{"id":20447,"date":"2023-03-28T09:15:44","date_gmt":"2023-03-28T09:15:44","guid":{"rendered":"https:\/\/swoopfunding.com\/us\/?post_type=sba-loans&#038;p=20447"},"modified":"2024-08-12T17:40:28","modified_gmt":"2024-08-12T17:40:28","slug":"sba-loans-for-minorities","status":"publish","type":"sba-loans","link":"https:\/\/swoopfunding.com\/us\/sba-loans\/sba-loans-for-minorities\/","title":{"rendered":"SBA loans for minorities"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"20447\" class=\"elementor elementor-20447\" data-elementor-post-type=\"sba-loans\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4c1a6265 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4c1a6265\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3ad5d7e1\" data-id=\"3ad5d7e1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5d40a1b2 elementor-widget elementor-widget-heading\" data-id=\"5d40a1b2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">SBA loans for minority business owners\n<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43dd3101 elementor-widget elementor-widget-text-editor\" data-id=\"43dd3101\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Minority-owned businesses are on the rise. There are 9.7 million minority-owned firms in the United States, according to the latest data from the <\/span><a href=\"https:\/\/www.mbda.gov\/sites\/default\/files\/2022-06\/All%20Minority%20Owned%20Firms%20Fact%20Sheet%20-%20FINAL%206.10.2022.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Minority Business Development Agency<\/span><\/a><span style=\"font-weight: 400;\">. Those firms bring in 9.43 million jobs and contribute $1.43 trillion to the economy.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2867eac2 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"2867eac2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/us.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get a quote<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7c433718 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7c433718\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-14237f10\" data-id=\"14237f10\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-48b2b8f elementor-widget elementor-widget-ucaddon_breadcrumbs\" data-id=\"48b2b8f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_breadcrumbs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t <div id=\"breadcrumbs-container\" class=\"left\">\n <nav aria-label=\"breadcrumbs\" class=\"rank-math-breadcrumb\"><p><\/p><\/nav> <\/div>\n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-87c16fc elementor-widget elementor-widget-ucaddon_aivoov_player\" data-id=\"87c16fc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_aivoov_player.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t<div class=\"aivoov-player-block\">\n\t<div class=\"read_this\">Read this article to me<\/div>\n\t\t\t<style>\n\t\t\t.plyr__controls .plyr__controls__item:first-child{\n\t\t\t\tbackground:#2e9c8e !important;\n\t\t\t}\n\t\t\t:root{\n\t\t\t--plyr-color-main:#2e9c8e;\n\t\t\t--plyr-audio-controls-background:#f0f2f4;\n\t\t\t--plyr-audio-control-color:#546a7b;\n\t\t\t}\n\t\t\t[data-plyr=\"mute\"]{color:#2e9c8e !important}\n\t\t\t.aivoov-text-color{color:#546a7b}\n\t\t<\/style> \n\t\t<div class=\"audio_player\">\n\t\t<audio class=\"js-player\" controls=\"\">\n\t\t\t<source src=\"https:\/\/monky-voice-over.s3.amazonaws.com\/aivoov\/781640cc-7bc1-4bbf-9492-22dedc19678b\/16adc417-19f6-4248-af60-18c7c8e1b99b.mp3\" type=\"audio\/mp3\">\n\t\t\t<source src=\"https:\/\/monky-voice-over.s3.amazonaws.com\/aivoov\/781640cc-7bc1-4bbf-9492-22dedc19678b\/16adc417-19f6-4248-af60-18c7c8e1b99b.mp3\" type=\"audio\/ogg\" \/>\n\t\t<\/audio> \n\t\t\t\t <div class=\"powerd_by aivoov-text-color\"><p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/aivoov.com\/?um_source=plugin_powered_by\" style=\"color: inherit;\">Powered by AiVOOV<\/a><\/p><\/div>\n\t\t \n\t\t<\/div>\n\t\t<\/div>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ca3310b elementor-widget elementor-widget-text-editor\" data-id=\"5ca3310b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Entrepreneurs of color are also driving new business creation. In 2019, only 3% of new business owners were Black or African American, according to <\/span><a href=\"https:\/\/gusto.com\/company-news\/new-business-owner-survey-2022\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">2022 data from Gusto<\/span><\/a><span style=\"font-weight: 400;\">; in 2021, that number tripled, rising to 9%.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Despite their growth, though, minority-owned businesses face challenges accessing financing. The <\/span><a href=\"https:\/\/www.fedsmallbusiness.org\/survey\/2022\/report-on-employer-firms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Federal Reserve\u2019s 2022 Small Business Credit Survey<\/span><\/a><span style=\"font-weight: 400;\"> showed that only 15% of Asian business owners, 16% of Black business owners and 19% of Hispanic owners received the full amount of financing they applied for compared to 35% of white business owners.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">However, there are plenty of financing options available to minority business owners, including popular loans from the Small Business Administration (SBA). Keep reading to learn more about the best <a href=\"https:\/\/swoopfunding.com\/us\/sba-loans\/\">SBA loans<\/a> for minority business owners, other helpful financing options and resources for growing a business as a minority.\u00a0 <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-feff95f elementor-widget elementor-widget-ucaddon_last_updated\" data-id=\"feff95f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_last_updated.