Minority Owned Businesses Face Tough Lending Restrictions
In an article written this month on business.com Dan Blacharski reports, “The housing crash of 2008-2009 continues to have repercussions in the minority-owned small business community, for which business loans are increasingly unavailable. Frequently, these groups of excluded borrowers refer to non-white, non-immigrant citizens with marginal to severe credit woes. For minority business owners, that adds up to roughly 4.1 million companies with little or no access to business credit.” Blacharski goes on to say,
“Minority and immigrant entrepreneurs, finding themselves blocked by traditional lenders may turn to alternatives such as peer-to-peer lending, or alternative lenders with programs that specifically target these communities, and offer alternative methods of credit scoring.”
At Provider Web, many or our clients are forced into funding their businesses on the back of personal credit cards, which is never a good idea. Our non-traditional credit scoring models have allowed us to provide financing solutions to hundreds of clients who were unable to secure traditional business loans. Apply today and find the funding option that is right for your business.