FYI: Several MBDA Enterprise Centers are located throughout the country.  To find the enterprise center nearest to you, visit their website at mbda.gov.

Q:  Are there any Private Sector Minority Business Loans?

A: Banker Wells Fargo has promised to lend $9 billion to African American, Asian and Latino owned businesses by 2012.

FYI:  For details, visit their website at wellsfargo.com

Q: What is the Community Reinvestment Act?

A: The US Congress passed a law in 1977 prohibiting lenders from engaging in discriminatory credit practices in low-income communities. 

FYI: The act was specifically drafted to encourage lending institutions to approve a larger percentage of loans to minorities.

When searching for a minority small business loan, be sure to consider other options to finance your small business as well.  We recommend bootstrapping.   

You can find free money to start a business, if you know where to look.  For more information on starting a business with little or no money, visit www.StartUpBusinessSurvivalGuide.com.

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