Loans & Financial Opportunities
A major factor that prevents underrepresented businesses from expanding is lack of capital. Minority businesses are less likely to receive substantial loans. However, here are several small business loan programs that aim to address the funding gap.
*Page will be updated periodically
1
SBA Community Advantage Loans cater to underrepresented businesses and entrepreneurs in need of $50,000-$250,000 in funding. Loans are guaranteed up to 85% for a $250,000 loan. Interest rates for term loans fall between 7%-10%.
2
The SBA Business Development Program targets disadvantaged or underrepresented business owners. The program is designed to provide training and assistance that will allow participants to compete in the business world and to have a better chance of qualifying for SBA loans.
3
The Business Consortium Fund aims to make financing more accessible to underrepresented businesses. Business owners can borrow from $75,000-$500,000 through the BCF's Direct Lending Program. Business must be certified through the NMSDC.
4
CDFI institutions aim to provide capital and affordable credit to underserved communities. The CDFI Fund provides technical and financial assistance to institutions that serve underrepresented communities through the Black Enterprise Award Program and Native Initiatives.
Discover More
Click here to discover more financial opportunities for underrepresented businesses.
Step Up For All
Our website is dedicated to making entrepreneurship and opportunities accessible to all underrepresented businesses.
© Copyright 2023. Step Up For All, a not-for-profit, section 501(c)(3)