Apply for a Minority Loan

Series Summary

Starting a business requires the utmost organization and planning. Beyond conceptualizing a business plan and getting the ball rolling, there are employees to compensate, books to keep and bills to pay. It is the small business owners' responsibility to monitor every detail that takes place in their business. It can be strenuous work to start a new business, but keeping organized and accurate is the foundation to a successful company. In this free video series on new business financing, let a certified public accountant explain the process of financing a new business. First, she talks about applying for a minority loan, applying for business loans online and the pitfalls that may ensue and how to start the process of financing a new business. Next, discover how to apply for government grants for a small business, apply for government grants if a woman owns the business and where to find government small business grants. Finally, she discusses how to get a business loan with bad credit, how to get a microloan and how to start a business with a 401k loan.

Video Transcript

"Today's topic is applying for a minority loan. Applying for a minority loan really is no different than applying for a loan in any other way. The difference is being a minority you have the opportunity to have a distinct eligibility that is separate from other people. However, when you move onto the requirements of a loan, that isn't going to change, so be prepared to meet all of the requirements that everybody else is going to have to meet. Links that you can go to, to find out more about the availability of loans for minorities would include sba.gov, and links from there entrepreneur.com, minoritybusinessloans.com, the mbda, which is minority business development associations, national minority supplier development counsel, and there's a special business consortium fund that has loan guarantees and participation program. So, when you get ready to go into apply for your loan, you want to be sure to have all of the documents that they're going to request, such as your tax returns, your business tax returns, your personal financial statements, your business projections, or actual financials, any tax certifications, or specialty certifications, business licenses, and property descriptions that you have."