Small Business Loans for Minorities with Bad Credit
Hello this is Ty Crandall with credit suite and in this short video were going to dive in and talk about small business loans are available for minorities even if you have bad credit, now one of the best resources to look at is known use as Union Bank and here’s an actual linked to their website or you could simply Goggle Union Bank and be able to easily find in there you can get loans and lines of credit up to $50,000 they offer secured and unsecured programs they offer fixed and variable rate programs. Now to qualify you must be in business less than two years and have revenue under 15 million dollars , now there, now there another great resource to check into this known as the national minority supplier development council now what they do is help you get certified as an MBE if you’re not familiar with MBE’s don’t worry go to their website and now actually able to give you a little bit more specifics, now once you’re actually certified and they connect you with opportunities in their network where you can actually access working capital. And this is a long term financing with very good rates definitely resource you want to check out, now there’s also an SBA 8(a) which is the business development program that can help minority owned firms developing growth through counselling, training and management guidance, okay it’s actually not a loan program but what will happen is by participating you increase your chances of securing SBA 7(a) working capital loan with rates usually around 7% with longer terms, now revenue lending if you have cash flow over 10,000 a month is a great program although this is specifically designed for minorities it will help you in any it’s probably one of the easiest loans out there to get approved for regardless of if your minority or not, so revenue lending if you have cash flow over $10,000 a month you can get approved even with credit scores down to 500 this is fast easy money rate are little bit higher but again is part of the easiest money to get especially if you have credit issues, and there’s another program known as asset base program which gives you super low rates 1-5% interest and credit doesn’t really matter with these programs at all, so works for star-ups and also works if you have no cash flow now to get approved you going to have some kinda collateral such as 401k , stocks, inventory or even equipment now business credit is must for any business owner with any kind of credit issue cause when you build your credit for your EIN that could be used to qualify you for loans instead of your consumer credit or it can help offset damage your consumer credit and still get your loan approved plus you can use business credit to get large credit lines such as 5-10,000 dollar credit card in multiples many getting multiple of this kind of credit cards within 6 months or less and you can get 3,4,5,10 thousands dollar credit card to places like Apple, Dell, Staples all different kinds of retail stores that can help you build your business and again it when done properly business credit didn’t even look at your consumer credit and you can still get approved, now other places that you want to go and check into to get help, the U.S. Department of Commerce’s Minority Business Development Agency they’ve a lot a great resources that are available for you through this agency to be able to come in and get business financing and you also want to check with the small business administration which also has several other good resources that might work for you. Now there are some agencies out there to, that you probably want to check into the ACCION USA we can get up to $50,000 that Delaware Access program the Illinois Minority, Women and Disabled participation loan program the Mississippi Development Authority Capital Access Contract pro Loan program the Massachusetts capital access program, now some of these are stay specific if you don’t live in the state you probably can’t get the money but this just brings up a good point there’s a lot of state money in your stay that’s available for minorities so even if you don’t live in a state on this list you still want to check with your state to see what other kinds of programs might be available for you right now so I hope you enjoy this short video on small business loans for minorities with bad credit, if so please like the video and make sure you subscribe to our channel, on our channel we have videos with 10, 15 even 20 different kind of loan types that might work well for you even if you have credit issues we even break down the exact process to build business credit so on top of getting loans and financing you can also start getting credit for your business right now and also make sure you click on this video as a pop up or something will come up it will give you access to a free resource that we give you, okay this resources are invaluable because they really help make it easy as possible for you to get money for your small business, again this is Ty Crandall make sure you like make sure you subscribe before to talk with you on the next video.