Federal Small Business Loans

By: EconomyWatch Content   Date: 17 December 2009

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Federal small business loans are an excellent option if you are planning to launch your own venture. Federal business loans are ideal for minorities¸ women entrepreneurs, veterans, and businesses that are short on experience and credit scores. The most well-known Federal small business program is the Small Business Administration (SBA). The SBA acts as a guarantor of the loans that you secure through any bank or lending institution. The SBA has a large portfolio of loans worth several billions of dollars, making it the largest backer of business loans in USA.

 

Federal Small Business Loans For Minority and Women Entrepreneurs

There are a number of federal programs in conjunction with states through which a minority or a woman entrepreneur can be assisted to launch business. Depending on where you stay, the list is:

 

ACCION (Americans for Community Co-operation in Other Nations) USA Small Business Loans: This organization offers loans up to $50,000 to minority and women business owners who have limited or no access to traditional sources of financing.

 

California Women's Economic Ventures Small Business Loan Fund: This organization offers low interest business loans available to women owned businesses in Santa Barbara or Ventura County.

 

Delaware Access Program: This is a low collateral loan program granted to small businesses, including minority and women owned businesses.

 

Illinois - Minority, Women, and Disabled Participation Loan Program: This program is aimed for small businesses that are 51% owned and managed by minorities, women, or disabled, with loans up to $50,000 or 50 % of the total project.

 

New Jersey - Urban Plus: This program provides financial support to women or minority-owned businesses, manufacturers, and non-profit organizations in various New Jersey municipalities like Camden, Trenton, Newark, Jersey City, Paterson, Elizabeth, East Orange, New Brunswick, and Atlantic City.

 

New Mexico - The Loan Fund: This loan program assists women and minority businesses that provide that are unable to access loans from traditional sources, such as banks.

 

New York - Micro Loans for Minority and Women Owned Businesses:

The funds are provided by the state's Community Development Financial Institution Assistance Program to women and minority entrepreneurs.

 

 

 

 


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