Minority Owned Small Businesses Struggle To Find FundingMinority owned small business seek resources and financing on the internet. Kathryn Johnson
Minority small business owners looking for resources, help or even a guiding hand are now turning to the World Wide Web for answers and relevant information on how to start or expand their business. According to the State of With such an increasing amount of minority small business owners hitting the pavement trying to find help, funding, guidance and overall information, it behooves financial companies to listen to their small business counterparts. There is a constant need to implement programs geared for the small business owner so that they can successfully start or grow their business. These businesses are the engines that move the economy forward and keep Americans working. Before a small business owner can get the needed monetary funding or capital to start or grow the business, there are a few important steps to complete. Small businesses must make sure they have the necessary paperwork and information in a comprehensive application presentation. Having the necessary resources available online is an extremely time saving tool which helps small business owners fill out only pertinent forms and presents the information in an easy to read and handy package. Business owners must make sure they have what lenders, banks, brokers or investors are looking for in an applicant. Small business owners must make their new business checklist, gathered from mbda.gov, which includes the following:
Nearly 3 in 10 business entrepreneurs start with no working capital, making it even more challenging to survive the first few years of business, according to the US Census Bureau. And as the African American community grows from 13% to 15% by 2050, new small businesses will start or grow, giving the financial market a boost in revenue. Helping the minority small business owner is beneficial for all lending institutions, communities, states and the federal government, because it all boils down to helping the bottom line of the American economy. About iBank.comBased in Costa Mesa, Calif., iBank.com, America’s largest online small business lending engine, has become a commercial marketplace for businesses seeking venture capital and angel investors, small business loans, equipment leasing, business insurance and commercial mortgage loans in real time. Formed in 1999, iBank.com utilizes advanced search engine technology, a do-it-yourself professional online digital loan package builder, and numerous other online tools for communication and connecting with more than 325 lenders nationwide for closing loans faster. The whole process, when compared to manually preparing separate loan packages, eliminates about two-thirds of the time and cuts 90% of the cost involved. |
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