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t\n<div id=\"last-updated-container\" class=\"\">\n\n <script id=\"last-updated-schema\" type=\"application\/ld+json\">\n        {\n          \"@context\": \"https:\/\/schema.org\",\n          \"@type\": \"Article\",\n          \"headline\": \"SBA loans for minorities\",\n          \n          \"datePublished\": \"2023-03-28T09:15:44+00:00\",\n          \"dateModified\": \"2024-08-12T17:40:28+00:00\",\n          \"author\": [{\n              \"@type\": \"Person\",\n              \"name\": \"Paige Smith\",\n              \"url\": \"https:\/\/swoopfunding.com\/us\/author\/paige-smith\/\"\n            }]\n        }\n    <\/script>\n \n <div class=\"last-updated view-user\" style=\"justify-content: left;\">\n \n <div class=\"info-left\">\n <a href=\"https:\/\/swoopfunding.com\/us\/author\/paige-smith\/\" aria-label=\"Paige Smith\">\n <picture loading=\"lazy\" decoding=\"async\" class=\"attachment-large size-large\">\n <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2023\/03\/paige-smith.jpg\" data-lazy-src=\"https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2023\/03\/paige-smith.jpg?is-pending-load=1\" alt=\"Paige Smith\" class=\"jetpack-lazy-image\" loading=\"lazy\" width=\"92\" height=\"92\">\n <\/picture>\n <\/a>\n <\/div>\n \n <div class=\"info-right\">\n <p>Page written by <a href=\"https:\/\/swoopfunding.com\/us\/author\/paige-smith\/\">Paige Smith<\/a>. <span>Last reviewed on August 12, 2024<\/span>. <span>Next review due October 1, 2027.\n <\/span>\n <\/p>\n\n <\/div>\n\n <\/div>\n<\/div>\n\n<div id=\"externalTooltipContent\" style=\"display: none;\">\n <div class=\"top-info\">\n <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2023\/03\/paige-smith.jpg\" data-lazy-src=\"https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2023\/03\/paige-smith.jpg?is-pending-load=1\" alt=\"\" class=\"jetpack-lazy-image\" loading=\"lazy\" width=\"92\" height=\"92\">\n <div class=\"text\">\n <div class=\"name-author\">Paige Smith<\/div>\n <div class=\"role-user\">Expert financial copywriter<\/div>\n <\/div>\n <\/div>\n <div class=\"description\">Paige Smith is a content marketing writer specializing in the intersection of business, finance, and tech. Paige regularly features on a number of B2B finance and fintech websites including Fundera, Funding Circle, Fundbox and Nav, amongst others.<\/div>\n<\/div>\n\n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5de8d44c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5de8d44c\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-455042f3\" data-id=\"455042f3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5970f871 elementor-widget elementor-widget-heading\" data-id=\"5970f871\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is a minority-owned business?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2739030a elementor-widget elementor-widget-spacer\" data-id=\"2739030a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2bada4e8 elementor-widget elementor-widget-text-editor\" data-id=\"2bada4e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A minority-owned business is a business that\u2019s at least 51% owned and operated by someone belonging to a minority group. According to the National Minority Supplier Development Council (NMSDC), a minority is a US citizen who\u2019s at least one quarter African-American or Black, Hispanic or Latin American, Asian-American, Asian-Pacific or Native American. You can see which countries and regions of origin fall into these categories on <\/span><a href=\"https:\/\/nmsdc.org\/what-is-an-mbe\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">NMSDC\u2019s site<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-78d503c6 elementor-widget elementor-widget-spacer\" data-id=\"78d503c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-66d193d elementor-align-center elementor-widget elementor-widget-button\" data-id=\"66d193d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/us.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get a quote<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-675e56df elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"675e56df\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-115ab3c2\" data-id=\"115ab3c2\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t<div class=\"elementor-element elementor-element-98f7344 e-flex e-con-boxed e-con e-parent\" data-id=\"98f7344\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b43c507 elementor-widget elementor-widget-heading\" data-id=\"b43c507\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to become a minority-owned business <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a27f0f elementor-widget elementor-widget-text-editor\" data-id=\"8a27f0f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Becoming a certified minority-owned business, also called an MBE, can give your operation a distinct advantage. You might be eligible for government contracts, <a href=\"https:\/\/swoopfunding.com\/us\/business-grants\/\">business grants<\/a> and financing opportunities available only to MBEs.<\/span><\/p><p><span style=\"font-weight: 400;\">According to the NMSDC, the most common national certifier of MBEs, your business must be a for-profit enterprise located in the US or its territories, and must be at least 51% owned, operated and controlled by a minority group member with US citizenship.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">To apply for MBE certification\u2014or renew your certification\u2014you\u2019ll need to <\/span><a href=\"https:\/\/nmsdc.org\/mbe-certification\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">follow the steps on NMSDC\u2019s website<\/span><\/a><span style=\"font-weight: 400;\">, gather and upload certain business documents, pay an application fee and do an interview. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1b99437b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1b99437b\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3044ba4e\" data-id=\"3044ba4e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-6cede212 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6cede212\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-63452251\" data-id=\"63452251\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3545ae73 elementor-widget elementor-widget-heading\" data-id=\"3545ae73\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Which SBA loans are available to minorities?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-4de7206 elementor-widget elementor-widget-text-editor\" data-id=\"4de7206\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/swoopfunding.com\/us\/sba-loans\/\"><span style=\"font-weight: 400;\">SBA loans<\/span><\/a><span style=\"font-weight: 400;\"> are backed by the SBA and administered through certified lenders. All of the SBA\u2019s loans are available to minority business owners as long as you meet the eligibility requirements.