Boosting the number of minority business owners in Ohio will be a win-win for both these entrepreneurs and the community. However, to achieve this, the owners themselves will need to get past some unfortunately common challenges. With a qualified commercial lending company to rely on, business owners can plan out their budget better and work with programs designed to help them.
These three issues below may come up as owners look to strengthen their own capital. Taking advantage of the loan resources out there will open up opportunities that company heads may not be aware of, from both local and federal sources:
- Finding the right loan programs: Alternative financing trends have changed some of the standard options for owners to consider. The rise of online lenders may seem attractive. At the same time, it might not be enough to secure a general SBA loan, but there are also specific programs that can benefit minority leaders.
- Gaining support resources: A Fast Company article recently mentioned that minority and women business owners aren't taking part in business support programs like accelerators. This creates a possible need that good capital programs can address. More loans to minority owners could lead to a more diverse business community. The same source quotes U.S. Census Bureau statistics showing that people of color only own just over 22 percent of businesses.
- Securing microloans: It might seem difficult to find smaller loans, but the SBA can help here, too. Don't neglect this program for loans under $500,000.
Growth Capital can help minority business owners make the right choices for their venture's future. Contact us today to learn more about programs like Community Advantage and other SBA resources.