Can a minority-owned startup get an SBA loan?

Yes, SBA loans just require that you are a U.S. citizen and operate a business for profit. While SBA loans aren’t targeted specifically to minorities, they can be easier for minorities to obtain so long as you meet the eligibility requirements. 

What’s the minimum credit score requirement for a startup business loan?

Each lender has its own minimum credit score requirements so the credit score guidelines for a startup business loan will vary. Some business mentors recommend you have a credit score of at least 600. If your credit score is low, you’ll want to target specific lenders that work with borrowers who have lower scores.

How can a minority-owned company get a business loan with no collateral?

Minority business owners can use lenders that offer unsecured business loans or improve their credit to avoid putting up collateral. If you have some revenue and have been in business for at least two years, this can also help. 

Are there other funding options for minority-owned startups besides loans?

Yes, minority-owned startups can pursue grants or apply for scholarships.

What small business loans are available for female minorities with bad credit?

OnDeck and Lendio are two lenders that are great options for female minorities with bad credit since they have lenient credit score requirements. 

About the Author

Choncé Maddox

Choncé Maddox

Certified Financial Education Instructor (CFEI)

Choncé Maddox is a Certified Financial Education Instructor (CFEI) and personal finance freelance writer.

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