Minority Small Business Loans
business funding and development
using government aid for
minority owned business startup
Minority small business loans--
The word ‘minority’ refers to socially and economically disadvantaged individuals
Minority owned businesses have 51% stock unconditionally owned by the minority or under utilized people.
Barack Obama has recently signed a bill offering government aid for
minority owned businesses. Chief administrator Karen Mills announced a
government based plan to share information on government contracting
Minority business funding and development are positive steps to create new jobs and restore economic growth
business loan and grant programs are easily available if the business
meets Small Business Administration (SBA) regulations.
SBA is an independent body for assisting and protecting the interests of small businesses.
SBA has provisions for minority small business loans and small business loans for women. The good news
is that women certified under minority owned business certification
programs can get small business loans for women for minority business
startup or small business administration loans.
business loans for minority small business owners can be granted
if you meet the minority owned business certification criteria. Individuals
seeking minority small business loans or small business administration
loans should be permanent residents and members of Asian, African or
Native American races.
Hispanic males and females are also grouped under minority status. The applicants for minority business funding and development must own at least 51% of the business
Here are a few requirements before you can get a small business loan for minorities These
are based on the location, operational status, ownership, business size
and economic disadvantage of the minority or under utilized applicant.
- The business size should be small.
- The gross income over a three year period should not exceed SBA specified limitations.
- The owner should have complete control of the business plus the required experience and skill.
- The business must be fully operational for at least six months.
- The individual should prove that his/her net assets value is below the limit specified by SBA. This means he/she should show they are socially and economically disadvantageous.
Significant number of minority and women qualify for the certification programs and apply for minority small business loans.
The processes involving application for the loans or getting the required qualifying certification are simplified online.
encouraging stand by governments to promote minority small businesses
motivate more entrepreneurs. This is because the government
has realized that minority small businesses employ almost half of the country’s private sector manpower
government’s move to enable minority small business owners to
participate in federal government contracting would introduce and
promote path breaking ideas in the global market.
stories of enterprising business women have led to sanctions of small
business loans for both business start up and business development for
Minority business loans for minority small business owners and women have been approved by the SBA as well. This should encourage scores of women and minorities entrepreneurs out there to contribute to America's economic growth
Return from Minority Small Business Loans
to Government Loans for Small Businesses