Small Business Loans for Minorities

Starting a business does not require a specific race, religion, or ethnicity – it could be done by anyone, anywhere so long as they have the determination and the heart to do it. If you consider yourself to be one of the brave who want to start a small business, do not hesitate to; even if you are part of whatever minority group.

And in starting a business, you would need a sufficient amount of financial help to either launch a specific business or to have its operations start. Although being in a minority group rarely affects the results of your small business loan application, there are certain companies who provide these to minorities.

Did you know that about 45 percent of small businesses in the country are made up of minorities back in 2018? This was a big jump from the 15 percent back in 2015 and that’s why a lot of small business lending companies opened their doors to businesses owned by minority groups.

A Problem With Minority-Owned Businesses?

In the fact of being in a minority group itself, there’s no problem. However, securing funding for small businesses for minorities might be tougher because of low credit scores; because of lack of history, and the like.

With the rise of loans in banks in the United States, the options for minorities have slowly faded in a bank’s perspective. It’s not something about the particular minority, but with their capacity of paying through their minority-owned business.

There are several companies that offer small business loans for minorities and these are what minority-owned businesses can take advantage of.

For the best small business minority loans, people can resort to us here at SoFlo Funding for that. We are considered to be the best company who offers minority small business loans because we have a ton of options for you.

We’re The Best Company to Help You With a Minority Small Business Loan

For minority-owned businesses, we have patterned our investment offers from institutions that provide an abundant amount of chances to minorities in terms of small business loans. Akin to how the Small Business Administration (SBA) provides small business loans for minorities, we are able to provide a significant amount of funding to these businesses.

 How Much They Can Borrow

Here in SoFlo Funding, we don’t base the financing we provide our clients whether or not they are part of a minority group. Everything is balanced and the same – and the amounts are going to be dependent on important and changeable variables.

Minority-owned small business loans can receive up to a total of $500K in funding, given that they meet the requirements we ask for. Just like any other type of startup or small business, we offer minorities the same level of chances, respect, and opportunity.

Avoiding Bank Loans for Small Business Loans

Bank loans used to be the primary source of funding for businesses, even minority-owned businesses. However, a majority of major banks slowly turned away from their act of helping funding small businesses. This led to slower application processes; tedious applications; and the like.

SoFlo Funding defies everything that bank loans offer. If you have grown curious about how our small business loan application goes, it’s as easy as a few clicks while you’re sitting down at home! Our application process can be done online; and if you are applying for a small business loan for minority-owned businesses, you can toggle that option there, too!

Whether you need to raise capital for a startup or a small business you plan on starting; or if you are looking to gather up money to finance and properly fund your currently existing small business – SoFlo Funding is always open to help.

We’ve committed help to a lot of companies and it’s a mix of veteran-owned small businesses, startup companies, minority-owned businesses, and a lot more. We are a diverse company that has the goal to help and assist small businesses in their daily routines.