The short answer: Yes, minorities have more small business loan options than you think – but there’s still plenty of room for improvement.
The long answer: If you feel like you’ve had a hard time finding a small business loan, you’re not alone. Despite making up more than 1/4 of all businesses in America, minority-owned businesses are 3x more likely to get denied for loans than businesses owned by whites.
Leaders in the small business lending industry are working hard to close this funding gap and create equal opportunities for all small business owners. For example, the SBA recently expanded its microloan program to increase access to financing for minority- and women-owned businesses, and many state and venture capital organizations are implementing programs designed to boost the success of minority business owners.
Online Lenders like Cheddar Capital are also playing a crucial role in boosting access to small business loans. Applying through our free online application gives you faster, easier access to financing.
And we make sure that you get a fair shake: no demographic data is collected and your qualification for a loan is determined by the same criteria that is used to qualify any other small business owner, such as credit score, time in business, and revenue.
