Being Prepared Is Key When Applying For A Minority Startup Loan

Online, August 11, 2011 (Newswire.com) - A new business rarely has the resources needed to get things started - particularly if those funds have to be self-provided. But for minority entrepreneurs, there are some services that offer help in finding the needed funds. These resources are available to every minority startup.

The first place you want to look is the Small Business Administration. The SBA can provide you with many resources, including minority business loans, and can even assist a business owner with creating his business plan.

If you can't find the startup business loan you need with the SBA, you can also look to some federal resources. The Minority Business Development Agency can provide information and resources to small business owners, as well as funding.

In addition, there are nonprofit organizations that lend specifically to minority entrepreneurs. These resources can be found through the MBDA.

If you are a minority business owner and you need a startup loan, the first place you should start is with your business plan. No matter which lender you turn to, you will find that they will all start with a look at your plan.

Be sure to get a copy of your credit report, and make sure there are no errors and that your report is as clean as possible. Your credit score will play a huge role in whether you get the startup loan you need, as well as in the terms and rate. You'll also need to provide a list of your assets to the lender, so that the lender sees you have collateral.

Last, be prepared. Before you go see a lender, get a firm grasp on your business plan, as well as your product or service, and the market in which you will operate. Be prepared to explain how you can guide your business to turn a profit, and how quickly you believe you can make this happen.

Any lender you go to will want to be reassured that you have what it takes to make your business a success. Be ready to show them how.