Small Business Funding for Minorities
In 2020, nearly ⅕ of small businesses in the USA were minority-owned. No matter how large your business is or what industry you operate in, you can surpass your competition and grow your minority-owned business with up to $250,000 in working capital from Greenbox Capital® in as little as 24 hours.
Fast, Easy Small Business Loans for Minorities
Lack of working capital and limited cash flow are the most common challenges reported by minority-owned businesses. Sometimes your business needs an infusion of working capital to meet the challenges of your industry, outshine your competition, and seize opportunities to grow or expand, but many minority-owned businesses have trouble getting the funding they need from traditional lenders. If funding from a traditional lender is approved, it is often for lower amounts with higher interest and shorter terms.
With a simpler application, faster turnaround, and flexible approval requirements, Greenbox Capital can fund more minority-owned small businesses in as little as one business day. We offer several types of small business funding for minorities, from as little as $3,000 up to $250,000. We fund all industries, including healthcare businesses, medical practices, law firms, retail stores, business services, restaurants, and more.
How To Use Small Business Funding for Minorities
| Funding Range | up to $250K |
| Setup Fee | $349 minimum or 4% of funding amount |
| Funding Disbursement Fee | $75 USD for US-based entities |
| Term US States & Territories: | • 1st Position: 3 – 15 months |
| • 2nd Position: 3 – 9 months |
How To Use Small Business Funding for Minorities
There are no restrictions on how you can use alternative small business loan for minorities. Business funding for minorities are most ideal for supporting growth initiatives that will increase your business’s revenue, such as:
- Hiring staff so you can expand services and take on more business
- Purchasing new equipment or technology
- Renovating or remodeling your space to offer a more comfortable environment
- Expanding your business or acquiring another business
- Building a new website or expanding your existing online presence
- Purchasing raw materials or inventory in bulk at lower prices
- Investing in continuing education and training
- Energizing your marketing and advertising to bring in more business
Sometimes, minority-owned businesses may also need a quick infusion of working capital to help meet the unique challenges of their field, such as:
- Meeting changing client and customer needs
- Standing out from competition in your niche
- High cost of equipment or raw materials
- Skilled labor shortages and employee turnover
- High cost of repairing appliances or equipment
How Funding For Minority-Owned Businesses Work
- 1
Apply
Gather 3 months of bank statements and other records. For faster approval, grant us secure access to your bank account’s transactional data.
- 2
Choose Funding
A Funding Advisor will reach out to you within 1 hour (during regular business hours) to complete your application & discuss your financing options.
- 3
Get Funded
Once you and your Advisor determine what funding option works for your business, your funds can be approved and deposited within 24 hours.
- 4
Set Repayment
Payments will be automatically deducted from your business’s daily or weekly debit and credit card sales. Payment amounts will be based on your sales.
Business Loans for Minority Eligibility Requirements
| Minimum Revenue | $10,000 / month |
| Length in Business | 5 months or more (Michigan requires 1+ year TIB) |
| Ownership % | Minimum of 51% Ownership |
| Personal Credit | US FICO 500+ |
| Business Activity | At least 2 transactions per month |
| Bank Balance | Positive average bank balance |
| Overdrafts & NSFs | Fewer than 25 overdrafts/NSFs in 3 months, and less than 20 negative balance days |
| Entity Types | All entity types, including sole proprietorships and non-profits |
Will You Qualify for a Minority Small Business Loan?
The strongest candidates for minority-owned business financing are prepared with a firm understanding of how much funding they are seeking, how it will be used, and how they plan to repay it.
Exact qualification requirements depend on the type of loan you are seeking. Approval for small business funding from Greenbox Capital isn’t based solely on your credit score or financial history. Instead, we focus on the overall health of your practice, including:
- Business revenue
- Cash flow
- Vendor payment history
- Years in business
- Public records
FAQ about Minority Loans
What qualifies as a minority owned business?
To qualify as a minority-owned business (MBE), at least 51% of your business must be owned, operated, and controlled on a daily basis by one or more minority citizens. A minority individual is considered a U.S. citizen documented with at least 25% minority origin (Asian-Indian, Asian-Pacific, Black, Hispanic, or Native American). MBEs can self-identify, or they can be certified by a city, state, or federal agency for additional benefits.
What do I need to do to qualify for a small business loan?
We have a very simple application process, with same day funding available. To get started, fill out our one-page application form or speak with a Funding Advisor.
Is it hard for minorities to get a small business loan?
Securing loans through traditional banks can be more challenging for minority entrepreneurs due to various systemic barriers. Greenbox Capital offers more accessible options with simpler applications and quicker funding processes.
Why is business financing for minorities so important?
Financing is crucial as it enables minority entrepreneurs to overcome systemic barriers, expand their businesses, and contribute to economic diversity and growth.
How to choose a small business loan for a minority entrepreneur?
Evaluate the needs of your business, the flexibility of the loan terms, and the speed of the funding process. It’s vital to choose a loan that matches your business’s cash flow and growth objectives.
What are the benefits of using business loans for minority?
Business loans can provide the necessary capital for expansion, technology upgrades, and other growth initiatives, helping to level the playing field for minority-owned businesses.
Why consider alternative lenders for minority funding?
Alternative lenders often have fewer restrictions and faster processing times than traditional banks, making them a good option for minority entrepreneurs who may face difficulties securing conventional loans.
Can I get a minority business loan with bad credit?
Yes, we provide loan options for business owners with less-than-perfect credit, focusing more on the overall health of the business rather than just the credit score.
Who is considered a minority?
Individuals eligible as minorities for small business loans include Black Americans from African racial groups, Hispanics from Latin American or Iberian cultures, Native Americans including those from Alaska or Hawaii and recognized tribal members, Asian Pacific individuals from various Asian countries and the Pacific Islands, and Subcontinent Asians from countries such as India, Pakistan, and Nepal.
Where To Get Minority-Owned Business Funding In the United States
Arizona
- Phoenix
Pennsylvania
- Philadelphia
Ohio
- Columbus
Indiana
- Indianapolis
North Carolina
- Charlotte
Washington
- Seattle
Colorado
- Denver
District of Columbia
- Washington D.C.
Alaska
Arkansas
Connecticut
Delaware
Georgia
Hawaii
Idaho
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
North Dakota
Oklahoma
Oregon
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
West Virginia
Wisconsin
Wyoming
