Your Questions About Small Business Loans For Minority Women

Carol asks…

I am in a partnership with my son in a commercial roofing business.?

Where and how is the best way to find the best,low interest,small business loan for women as a minority for working capital? I have exausted my savings.We have lots of business but commercial jobs take so long to pay and we need a good base of operating capital. We were 2 years old Aug this year. We have survived the critical first 2 years.Please help with any advice you can offer .We have a fifty/fifty partnership.Do I need to make myself a majority share owner to better qualify for women as a minority loan. What about government grants? Thanks so much and Merry Christmas!

admin answers:

Hello. There is actually a better solution to this problem–instead of a traditional small business loan, you’ll need what’s called a “merchant cash advance.”

A merchant cash advance is like a loan, but is not dependent on credit scores or collateral. What’s also great is that you don’t need to deal with complications of business partnerships. Basically, you can borrow up to $200k and your pay back with a portion of your future credit card receivables. You don’t have any fixed repayment amounts or late fees. Very flexible.

If you need more info. About this alternative loan or about accepting credit cards, please call 800-571-2606 .

Happpy Holidays to you.

Mary asks…

Can anyone tell me where to go to learn about government loans and or grants to start up a small, minority own

(woman) business? I understand these programs exist for immigrants, but what about native born US Citizens? Any help would be greatly appreciated.

admin answers:

Get your business certified as a woman or minority owned … The US Small Business Administration

Maria asks…

Where can I get a business loan?

I have always wanted to own my own business. I finally found something I would be interested in and have experience with. It is a franchise opp. called Home Instead. I hear, in CA, at least, women small business owners are considered minorities. Where would I begin to find a business loan for an unemployed stay-at-home mom with not so good credit?

admin answers:

The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA). Entrepreneur also offers a great site dedicated to money & finance – see below for both.

Research, research, research – this cannot be stressed enough. Read as much as you can about the process. Here are some book titles that are relevant:

* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling
* The SBA Loan Book: Get A Small Business Loan–even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green
* The Insider’s Guide to Small Business Loans by Dan M. Koehler

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

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