There's already steady business momentum among African-American entrepreneurs. With the right creative financing resources, owners could follow up on this pattern and start financing the operations they need.
Last month, Babson released its Global Entrepreneurship Monitor Report for 2015. While it found that 63 percent of entrepreneurs are white or non-Hispanic, the next largest demographic group belonged to African-Americans, who comprised 14 percent of the total.
When it comes to Total Entrepreneurial Activity, though, African-Americans had the highest percentage of all groups, including white, Hispanic and Asian business owners. This statistic even beat the percentage of African-American established business ownership, which only placed at 5 percent. This figure came from 6,000 subjects throughout the country.
"Entrepreneurs can start figuring out which loans cover future purchases."
This puts emphasis on the loan programs that owners have at their disposal. Growth Capital helps clients find appropriate loans for their needs. It's important to leave space for change, especially since these could change over time.
Once they have determined whether or not they are eligible, entrepreneurs can start planning for their future by figuring out which loans cover future purchases.
Property, equipment and other necessities could be the subject of a new loan, especially if businesses have confirmed that they qualify for a disadvantaged business status.
Growth Capital offers a variety of details about programs like the SBA 504 loan. The unversed could miss out on some of the special uses for funds under this program. Some of the businesses on this list include special structures like theaters, museums and wineries. Some of the possible special use entities are less consumer-facing, such as railroads and mines.
Early consulting will help your business succeed. Contact us and learn how to get an SBA loan today.