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">To meet the SBA\u2019s loan eligibility requirements, your business must:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">operate for profit<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">be engaged in, or propose to do business in, the US or its territories<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">have reasonable owner equity to invest<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">use alternative financial resources, including personal assets, before seeking financial assistance<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">be able to demonstrate a need for a loan\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">use the funds for a sound business purpose\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">not be delinquent on any existing debt obligations to the US government.\u00a0<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Keep in mind that <a href=\"https:\/\/swoopfunding.com\/us\/sba-loans\/sba-loan-lenders\/\">SBA-certified lenders<\/a> don\u2019t require collateral for business loans under $25,000. However, for business loans over $25,000, you need to provide collateral in the form of business assets or a personal guarantee.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The SBA <\/span><a href=\"https:\/\/www.sba.gov\/document\/sba-form-148-unconditional-guarantee\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">requires a personal guarantee<\/span><\/a><span style=\"font-weight: 400;\"> for loans when you own 20% or more of your business. Signing a personal guarantee means you\u2019re responsible for repaying your business\u2019s debt if your business defaults on the loan. In that case, personal assets like your car and house are at risk.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-168d3394 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"168d3394\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/us.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-a9101f0 e-flex e-con-boxed e-con e-parent\" data-id=\"a9101f0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c6c4213 elementor-widget elementor-widget-heading\" data-id=\"c6c4213\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The best SBA loans for minority business owners<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fcc2033 elementor-widget elementor-widget-text-editor\" data-id=\"fcc2033\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The best SBA loans for minority business owners include the standard 7(a) loan, the SBA microloan, the Express Loan and the Community Advantage Loan. Below, we\u2019ll review each option in detail.\u00a0<\/span><\/p><h3><strong>SBA 7(a) loan<\/strong><\/h3><p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/swoopfunding.com\/us\/sba-loans\/sba-7a-loans\/\"><span style=\"font-weight: 400;\">standard SBA 7(a) loan<\/span><\/a><span style=\"font-weight: 400;\"> is a term loan that gives eligible business owners up to $5 million to purchase real estate, refinance debt and use as working capital. You can also use a 7(a) loan to construct a new building, renovate an existing space or purchase equipment, machinery, furniture, fixtures and supplies.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">In addition to their versatility, SBA 7(a) loans are known for having favorable loan terms. Interest rates range from 5-11%, and repayment periods are between 10 and 25 years, depending on what you use your loan for.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">To qualify for a 7(a) loan, your business must <\/span><a href=\"https:\/\/www.sba.gov\/size-standards\/index.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">meet the SBA\u2019s small business size guidelines<\/span><\/a><span style=\"font-weight: 400;\">. Your credit score should also be strong; lenders usually look for scores of 640 or above.\u00a0<\/span><\/p><h3><strong>SBA microloan<\/strong><\/h3><p><span style=\"font-weight: 400;\">True to its name, an <\/span><a href=\"https:\/\/swoopfunding.com\/us\/sba-loans\/sba-microloans\/\"><span style=\"font-weight: 400;\">SBA microloan<\/span><\/a><span style=\"font-weight: 400;\"> is a small, short-term business loan. The SBA offers microloans of up to $50,000 to business owners who need a small injection of capital. You can use the funds for startup expenses, furniture, machinery, supplies, inventory and working capital.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The average microloan is $13,000 with interest rates ranging from 8-13%. Repayment periods vary, but the maximum repayment term for a microloan is six years.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Eligibility requirements for SBA microloans depend on the SBA-approved intermediary lender you work with. The good news is that you don\u2019t need excellent credit to qualify for a microloan. However, you might have to put down some form of collateral and sign a personal guarantee.\u00a0<\/span><\/p><h3><strong>SBA Express loan<\/strong><\/h3><p><span style=\"font-weight: 400;\">If you need funds on an accelerated timeline, the <\/span><span style=\"font-weight: 400;\">SBA Express<\/span><span style=\"font-weight: 400;\"> promises to get back to you within 36 hours\u2014and generally delivers funding within a month. With the SBA Express, you can get up to $500,000 for either a term loan or a business line of credit. Like the 7(a) loan, you can use Express funds for a variety of purposes, including business expansion, working capital, debt refinancing and equipment and real estate purchases.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Interest rates for Express loans are generally 4.5-6.5% above the current prime rate, depending on the loan amount you receive. As an example, in March 2023 the prime rate was a historical high at 8%, which would make the Express loan interest rate roughly 12.5%.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Repayment periods for lines of credit are up to seven years, and between 10 and 25 years for term loans. Qualification requirements for Express loans are similar to 7(a) loans, but might vary depending on the lender.\u00a0<\/span><\/p><h3><strong>SBA Community Advantage loan\u00a0\u00a0<\/strong><\/h3><p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/swoopfunding.com\/us\/sba-loans\/sba-community-advantage-loans\/\"><span style=\"font-weight: 400;\">SBA Community Advantage loan program<\/span><\/a><span style=\"font-weight: 400;\"> is a temporary program (set to expire on September 30, 2024) designed to support small businesses in underserved markets. That can include minority businesses in low-income communities, <a href=\"https:\/\/swoopfunding.com\/us\/business-loans\/business-loans-for-veterans\/\">veteran-owned businesses<\/a> and startups, to name a few.