Minorities historically have had disadvantages in entrepreneurship. However, great strides have been made to correct this, and now there are many resources available to for black-owned businesses and Hispanic-owned companies.
From minority business loans to local not-for-profits created specifically to help train and offer support, there is more help now than ever before.
What do Local and Regional Resources Offer?
There are many local and regional resources available to minorities that wish to open a business. These agencies may offer training in the form of workshops or certification programs. They may work with entrepreneurs to help them develop a winning business plan to take to lenders, and some may even offer grants to cover startup cost. Companies including Biz2Credit offer business plan writing services priced for the budgets of first-time entrepreneurs.
Special Interest Groups
Special interest groups for minority entrepreneurs abound and offer many great opportunities. From conferences to workshops, loan preparation to funding, these resources are a must have in any would be minority entrepreneur’s pocket. While some are designed to help specific groups, such as Hispanics or African Americans, others are in place to aid all minorities, some including women.
There are now some crowdfunding opportunities available in which minorities help minorities by investing in their businesses. A more traditional route, however, includes minority business loans. Some lenders offer business loans designed to help entrepreneurs that are in the minority obtain funding for startup or expansion of their business.
There are many corporations out there that strive to do a certain percentage of their business with minority-owned businesses. These are called set asides, and you definitely want your piece of that pie. Local agencies and special interest groups can help small business owners get connected when they are ready to get started.
Biz2Credit helps entrepreneurs from all backgrounds find loans that meet their needs when the time comes. Our network of over 1,200 lenders includes those that offer minority business loans. An easy online data collection form gets you started. Visit Biz2Credit.com for more information.