Are there loans for minority-owned businesses?
The Pennsylvania Minority Business Development authority (PMBDA) provides low-interest financing to businesses owned and operated by ethnic minorities. The federal government does not offer any guaranteed loans specifically for minorities. However, through the Women and Minorities Pre-Qualification Loan Program, the SBA pre-qualifies women and minority business owners in certain regions of the U.S. for loans of up to $250,000 before they even apply to a lender. The program focuses on the character, credit, experience and reliability of an applicant, not just their collateral.