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The loans are administered through community-based, mission-focused lenders like certified development companies (CDCs) and microloan intermediaries. You can get up to $350,000 as a term loan or line of credit to improve your business. That includes putting the funds toward renovation, expansion, startup expenses, machinery and equipment or working capital.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Interest rates range from 4.5-6.5% above the prime rate, and repayment periods range from 10 to 25 years. To qualify, you have to meet the 7(a) loan small business requirements as well as your lender\u2019s individual requirements. You typically need a credit score of at least 600, plus proof of strong business financials.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c4752c elementor-align-center elementor-widget elementor-widget-button\" data-id=\"9c4752c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/us.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4d2e9ab e-flex e-con-boxed e-con e-parent\" data-id=\"4d2e9ab\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-80ebd48 elementor-widget elementor-widget-heading\" data-id=\"80ebd48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">SBA resources for minority-led businesses<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e3d4c25 elementor-widget elementor-widget-text-editor\" data-id=\"e3d4c25\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">In addition to loans, the SBA also has unique resources for minority-owned businesses.\u00a0<\/span><\/p><h3><strong>SBA 8(a) Business Development Program<\/strong><\/h3><p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.sba.gov\/federal-contracting\/contracting-assistance-programs\/8a-business-development-program\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">8(a) Business Development Program<\/span><\/a><span style=\"font-weight: 400;\"> helps socially and economically disadvantaged businesses grow by offering technical, financial and management assistance. As part of the program, you can compete for and receive set-aside and sole-source work contracts from the federal government, and receive one-on-one mentorship, management and business development training and support.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">To qualify for the program\u2014which has a nine-year term\u2014you must:\u00a0<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">be a <\/span><span style=\"font-weight: 400;\">small business<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">not have previously participated in the 8(a) program<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">be at least 51% owned and controlled by a US citizen(s) who is <\/span><a href=\"https:\/\/www.ecfr.gov\/current\/title-13\/chapter-I\/part-124\/subpart-A\/subject-group-ECFR4ef1291a4a984ab\/section-124.103\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">socially and economically disadvantaged<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">have a personal net worth of $850,000 or less, adjusted <a href=\"https:\/\/swoopfunding.com\/us\/business-glossary\/gross-income\/\">gross income<\/a> of $400,000 or less and assets totaling $6.5 million or less<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">demonstrate good character<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">have been in business for two years.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">To apply for 8(a) program certification, <\/span><a href=\"https:\/\/www.sba.gov\/federal-contracting\/contracting-assistance-programs\/8a-business-development-program\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">check out the SBA\u2019s list of steps<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p><h3><strong>HUBZone program\u00a0\u00a0<\/strong><\/h3><p><span style=\"font-weight: 400;\">Similar to the <a href=\"https:\/\/swoopfunding.com\/us\/sba-loans\/sba-8a-program\/\">8(a) program<\/a>, the SBA <\/span><a href=\"https:\/\/www.sba.gov\/federal-contracting\/contracting-assistance-programs\/hubzone-program\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">HUBZone Program<\/span><\/a><span style=\"font-weight: 400;\"> supports small businesses in historically underutilized business zones. If you\u2019re a HUBZone-certified business, you\u2019re eligible to compete for and receive federal set-aside work contracts.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">To qualify for the HUBZone program, you have to:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">be a small business according to <\/span><a href=\"https:\/\/www.sba.gov\/size-standards\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SBA size standards<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">be at least 51% owned and controlled by a US citizen, a Community Development Corporation, an agricultural cooperative, an Alaska Native corporation, a Native Hawaiian organization or an Indian tribe<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">have your principal office <\/span><a href=\"https:\/\/maps.certify.sba.gov\/hubzone\/map\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">located in a HUBZone<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">have at least 35% of your employees <\/span><a href=\"https:\/\/maps.certify.sba.gov\/hubzone\/map\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">living in a HUBZone<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Keep in mind that the HUBZone map is changing on July 1, 2023, so it\u2019s important to <\/span><a href=\"https:\/\/www.sba.gov\/brand\/assets\/sba\/resource-partners\/HUBZone-MapChange-QA.