We will have a list soon of Minority Business Loan Sources But here are some business loan tips for start up businesses:
Presently my book is in reprint. However, small business should
go to microloan/finance organizations like Accion and Grameen Bank.
Accion is a Latin/Hispanic Microfinance organization (but they loan to all minorities in the US).
They've given out over 30 billion dollars to small business. I got
numerous loans from them without credit. I can personally vouch for
did check my credit and actually helped me build credit. The give
money to minority business in the US. Accion USA loans out billions
every year. They are even in Africa and India giving out business
do have to show income in your business or a job to pay back the loan.
But unlike traditional business credit where it is difficult for even
million dollar businesses to get SBA loans microfinance organizations
look to finance small businesses a lot to minorities and immigrants who
don't have good or any credit.
Accion USA, and Grameen Bank. There may also be microfinance
organizations in your state. Microfinance organizations give out $2,500
to $25,000 in the US. Inbox me for more info if interested.
having a good relation with a microfinance source is essential for cash
flow situations. When I had my loan with Accion and made my payments
on time the would call me every 1 year or so and ask if I wanted more
money or refinancing. So as long as I paid on time and was in good
standing I could keep borrowing.
short it was like I had a $10,000 revolving line of credit for slow
seasons and cash flow crunches. Before I signed up for them I had no
credit. After paying on time and them reporting to the credit bureaus I
built my credit up to over 750. But in business when you need supplies
or to expand your business you need a reliable "go to" finance source.
Also everyone should know you never give money to a loan source upfront. Incur no up front fees.
A legitimate loan source will charge you fees on the completion of the loan as part of the repayment. Also legitimate business loan sources will put part of all your payments toward principal and not just initially towards interest.