Sign up for email updates from SBAReceive helpful business tips and upcoming events in your area.


Privacy Policy
Log in to SBA.gov:
Enter your SBA.gov username.
Enter the password that accompanies your username.

Community Header Banner

Affordable Loan for Minority Own Business

by caribsa, Performer

  • Created: May 16, 2010, 11:43 am
Share:
2 comments

My father has a Store (CD/DVC, Beauty Products), Telco, and a Money Transfer/Check Cashing place.  All the businesses are under 1 location where he's renting a big portion of a building.  He had 6 employees but now down to 2.  He was also into real estate and lost a lot of money since real estate in South Florida is down the tube (he's in Miami).  My Dad is from the Carribbean but now a US citizen so major part of his clientelle are foreigners.  The biggest money makers are the check cashing/money transfer business but he has a cashflow problem so he's not been able to substain his business.  He needs capital to cash checks.  Since he also let go of his real estate business, I don't know if this will affect what type of loans he can get for the businesses that he's trying to hold on to.  I need advice of where to look since he needs help ASAP.  Thank you

Tags: Discuss Popular Topics, Loans & Grants
‹ Small Business startup grant Government Grants ›

phanio | Contributor | 5/18/2010 - 9:24 am

Good tips about micro credit - you might also look into peer-to-peer loans - both are good if you are seeking under $50K. There are also non-bank private lenders that may fund your father's needs provided that your father's business is still earning revenue. Do know that in today's market - getting an all inclusive loan is extremely difficult - but, if you can break down your funding needs - then seek out lenders who only deal with those types of products - kind of like taking baby steps. Laslty, if your father has current loans outstanding - there are loan modification programs out there that might be able to help him.
Professional Web Site: http://www.businessmoneytoday.com/

JamieD | Former Moderator | 5/17/2010 - 8:40 am

Hi caribsa - In today's economy, securing a loan can be difficult but not impossible. There are many options that you should look into for your father's business. SBA's Microloan Program may be a good option. It offers small (Up to $35,000) loans to business for almost all business purposes. For more financing options, check out I Need Money - Where Do I Get It? There are several alternative financing options that are available for people with poor credit scores that can be used for all sorts of purposes. Also try using our Loans and Grants Search Tool to set specific criteria and see which programs are available in your area. Good luck and we hope you'll continue to use the community to share your progress!