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">check here for updates<\/span><\/a><span style=\"font-weight: 400;\">. You can also find more qualification criteria <\/span><a href=\"https:\/\/www.ecfr.gov\/current\/title-13\/part-126\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p><h3><strong>Other SBA counseling and contracting resources<\/strong><\/h3><p><span style=\"font-weight: 400;\">The SBA has a wealth of programs and offices for minority business owners to meet mentors, gain technical assistance, procure work contracts and connect with other business owners. Check out these resources:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.sba.gov\/federal-contracting\/contracting-assistance-programs\/sba-mentor-protege-program\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SBA Mentor-Prot\u00e9g\u00e9 Program<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.sba.gov\/federal-contracting\/contracting-assistance-programs\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Contracting assistance programs<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.sba.gov\/sba-learning-platform\/thrive-emerging-leaders-reimagined\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">T.H.R.I.V.E. Emerging Leaders Reimagined<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.sba.gov\/local-assistance\/resource-partners\/small-business-development-centers-sbdc\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Small Business Development Centers<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.sba.gov\/local-assistance\/resource-partners\/score-business-mentoring\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SCORE business mentoring<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d84f21 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"6d84f21\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/us.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7a0c40c e-flex e-con-boxed e-con e-parent\" data-id=\"7a0c40c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8e12081 elementor-widget elementor-widget-heading\" data-id=\"8e12081\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Non-SBA financing options for minority-owned businesses<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b20c8a8 elementor-widget elementor-widget-text-editor\" data-id=\"b20c8a8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Here are three <\/span><a href=\"https:\/\/swoopfunding.com\/us\/business-loans\/\"><span style=\"font-weight: 400;\">flexible financing options<\/span><\/a><span style=\"font-weight: 400;\"> to consider as a minority business owner:<\/span><\/p><h3><strong>Business line of credit<\/strong><\/h3><p><span style=\"font-weight: 400;\">A business line of credit is a great way to cover ongoing operating expenses, short-term cash flow gaps or <a href=\"https:\/\/swoopfunding.com\/us\/business-loans\/emergency-business-loans\/\">emergency costs<\/a>. A line of credit gives you access to a set amount of credit, which can range from a few thousand dollars to over $100,000.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Like a credit card, you can make a minimum monthly payment each month and incur interest, or pay off your credit balance in full to avoid interest fees. Interest rates are highly variable, ranging on average from 8% to 80%, depending on the lender.\u00a0<\/span><\/p><h3><strong>Online term loan<\/strong><\/h3><p><span style=\"font-weight: 400;\">Business loans from online lenders usually offer faster funding and more flexible qualification requirements than loans from banks or the SBA. You might not need as many documents to apply, nor do you necessarily need excellent credit. Loan amounts, repayment periods and terms vary from lender to lender, but average interest rates range from 11-44%.\u00a0\u00a0<\/span><\/p><h3><strong>Business grants<\/strong><\/h3><p><span style=\"font-weight: 400;\">If you want debt-free money to invest in your operation, consider a <a href=\"https:\/\/swoopfunding.com\/us\/business-grants\/\">business grant<\/a> geared toward minority business owners. Grants are a great way to secure no-strings-attached capital, but they can be competitive and hard to find. Start by checking <\/span><a href=\"https:\/\/www.grants.gov\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Grants.gov<\/span><\/a><span style=\"font-weight: 400;\"> for federal grants you might qualify for, then expand your search by looking at nonprofit organizations and professional associations.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Here are some other options to consider:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/webackblackbusinesses.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Coalition to Back Black Businesses<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/nbmbaa.org\/scale-up-pitch-challenge\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">National Black MBA Association Scale-Up Pitch Challenge<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/asianwomengivingcircle.org\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Asian Women Giving Circle<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.nase.org\/become-a-member\/grants-and-scholarships\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The National Association for the Self-Employed Growth Grants<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/bcfcapital.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Business Consortium Fund<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.comcastrise.com\/investment-fund\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Comcast Rise Investment Fund<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.legalzoom.com\/fastbreakforsmallbusiness\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Fast Break for Small Business<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c07f43f elementor-align-center elementor-widget elementor-widget-button\" data-id=\"c07f43f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/us.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e86e727 e-flex e-con-boxed e-con e-parent\" data-id=\"e86e727\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f43caa6 elementor-widget elementor-widget-heading\" data-id=\"f43caa6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Tips for getting financing as a minority-owned business<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a99046 elementor-widget elementor-widget-text-editor\" data-id=\"2a99046\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">If you\u2019re in the process of looking for financing, these steps can help increase your chances of success:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Improve your credit score: <\/b><span style=\"font-weight: 400;\">Raising your credit score gives you access to different business financing opportunities\u2014and helps you secure better loan terms. Improving your credit score takes time, but you can start by updating your credit information with the three major bureaus (Equifax, Experian and Dun &amp; Bradstreet), paying your bills and debts on time and keeping your credit utilization ratio low. That means using only roughly 30% of your available credit at a time before paying it off.