- Who We Are
- What We Do
- Areas Served
- Industries Served
- Resources
Minority-owned businesses are an essential part of the U.S. economy and culture. However, securing funds to expand your business could be challenging through traditional lenders, which is why Small Business Administration (SBA) loans are advantageous. SBA loans for minority-owned businesses offer competitive terms that help you access much-needed capital so your company can thrive.
At Business Funding Group (BFG), we utilize our expertise to help small business owners like you secure loans from the SBA. Contact us today to get started on your application.
The government partially guarantees SBA loans, which allows for more advantageous loan terms and conditions. Lenders have less risk, so they may offer lower interest rates and longer repayment terms.
SBA loans also generally require lower down payments than traditional bank loans. The down payment could be as low as zero or may require as little as 10%, making it a more accessible financing option.
A minority-owned business like yours may need financing for various business expenses. An SBA 7(a) loan could fund nearly any legitimate business expense, making it a popular option for minority business owners. You could use the funds for business needs, such as:
An SBA 504 loan could fund real estate purchases or large assets such as office buildings, warehouses, or expensive machinery.
You could access the financing you need through several specifically designed programs and offerings for minority entrepreneurs.
The Community Advantage loan program, part of the SBA 7(a) program, offers funding to minority-owned businesses. Depending on the use of the funds, you could get a loan of up to $350,000 with repayment terms of 10 to 25 years. Lenders supporting these loans are often more willing to offer low interest rates because they try to support business owners who may not be able to get traditional loans.
The SBA also offers an 8(a) Business Development program for small business owners who are socially and economically disadvantaged. If this applies, you could compete for and secure contracts to help your business. The program also provides mentorship and business development opportunities.
At BFG, we are committed to helping minority-owned small businesses secure the financing they need to expand their businesses. The loan application process could be complicated if you try to complete it on your own. When you work with professional loan packagers such as BFG, the process is simplified and completed quickly.
We begin determining your business’s eligibility with a 15-minute phone call. Afterward, we help gather the necessary documents, find a trusted lender, and submit the application. We stay with you through the entire process and do not charge a fee unless you close on a loan.
Whether you need funding to purchase real estate, buy equipment, invest in inventory, or expand your day-to-day operations, SBA loans for minority-owned businesses could be the right solution for you. Contact us today to start your application!
(917) 593-5013