Your Questions About Small Business Loans For Minority Women

Laura asks…

I want to start a small family restaurant..How do I go about getting the loans??

I know there are SB loans, but do they require a professionally written business plan, or is that something I could type up myself? Also, are there grants out there for women, minorities, etc.? My husband is Hispanic, although he was born in CA., he is currently out of work (he just got laid off). We both also have American Indian in our blood, although this may be difficult finding any documentation. We live in CA…..any ideas where to start?

admin answers:

If you are thinking of small business loans, I suggest you first visit Small Business Administration’s financing center

Other possible sources of funds to start your restaurant business:

Your Credit Card

Using Credit Cards to Finance Your Startup,4621,290366,00.html

Credit Where Credit Is Due: Using Plastic to Finance Your Start-Up

Your Family Members and Friends

Accepting Start-Up Capital from a Family Member: Good or Bad?


Borrowing Startup Funds From Friends & Family,4507,159,00.html

Microloan program which provides loans up to $35,000

SBA Microloan Program
SBA Accredited Microloan Providers

Forget about grants. It is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business. Restaurants are a for-profit venture, and you cannot get grants to startup this business.

Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) and – these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.

Even if you buy books on “how to get grants” or list that supposedly has information on grants — all of them are mere rehash of what CFDA has, albeit packaged differently. But still the info is the same – hardly any grants for starting a for profit business.

Even SBA does NOT give out grants. From the SBA website…

“The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments.”

Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business — THERE’S NONE.


Most of the federal grants are given to specific target groups with specific requirements (e.g. Minority business owners involved in transportation related contracts emanating from DOT – Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program

Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women’s Business Ownership Assistance that are given to those who will create women’s business center that will train women entrepreneurs

For private grants, you may want to check the Foundation Center’s Foundation Grants for Individuals Online. It’s a subscription based website ($9.95 per month) but their opening blurb only says that the database is ideal for “students, artists, academic researchers, libraries and financial aid offices.” Entrepreneurs are apparently not one of them, so I take it they also don’t have listings of private foundations who give grants to would-be entrepreneurs.

Donald asks…

Obtaining a business loan with credit problems?

Anyone knows how I can obtain a business loan with a credit score >600? I’d like to open a small bakery/cafe. Also I need help writing a business plan. I heard of a program for Women and Minorities, does this really work? Anyone knows exactly what’s needed to obtain a loan?

admin answers:

The first thing I would look at is investment and capital requirements for the business.

Your plan would be a start up plan as you are not an existing business, determine what is most important in your plan.
Form follows function, make the contents of your plan match your purpose and adjust the outline to match your plan.

You will need to have an investors summaries and loan application, when a plan is used to back up a loan application or explain an opportunity to potential investors, it may require a special summary document as well as the complete plan.
Many investors like to see a brief summary, and loan applications do not always require a complete plan.

Time frames, is three years enough? Your plan should project sales by month for the next 12 months, and annual sales for the following two years.

Here is an outline in sequence in a standared business plan

Executive summary

1. Objectives

2. Mission

3. Keys to success

Company summary

1. Company ownership

2. Company history

3. Company facilities and location

Products and services

1. Product and/or services both with discription

2. Competitive comparison

3. Sales literature

4. Sourcing

5. Technology

6. Future products

Market analysis summary

1. Market segmentation

2. Target market segment strategy

3. Market needs

4. Market trends

5. Market growth

Industry analysis

1. Industry participants

2. Distribution patterns

3. Factors of competition

4. Main competitors

Strategy and implemantation summary.

1. Strategy pyramids

2. Value proposition

3. Competitive edge

4. Marketing strategy

5. Positioning statement

6. Pricing strategy

7. Promotion strategy

8. Marketing programs

9. Sales strategy

10. Sales forecasts

11. Sales programs

12. Milestones

Management summary

1. Organization structure

2. Management team

3. Management team gaps

4. Personnel plan

Financial plan

1. Important assumptions

2. Key financial indicators

3. Break – even analysis

4. Projected profit and loss

5. Projected cash flow

6. Projected balance sheet

7. Business ratios

8. Long term plan.

I hope this help you a little.

Mark asks…

So far, this is a list of campaign promises that Barack Obama has kept?

No. 4: Extend child tax credits and marriage-penalty fixes

Will extend aspects of the Bush tax cuts such as child credit expansions and changes to marriage bonuses and penalties.

>> More
No. 6: Create an Advanced Manufacturing Fund to invest in peer-reviewed manufacturing processes

“Will create an Advanced Manufacturing Fund to identify and invest in the most compelling advanced manufacturing strategies. The Fund will have a peer-review selection and award process based on the Michigan 21st Century Jobs Fund, a state-level initiative that has awarded over $125 million to Michigan businesses with the most innovative proposals to create new products and new jobs in the state.”

