It is often hard for black business owners to get funding for their businesses. Although there are debates about the disparity in ReviewsBird.com and other places, financing black businesses remains a challenge.
While reading loan companies’ reviews, some companies have a soft spot for black business owners but some don’t. However, all chances of getting funding through loans aren’t dashed. There are a few financing options for black business below:
1. BlueVine:
it offers flexible financing while balancing it with your large requirements. This is for enormous cash-flow loans. BlueVine offers financing with reasonable requirements although they may vary from business to business. With available large cash flow without tapping from it, this flexibility has helped many small businesses.
2. Lendio:
an application for this loan gives access to enormous loan options from different lenders. This is what Lendio does, they can help you secure a large loan from a traditional lender for whatever purpose. You can also get connected with a lender through the internet services it offers. Based on the application you’ve made, Lendio matches borrowers with lenders. This allows you to get a perfect loan to secure that credit store without hassle. You also get to compare loan offers from different lenders before you choose the ones that best suit you.
3. Fundbox:
this is the best credit facility if you have bad credit. They have flexible borrower requirements yet offer a business line of credit. If your business is just two months old, you can apply for their financing. With a 500 personal credit score, you can access loans from Fundbox. More so, you can access their low revenue service which is $50,000 per annum. The application process is automated and easy to navigate. This means that in a few minutes, you can get a response to your application. Although they have a high rate of interest and short repayment terms, it’s the best shot for you if your business idea can fetch you a pile of money easily.
4. Accion:
this is basically for small loans. When you get turned away, they’re your best shot. They want to read unique business stories, weigh your strengths and take action depending on their perspective about your story. Although there are no exact requirements, they operate a flexible application requirement.
5. Kabbage:
also simple and easy to access, it accesses your finances and offers a business line of credit. In a few minutes, after accessing your accounting software, you can get a response to your application. With the different means of funding that Kabbage provides, you can choose to get a direct deposit to your bank or PayPal account, and you can choose to get their card (although processing and delivery could take a few days). Although you’ll pay a substantial fee to refund the loan, its incredible fast access to funds is a bonus.
While black people experience racial discrimination from traditional lenders, other things could get your application declined. It could be your lower credit score; you have no house as collateral or your business has slow prospects for profits. It could even be that your location isn’t strategic enough to better your business. All these choices are better sharpened if you have a clear business plan.