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Tighten up the market and financial sections of your business plan:<\/b><span style=\"font-weight: 400;\"> A comprehensive business plan shows lenders you know your business\u2019s market position, growth potential and financial needs. Make sure your business plan includes recent profit and loss numbers, sales projections, a break-even analysis, cash flow forecasts and a clear breakdown of how much financing you need, what it will go toward and how it will help your business.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Connect with other minority business owners: <\/b><span style=\"font-weight: 400;\">Fellow business owners can give you valuable advice on growth strategies and financing opportunities. Look into local community groups, industry associations and professional organizations to find people to network with.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Compare your financing options: <\/b><span style=\"font-weight: 400;\">Do your due diligence to research the financing products and lenders you\u2019re interested in. Make sure you have a solid understanding of the requirements, application process, funding timeline, terms, APR and fees. It\u2019s also helpful to ask lenders how often they work with minority business owners and if they have specific resources they can offer you. If you need help, Swoop Finance Limited can facilitate the research and comparison process.\u00a0\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9ab6068 e-flex e-con-boxed e-con e-parent\" data-id=\"9ab6068\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1785997 elementor-widget elementor-widget-heading\" data-id=\"1785997\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Get started with Swoop's business funding platform<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ffc1eee elementor-widget elementor-widget-text-editor\" data-id=\"ffc1eee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Need help sifting through your funding options? Swoop can help you find the financing solution that works best for your business. All you have to do is register your operation, and you\u2019ll get access to one-on-one financing support and dozens of financing comparisons. <\/span><a href=\"https:\/\/us.swoopfunding.ca\/stage\/?aHR0cF9yZWZlcmVyPWh0dHBzJTNBJTJGJTJGd3d3Lmdvb2dsZS5jb20lMkYmbGFzdF9wYWdlX3Zpc2l0ZWQ9aHR0cHMlM0ElMkYlMkZzd29vcGZ1bmRpbmcuY29tJTJGdXMlMkY=\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Join Swoop today<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-37f8a75 e-flex e-con-boxed e-con e-parent\" data-id=\"37f8a75\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-16736d9 elementor-widget elementor-widget-ucaddon_author_page\" data-id=\"16736d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_author_page.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t\n\n\n <div class=\"info-user-post\">\n \n <div class=\"left-info\">\n <a href=\"https:\/\/swoopfunding.com\/us\/author\/paige-smith\/\" aria-label=\"Paige Smith\">\n <picture loading=\"lazy\" decoding=\"async\" class=\"attachment-large size-large\">\n <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2023\/03\/paige-smith.jpg\" data-lazy-src=\"https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2023\/03\/paige-smith.jpg?is-pending-load=1\" alt=\"\" class=\"jetpack-lazy-image\" loading=\"lazy\" width=\"92\" height=\"92\">\n <\/picture>\n <\/a>\n <\/div>\n \n <div class=\"right-info\">\n <div class=\"inner-top\">\n <div class=\"info-top\">\n <div class=\"info-title\">\n <p>Written by<\/p>\n <p class=\"name-author\"><a href=\"https:\/\/swoopfunding.com\/us\/author\/paige-smith\/\">Paige Smith<\/a><\/h3>\n <\/div>\n <\/div>\n \n \n <\/div>\n <div class=\"info-bottom\">\n <p>Paige Smith is a content marketing writer specializing in the intersection of business, finance, and tech. Paige regularly features on a number of B2B finance and fintech websites including Fundera, Funding Circle, Fundbox and Nav, amongst others.<\/p>\n <\/div>\n\n <ul class=\"social-links\">\n <li><a href=\"https:\/\/www.linkedin.com\/in\/paige-smith-28063849\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Linkedin\">\n <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/us\/wp-content\/themes\/swoopMW50\/assets\/icons\/icon-linkedin-min.svg\" width=\"30\" height=\"30\" alt=\"Linkedin\">\n <\/a><\/li>\n \n \n <li><a href=\"https:\/\/www.paigeashleysmith.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" aria-label=\"Website\">\n <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/us\/wp-content\/themes\/swoopMW50\/assets\/icons\/icon-site-min.svg\" width=\"30\" height=\"30\" alt=\"Website\">\n <\/a><\/li>\n <\/ul>\n\n <div class=\"swoop-promise\">\n <p><strong>Swoop promise<\/strong><\/p>\n <p>At Swoop we want to make it easy for SMEs to understand the sometimes overwhelming world of business finance and insurance. Our goal is simple \u2013 to distill complex topics, unravel jargon, offer transparent and impartial information, and empower businesses to make smart financial decisions with confidence.<\/p>\n <p>Find out more about Swoop\u2019s editorial principles by reading our <a href=\"https:\/\/swoopfunding.com\/us\/about-swoop\/editorial-policy\/\">editorial policy<\/a>.<\/p>\n <\/div>\n\n <\/div>\n <\/div>\n\n \n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-16003d0 e-flex e-con-boxed e-con e-parent\" data-id=\"16003d0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-92c16ce elementor-widget elementor-widget-heading\" data-id=\"92c16ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">FAQs about minority-owned businesses<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d89748b align-at-right uael-faq-box-layout-yes elementor-widget elementor-widget-uael-faq\" data-id=\"d89748b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"uael-faq.