Small Business Funding for Minorities

In 2020, nearly ⅕ of small businesses in the USA were minority-owned. No matter how large your business is or what industry you operate in, you can surpass your competition and grow your minority-owned business with up to $500,000 in working capital from Greenbox Capital® in as little as 24 hours.
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Fast, Easy Small Business Funding for Minorities

Lack of working capital and limited cash flow are the most common challenges reported by minority-owned businesses. Sometimes your business needs an infusion of working capital to meet the challenges of your industry, outshine your competition, and seize opportunities to grow or expand, but many minority-owned businesses have trouble getting the funding they need from traditional lenders. If funding from a traditional lender is approved, it is often for lower amounts with higher interest and shorter terms.

With a simpler application, faster turnaround, and flexible approval requirements, Greenbox Capital can fund more minority-owned small businesses in as little as one business day. We offer several types of small business funding for minorities, from as little as $3,000 up to $500,000. We fund all industries, including healthcare businesses, medical practices, law firms, retail stores, business services, restaurants, and more.

Minority Small Business Funding Rates

Minority-owned small business funding rates depend on the type of alternative small business funding you receive. Most alternative minority small business funding options use a factor rate instead of a traditional interest rate. Factor rates are simple decimal figures that show how much “extra” you will owe on the original amount of the loan. Your factor rate is determined based on your risk assessment, so the stronger your business’s financial history, the lower your rate should be.

Minority Owned Small Business Funding Solutions

Our friendly, expert Funding Advisors will work with you to determine which funding option will help you achieve your goals without compromising your business’s cash flow.

How To Use Small Business Funding for Minorities

There are no restrictions on how you can use alternative small business funding for minorities. Small business funding for minorities are most ideal for supporting growth initiatives that will increase your business’s revenue, such as:

  • Hiring staff so you can expand services and take on more business
  • Purchasing new equipment or technology
  • Renovating or remodeling your space to offer a more comfortable environment
  • Expanding your business or acquiring another business
  • Building a new website or expanding your existing online presence
  • Purchasing raw materials or inventory in bulk at lower prices
  • Investing in continuing education and training
  • Energizing your marketing and advertising to bring in more business

Sometimes, minority-owned businesses may also need a quick infusion of working capital to help meet the unique challenges of their field, such as:

  • Meeting changing client and customer needs
  • Standing out from competition in your niche
  • High cost of equipment or raw materials
  • Skilled labor shortages and employee turnover
  • High cost of repairing appliances or equipment

How Small Business Funding for Minorities Work

  • 1
    Apply

    Gather 3 months of bank statements and other records. For faster approval, grant us secure access to your bank account’s transactional data.

  • 2
    Choose Funding

    A Funding Advisor will reach out to you within 1 hour (during regular business hours) to complete your application & discuss your funding options.

  • 3
    Get Funded

    Once you and your Funding Advisor determine what funding option works for your business, your funds can be approved and deposited within 24 hours.

  • 4
    Set Repayment

    Payments will be automatically deducted from your business’s daily or weekly debit and credit card sales. Payment amounts will be based on your sales.

Will You Qualify for a Minority Small Business Loan?

The strongest candidates for minority-owned small business funding are prepared with a firm understanding of how much funding they are seeking, how it will be used, and how they plan to repay it.

Exact qualification requirements depend on the type of funding you are seeking. Approval for small business funding from Greenbox Capital isn’t based solely on your credit score or financial history. Instead, we focus on the overall health of your practice, including:

  • Business revenue
  • Cash flow
  • Vendor payment history
  • Years in business
  • Public records

Minority Owned Business Funding Q&A

What qualifies as a minority owned business?

To qualify as a minority-owned business (MBE), at least 51% of your business must be owned, operated, and controlled on a daily basis by one or more minority citizens. A minority individual is considered a U.S. citizen documented with at least 25% minority origin (Asian-Indian, Asian-Pacific, Black, Hispanic, or Native American). MBEs can self-identify, or they can be certified by a city, state, or federal agency for additional benefits.

What do I need to do to qualify for a small business loan?

We have a very simple application process, with same day funding available. To get started, fill out our one-page application form or speak with a Funding Advisor.