Minority Small Business Loans For Women

Minority Small Business Loans For Women!

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The Minority Small Business Loan Prequalification Program and the Women's Small Business Loan Prequalification Program use intermediaries to assist prospective minority owned small businesses and women owned small businesses in developing viable small business loan application packages and securing small business loans.

The Women's Small Business Loan Prequalification Program uses only nonprofit organizations as intermediaries; the Minority Small Business Loan Prequalification Program uses for-profit intermediaries as well.

Once the small business loan package is assembled, it is submitted to the Small Business Administration (SBA) for expedited consideration; a decision usually is made within 3 days.

If the small business loan application is approved, the Small Business Administration issues a letter of prequalification stating the SBA's intent to guarantee the small business loan.

The maximum amount for small business loans under the Women's Small Business Loan Prequalification Program is $250,000; under the Minority Small Business Loan Prequalification Program, it is generally the same, although some districts set other limits.

With both small business loan programs, the SBA will guarantee up to 80%. The intermediary then helps the small business owner locate a lender offering the most competitive small business loan rates.

Eligibility requirements for these small business loan programs include: Small businesses at least 51% owned, operated and managed by people of ethnic or racial minorities or by women; small businesses with average annual sales for the preceding 3 years that do not exceed $5 million; small businesses that employ fewer than 100.

These small business loans may be used for most business purposes including start-up, expansion, equipment purchases, working capital, inventory or real-estate acquisition.

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