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\t\t\t<div id='uael-faq-wrapper-227' class=\"uael-faq-wrapper\">\n\t\t\t\t<div class=\"uael-faq-container uael-faq-layout-accordion\" data-layout=\"accordion\" >\n\t\t\t\t\t\t\t\t\t\t\t\t<div id=\"uael-accordion-19ab127\" class=\"uael-faq-accordion\" role=\"tablist\">\n\t\t\t\t\t\t\t\t<div class= \"uael-accordion-title\" aria-expanded=\"false\" role=\"tab\">\n\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon uael-accordion-icon-right\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-opened\"><i class=\"fas fa-angle-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"uael-question-19ab127 uael-question-span\" tabindex=\"0\" id=\"uael-faq-1-69f0d5d300bcf\">What\u2019s the difference between a minority loan and a standard business loan? <\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"uael-accordion-content\" role=\"tabpanel\">\n\t\t\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\t\t<span><p><span style=\"font-weight: 400;\">Minority loans are loans designed specifically for minority business owners. You can find minority loans through the SBA, certain non-profit organizations, government organizations and community development financial institutions (CDFIs).\u00a0\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">However, minority business owners can also apply for financing through traditional lenders and financial institutions.<\/span><\/p><\/span>\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div id=\"uael-accordion-10230ba\" class=\"uael-faq-accordion\" role=\"tablist\">\n\t\t\t\t\t\t\t\t<div class= \"uael-accordion-title\" aria-expanded=\"false\" role=\"tab\">\n\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon uael-accordion-icon-right\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-opened\"><i class=\"fas fa-angle-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"uael-question-10230ba uael-question-span\" tabindex=\"0\" id=\"uael-faq-2-69f0d5d300c1f\">Are there benefits to being a minority-owned business? <\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"uael-accordion-content\" role=\"tabpanel\">\n\t\t\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\t\t<span><p><span style=\"font-weight: 400;\">Yes, there are two primary benefits of being a minority-owned business. First, you have access to certain funding opportunities and government contracts non-minority business owners don\u2019t have access to. Second, as a certified minority-owned business, you can appeal to customers and communities who identify with or want to support minority business owners.<\/span><\/p><\/span>\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div id=\"uael-accordion-5feadea\" class=\"uael-faq-accordion\" role=\"tablist\">\n\t\t\t\t\t\t\t\t<div class= \"uael-accordion-title\" aria-expanded=\"false\" role=\"tab\">\n\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon uael-accordion-icon-right\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-opened\"><i class=\"fas fa-angle-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"uael-question-5feadea uael-question-span\" tabindex=\"0\" id=\"uael-faq-3-69f0d5d300c4f\">Why is it harder for minorities to get business loans? <\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"uael-accordion-content\" role=\"tabpanel\">\n\t\t\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\t\t<span><p><span style=\"font-weight: 400;\">It can be harder for minority business owners to secure financing for a few key reasons. Minority business owners might have insufficient credit due to historically being denied financing opportunities, or they might not have a significant banking history. The <\/span><a href=\"https:\/\/swoopfunding.com\/us\/blog\/closing-the-racial-funding-gap-identifying-the-issues-and-asking-what-can-be-done-to-put-money-in-the-hands-of-bipoc-entrepreneurs\/\"><span style=\"font-weight: 400;\">racial wealth gap<\/span><\/a><span style=\"font-weight: 400;\"> also means that minority business owners might have fewer or less expensive assets to use as collateral when getting a loan. Finally, unconscious racial and ethnic bias in lending can also play a big role.<\/span><\/p><\/span>\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div id=\"uael-accordion-0785403\" class=\"uael-faq-accordion\" role=\"tablist\">\n\t\t\t\t\t\t\t\t<div class= \"uael-accordion-title\" aria-expanded=\"false\" role=\"tab\">\n\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon uael-accordion-icon-right\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-opened\"><i class=\"fas fa-angle-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"uael-question-0785403 uael-question-span\" tabindex=\"0\" id=\"uael-faq-4-69f0d5d300c7b\">How does the SBA define a minority business? <\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"uael-accordion-content\" role=\"tabpanel\">\n\t\t\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\t\t<span><p><span style=\"font-weight: 400;\">The SBA defines a minority business as a business that is at least 51% owned and operated by one or more minority individuals. Minorities include groups that are Black or African American, Asian Pacific, Asian American, Hispanic and Native American.\u00a0<\/span><\/p><\/span>\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-48b2f20 e-flex e-con-boxed e-con e-parent\" data-id=\"48b2f20\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f3c1c6d elementor-widget elementor-widget-ucaddon_auto_page_related\" data-id=\"f3c1c6d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_auto_page_related.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t\n\n\n\n <div class=\"container-auto-page-related\">\n <p class=\"title-related text-center\">Related pages<\/p>\n <div class=\"auto-page-related\">\n <ul>\n <li >\n <a href=\"https:\/\/swoopfunding.com\/us\/sba-loans\/can-you-have-multiple-sba-loans\/\">Can you have multiple SBA loans <\/a>\n <\/li>\n <li >\n <a href=\"https:\/\/swoopfunding.com\/us\/sba-loans\/how-much-is-an-sba-loan-down-payment\/\">How much is an SBA loan down payment? 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<\/a>\n <\/li>\n <li class=\"hidden_li offscreen\">\n <a href=\"https:\/\/swoopfunding.com\/us\/sba-loans\/what-is-the-average-sba-loan-size\/\">What is the average SBA loan size? <\/a>\n <\/li>\n <li class=\"hidden_li offscreen\">\n <a href=\"https:\/\/swoopfunding.com\/us\/sba-loans\/sba-disaster-loan-denied\/\">Why has my SBA disaster loan been denied? <\/a>\n <\/li>\n <\/ul>\n <div class=\"container_bt\">\n <button class=\"bt_see_more\" href=\"javascript:void(0);\" aria-label=\"See more\">See more<\/button>\n <\/div>\n <div id=\"grey-out\"><\/div>\n <\/div>\n <\/div>\n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-446eac32 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"446eac32\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-747832c4\" data-id=\"747832c4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6a50aafd elementor-widget elementor-widget-spacer\" data-id=\"6a50aafd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-266c5098 elementor-widget elementor-widget-heading\" data-id=\"266c5098\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Testimonials<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b3c6b45 elementor-widget elementor-widget-ucaddon_testimonials\" data-id=\"b3c6b45\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_testimonials.