There’s one major question that nearly everyone faces when starting a small business or startup: Where are we going to get the money? One option is a small business loan.
In general, a small business loan is any loan that exists to help a small business or startup with little to no business history. While there are a range of financing options for small businesses and startups, let’s take a look specifically at SBA small business loans.
A SBA small business loan is a loan that is backed by the Small Business Administration (SBA). Founded in 1953, the SBA is a federal government program that provides support to small business owners in the form of mentorship, workshops, counseling, and small busine...
Looking for minority business loans? You’re not the only one. It’s no secret that the tech world is overwhelming male and overwhelming white. Study after study has shown that not only do underrepresented groups pitch less to angel investors and venture capitalists, they also receive less money when they do pitch. And when it comes to loans? Same problem. Underrepresented groups consistently receive less money than white men on loans.
For example, a 2014 study from researchers at Brigham Young University recruited nine “mystery shoppers” to go and seek small business loans. Three were black; three were Hispanic; and three were white. They all wore the same clothing, had nearly identical backgrounds, and asked for $60,000 for identical busine...
Women are starting businesses at impressive rates — but they’re still not getting as much money to fund those new businesses and startups as men are.
According to research from Kaufman, 40 percent of first time entrepreneurs in the United States are women. Even more impressive? The number of women-run businesses in the US is growing at twice the rate of man-owned businesses.
But women aren’t getting nearly as much money for those businesses as men are. In the startup world, women founders got only 2 percent of VC funding in 2017.
That means women are forced to look to other money sources when they’re looking to launch a startup or small business. And many are looking specifically for business loans for women.
However, there aren’t actually...