Monday, April 27, 2009

New Program Offers Micro-Loans To Minority and Women Business Owners

An organization called the Minority Business Loan Project is helping minority and women entrepreneurs (African Americans, Hispanics, Asian Americans, Native Americans, and women of all ethnicities) get access to micro loans to help fund their existing or newly started businesses.

Essentially the organization is a network of responsible lenders that specialize in helping entrepreneurs get short term loans and cash advances of up to $1,000 to sustain their cash flow.

Applicants must be over the age of 18, must have an income of at least $1,200 a month for the past 6 months or more, and must be willing to provide valid banking information, so they can verify that you have a checking account. Those who qualify include: aspiring entrepreneurs, existing entrepreneurs, home business owners, network marketers, etc.

According to the U.S. Small Business Administration, in 2002, minorities owned approximately 18 percent of the 23 million U.S. firms. That's nearly 4.2 million minority-owned businesses. Of that number, 1.2 million are Black-owned firms and 1.6 million are Hispanic-owned firms.

Despite these figures, it's been reported that minority firms generate a lot a less in annual revenue and are more likely to go out of business in their first 5 years of existence, than their white counterparts. Additional research reveals that minority firms are also less likely to be approved for business loans, business credit cards, and business lines of credit.

The Minority Business Loan project aims to offset those disadvantages. The micro-loans are made to those qualify, and can typically be approved within 24 hours.

For more details, visit:


  1. This is a shopping club that offers credit for their site only. No loans for working capital here. Thanks for trying to get info out to people that are business owner. This just isn't the service.

  2. Thanks for the info., Dante! Will check it out.

    Genikwa R. Williams

    P.S. I already subscribe to your blog. :o)

  3. An info post. Thanks for sharing this information.