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\t\t\t<style type=\"text\/css\">\/* widget:Testimonials *\/\n\n.testimony{\n margin:0;\n}\n.testimony .owl-theme .owl-dots .owl-dot.active span{\n background:;\n}\n\n.testimony .owl-theme .owl-dots .owl-dot:hover span{\n background:;\n}\n\n.testimony{\n\t content-visibility:auto;\n\t contain-intrinsic-size:445px;\n}\n .testimony .inner-testimony .read-mores{\n\t margin-left:15px;\n}\n .testimony .inner-testimony .icon{\n\t color:#eee;\n}\n .testimony .inner-testimony .icon-quotation-left{\n\t position:relative;\n\t top:-28px;\n\t left:0;\n}\n .testimony .inner-testimony .icon-quotation-right{\n\t position:relative;\n\t bottom:-28px;\n\t right:-8px;\n}\n .testimony .inner-testimony p{\n\t margin:0;\n\t color:#003e52;\n}\n .testimony .inner-testimony .testimony_description{\n\t padding:40px 0;\n}\n .testimony .inner-testimony .desc_testimony{\n\t font-size:24px;\n}\n .testimony .inner-testimony .author_testimony{\n\t font-size:18px;\n\t margin-top:20px;\n}\n .testimony .inner-testimony .role_testimony{\n\t font-size:18px;\n}\n .testimony .owl-theme .owl-nav .owl-prev{\n\t position:absolute;\n\t left:0;\n\t margin:-18px 0;\n\t top:50%;\n}\n .testimony .owl-theme .owl-nav .owl-next{\n\t position:absolute;\n\t right:0;\n\t margin:-18px 0;\n\t top:50%;\n}\n @media (max-width:992px){\n\t .testimony .inner-testimony{\n\t\t padding:40px 40px;\n\t}\n\t .testimony .inner-testimony .testimony_description{\n\t\t padding:0;\n\t}\n}\n @media (max-width:768px){\n\t .testimony{\n\t\t margin:50px 0 40px 0;\n\t}\n\t .testimony .inner-testimony .desc_testimony{\n\t\t font-size:19px;\n\t}\n\t .testimony .owl-dots{\n\t\t margin-top:30px !important;\n\t}\n\t .testimony .inner-testimony{\n\t\t padding:40px 0;\n\t}\n}\n\n<\/style>\n\n\t\t\t<div class=\"container\">\n <div class=\"testimony\">\n <div class=\"row justify-content-center\">\n <div class=\"col-xl-8 col-lg-10\">\n <div class=\"inner-testimony text-center\">\n <div id=\"owl-testimony\" class=\"owl-carousel owl-theme\">\n <div class=\"item\">\n <div class=\"testimony_description\">\n <p class=\"desc_testimony italic\"><i class=\"icon icon-quotation-left\"><\/i>Daire made it happen! There is no doubt that Swoop sped up the process and found lenders that worked to our time scale rather than the other way round<i class=\"icon icon-quotation-right\"><\/i><\/p>\n <p class=\"author_testimony\">Hocque Figureoa<\/p>\n <p class=\"role_testimony\">Joint owner, F45 Virginia<\/p>\n <\/div>\n<\/div>\n<div class=\"item\">\n <div class=\"testimony_description\">\n <p class=\"desc_testimony italic\"><i class=\"icon icon-quotation-left\"><\/i>Swoop was actually very helpful in helping us get our initial fundraising in place. Swoop was able to connect us with investors, with grant financing options and debt financing options.<i class=\"icon icon-quotation-right\"><\/i><\/p>\n <p class=\"author_testimony\">Viler Lika<\/p>\n <p class=\"role_testimony\">Founder, SingleKey<\/p>\n <\/div>\n<\/div>\n<div class=\"item\">\n <div class=\"testimony_description\">\n <p class=\"desc_testimony italic\"><i class=\"icon icon-quotation-left\"><\/i>Pedja was amazing. Super supportive, understanding of our needs and wasn't pushy at all. We've been going back and forth with Swoop for over a year inquiring about different financing options and they were patient until we were ready!<i class=\"icon icon-quotation-right\"><\/i><\/p>\n <p class=\"author_testimony\">Chris Skeates<\/p>\n <p class=\"role_testimony\">F45 Multi-studio owner<\/p>\n <\/div>\n<\/div>\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-bb1d960 e-con-full cta-mobile-fixed elementor-hidden-desktop elementor-hidden-laptop elementor-hidden-tablet e-flex e-con e-parent\" data-id=\"bb1d960\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;position&quot;:&quot;fixed&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6a6a38f elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"6a6a38f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/us.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">GET STARTED<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"author":76,"featured_media":0,"parent":0,"template":"elementor_header_footer","sba-loans-sectors":[337],"class_list":["post-20447","sba-loans","type-sba-loans","status-publish","hentry","sba-loans-sectors-sba-loans"],"acf":[],"featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_blog_full":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable_v2":"<p>SBA loans for minority business owners Minority-owned businesses are on the rise. There are 9.7 million minority-owned firms in the United States, according to the latest data from the Minority Business Development Agency. Those firms bring in 9.43 million jobs and contribute $1.43 trillion to the economy.\u00a0 Get a quote Entrepreneurs of color are also driving new business creation. In 2019, only 3% of new business owners were Black or African American, according to 2022 data from Gusto; in 2021, that number tripled, rising to 9%.\u00a0Despite their growth, though, minority-owned businesses face challenges accessing financing. The Federal Reserve\u2019s 2022 Small&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Paige Smith","url":"https:\/\/swoopfunding.com\/us\/author\/paige-smith\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/sba-loans\/20447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/sba-loans"}],"about":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/types\/sba-loans"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/users\/76"}],"version-history":[{"count":54,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/sba-loans\/20447\/revisions"}],"predecessor-version":[{"id":37339,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/sba-loans\/20447\/revisions\/37339"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/media?parent=20447"}],"wp:term":[{"taxonomy":"sba-loans-sectors","embeddable":true,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/sba-loans-sectors?post=20447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}