- 1). Check with the Small Business Association -- otherwise known as the SBA. The SBA is a government organization that offers funding to small businesses. They are designed to help minority and women business owners and entrepreneurs succeed at their business ventures. You should take a look at the different loans they offer; they typically offer low to no interest small business loans for minorities. You might also talk with the MBDA -- Minority Business Development Agency -- to get advice on starting your business.
- 2). Check with other organizations designed to help minorities with starting a new business, such as the NMBC (National Minority Business Council), NAWB (National Association of Women in Business) and AABA (African American Business Association), among others. These organizations may be able to give you a hand up in finding a financial institution that will provide you with minority business loans.
- 3). Draft a detailed business plan, do market research, and create an estimated budget. Make sure you are able to readily and clearly express the products or services offered by your business, who your customer base should be, how much you expect to make per fiscal year, what are the expected costs of your business, et cetera. When looking to get small business loans for minorities, you should be able to impress your prospective lender and show that you are responsible and professional.
- 4). Make sure your credit report is in good shape. If you have any outstanding accounts or marks against your credit, make sure to get them cleared up. Your credit score should at least be at or above 660, so if necessary, take the time to improve your rating before filling out and submitting a loan application.
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