Minority-owned businesses play a large role in America’s economy, and there are many funding options and resources available to help launch and expand them. Keep reading to learn about several of those options.

Business Loans

Business loans are one avenue for funding a minority-owned business. There are different routes for obtaining business loans, with traditional banks providing one option. 

Working with the Small Business Administration (SBA) can make it easier to obtain a business loan. The SBA runs different programs that facilitate transactions between lenders and small businesses. Click here to start learning more about the SBA’s various loan programs.

Business Grants

Grants can be an incredible boost to a business because they provide funding without needing to be paid back. The downside is that qualifying for a grant can be tough: They generally have strict qualifications that a business must meet. Still, if you think your business will be able to qualify, grants may be worth exploring. Some options are specifically meant to help a minority-owned business, while others are more broad in nature.

Grants can come from both private organizations and the government. To find a viable grant for your business, BusinessGrants.org recommends researching options from local and federal government agencies, checking in with big corporations, asking your network for recommendations, and going to your local library to find a grant directory.

Work with the MBDA and SCORE

If you run a minority-owned business, the Minority Business Development Agency (MBDA) is designed to help you. For instance, MBDA Business Centers are scattered around the country, and they can provide guidance in accessing capital, securing contracts, and more. To find one near you, click here.

Another source of help is the nonprofit organization SCORE, which is a partner of the SBA. Among other resources, SCORE provides access to business mentors. Check out their website to see what SCORE has to offer.

Simplicity Capital Finance’s additional blog posts are a great resource for business-minded individuals. If you’d like to keep expanding your knowledge base, check them out today!