Financial Resources for Minority-Owned Businesses
In recent years, there has been a dramatic uptick in the number of minority-owned businesses, and they’re more successful than ever. A 2018 survey found 45% of small businesses to be minority-owned—a dramatic increase from 15% in 2015.1 Still, challenges exist. Set yourself up for success by accessing these small business financial resources.
Minority Business Development Agency (MBDA.gov)
This government agency is dedicated to growing minority businesses in the U.S. connects minority-owned businesses to federal contracts, financing resources, and market opportunities.
Small Business Administration (SBA.gov)
This government agency provides programs tailored to minority-owned businesses (owned by African Americans, Hispanic Americans, Native Americans, Asian Pacific Americans, and Subcontinent Asian Americans) through its 8(a) Business Development Program.
Berks County Latino Chamber of Commerce (www.latinochamber.net/ )
The nonprofit organization offers financing information, help with contract bids, networking opportunities, and educational resources.
This federal website has a searchable loan and grant directory. Loan guarantee programs from local, state, and federal government agencies can help minority-owned small businesses locate startup and expansion funds from commercial lenders.
The nonprofit organization of volunteer executives offer one-on-one mentorship, along with free seminars and classes.
Search these websites using keywords like “minority-owned” to find grants by business type.
This is, by no means, a comprehensive list and there are even more resources to be tapped, many of them are in your own community. Visit your local library or community college to learn more.
Fulton Bank, N.A. Member FDIC. Fulton Bank is not affiliated with any third parties mentioned.