>> More
No. 16: Increase minority access to capital

“Strengthen Small Business Administration programs that provide capital to minority-owned businesses, support outreach programs that help minority business owners apply for loans, and work to encourage the growth and capacity of minority firms.”

>> More
No. 17: Require economic justification for tax changes

Adopt the economic substance doctrine, a policy that states that tax changes must have significant economic justification, as a federal law.

>> More
No. 26: Implement “Women Owned Business” contracting program

“Will implement the Women Owned Business contracting program that was signed into law by President Bill Clinton, but has yet to be implemented by the Bush Administration.” The program seeks to get more women-owned businesses to compete for federal contracts.

>> More
No. 27: Change standards for determining broadband access

Will direct the Federal Communications Commission to “provide an accurate map of broadband availability using a true definition of broadband instead of the current 200 kbs standard and an assessment of obstacles to fuller broadband penetration.”

>> More
No. 33: Establish a credit card bill of rights

The credit card bill of rights would “ban unilateral changes … apply interest rate increases only to future debt … prohibit interest on fees … prohibit ‘universal defaults’ (whereby a credit card raises its rates because the consumer was late paying a different creditor … require prompt and fair crediting of cardholder payments.”

>> More
No. 36: Expand loan programs for small businesses

Expand “the Small Business Administration’s loan and micro-loan programs which provide start-up and long-term financing that small firms cannot receive through normal channels.”

>> More
No. 37: Extend the Bush tax cuts for lower incomes

Extend the Bush tax cuts for those making less than $250,000 (couples) or $200,000 (single)

>> More
No. 40: Extend and index the 2007 Alternative Minimum Tax patch

Extend and index the temporary fix to the Alternative Minimum Tax that was passed in 2007

>> More
No. 48: Close the “doughnut hole” in Medicare prescription drug plan

“Barack Obama wants to close the ‘doughnut hole’ in the Medicare Part D Prescription Drug Program that limits benefits for seniors with more than $2,250 but less than $5,100 in annual drug costs. Approximately 4 million seniors hit the doughnut hole in 2006, paying full price for drugs while also paying drug plan premiums.”

>> More
No. 50: Expand the Senior Corps volunteer program

Expand “the Senior Corps program, which connects individuals over the age of 55 to local volunteer opportunities, and work to provide additional security, including assistance with retirement and family-related costs, to seniors who participate in public service.”

>> More
No. 51: Require insurance companies to cover pre-existing conditions

Require insurance companies “to cover pre-existing conditions so all Americans, regardless of their health status or history, can get comprehensive benefits at fair and stable premiums.”

No. 53: Give tax credits to those who need help to pay health premiums

“Income-based sliding scale tax credits will be provided for people and families who need it.”


Does this mean he has earned your vote in 2012?

admin answers:

When Harry Truman was President this is the way politicians were, not the greedy self serving idiots we have now. Just think of the tax money the US could save if politicians were this way today. Yes, old Harry was a Democrat, but he wasn’t a stupid liberal, he loved his country.

Harry Truman probably made as many, or more important decisions regarding our nation’s history as any of the other 42 Presidents preceding him. However, a measure of his greatness may rest on what he did after he left the White House. The only asset he had when he died was the house he lived in, which was in Independence Missouri . His wife had inherited the house from her mother and father and other than their years in the White House, they lived their entire lives there. When he retired from office in 1952, his income was a U.S. Army pension reported to have been $13,507.72 a year. Congress, noting that he was paying for his stamps and personally licking them, granted him an ‘allowance’ and, later, a retroactive pension of $25,000 per year.

After President Eisenhower was inaugurated, Harry and Bess drove home to Missouri by themselves. There was no Secret Service following them. When offered corporate positions at large salaries, he declined, stating, “You don ‘t want me. You want the office of the President, and that doesn’t belong to me. It belongs to the American people and it’s not for sale..

Even later, on May 6, 1971, when Congress was preparing to award him the Medal of Honor on his 87th birthday, he refused to accept it, writing, “I don ‘t consider that I have done anything which should be the reason for any award, Congressional or otherwise.” As president he paid for all of his own travel expenses and food.

Modern politicians have found a new level of success in cashing in on the Presidency, resulting in untold wealth. Today, many in Congress also have found a way to become quite wealthy while enjoying the fruits of their offices. Political offices are now for sale. (sic. Illinois )

Good old Harry Truman was correct when he observed, “My choices in life were either to be a piano player in a whore house or a politician. And to tell the truth, there’s hardly any difference!

Powered by Yahoo! Answers

Comments are closed.