There are many opportunities for minorities to open there own small business with the assistance of many government programs like the Small Business Administration as well as the Minority Business Development Agency to promote business growth with minority run businesses throughout the United States. Though the Minority Business Development Agency is not necessarily a financing entity, it is a national network of minority business development centers who offer a variety of services to assist minority and Native Americans in their entrepreneurial endeavors.
The NABDC offers a range of assistance services that are inclusive of writhing a business plan, marketing assistance, technical development, financial planning, and advice on the various loan options available through the Small Business Administration. The Small Business Administration is the government branch that provides direct loan programs that can be secured though any bank in the United States.
Another option available to minorities is though the Small business Investment Companies (SBIC). These are privately held firms who offer loans and venture capital for investment in their local communities to minorities and are licensed and regulated by the Small Business Administration. There are also many national organizations that offer help and assistance to minorities and offer small business loans. One of the more common and notable is Accion, USA as subsidiary of Accion, International. These two organizations make up the enterprise investment committee of the National Minority Business Council and they are responsible for loans ranging from as small as $1500 to $25000 to small minority businesses.
These services offered by these organizations are a great help in securing financing for starting your business, to growing and enhancing your already successful business. If you are a minority and considering starting your own business, you can’t afford to look anywhere else for help and guidance though the life cycle of your business.
Visit the Small Business Administration today and get all the information you need to get your own business started. From witting you first business plan, to networking with banking executives in pursuit of the best possible loan for your new business, there are many opportunities to get minority small business loans though federal agencies, to state run programs.