How to Apply for a Minority Loan

Video Transcript

"Hello, my name is Emily Gasner and I'm with Working Solutions, and I'll be talking about how to apply for a minority loan. Oftentimes there are programs around the country that are specifically geared towards minority business owners that need financing. And so what you can do is research on the Internet in your particular area, which one of these programs is right for you. Oftentimes there are nonprofit economic development organizations that specifically only lend to minorities or low income individuals, or women owned businesses. And so they would guide you through the process. Also, there is a program called community express, which is a guaranteed Small Business Administration loan program, where the SBA guarantees the loan--and the loan is actually provided by a bank, so you should check in your area to see if banks in your areas provide this community express SBA guaranteed loan program, because it's specifically geared to minority owned businesses. What you can do to actually obtain the loan, you file the same type of paperwork for other types of loans. You would provide three years of tax returns, you personal credit report would be run for you and anyone else who owns twenty percent or more of your business, and you'd have to fill out the appropriate loan application forms. A lot of times the lender will want to see a written business plan, as well as two years of future financial projections. And that is how to apply for that loan."