Small Business Loans for People of Color

As an entrepreneur of color, you may face significant obstacles to receiving small business financing. Despite minority-owned businesses representing nearly 15 percent of all small businesses in the U.S., these businesses are less likely than white-owned businesses to secure funding, more likely to be approved for smaller loan amounts and often pay higher interest rates.

There is a significant opportunity gap for businesses owned by people of color, which often struggle with finding access to fair capital. This essential component to launching and growing your small business remains one of the most significant barriers for business ownership among people of color.

The process of finding and securing traditional small business loans can be challenging. Connect2Capital can help fulfill business financing needs when traditional lenders aren’t an option.

As you look for business growth opportunities like hiring new employees and increasing revenue, it’s important to work with a lender as committed to your goals as you are.

Which type of small business loan is right for my business?

Whether you’re looking to build inventory, cover payroll, buy equipment, or launch a new marketing campaign, there’s a funding option out there to help you accomplish your small business goals. But before you decide which type of funding is right for your business, you’ll need to have a thorough understanding of what each one is and how they work.

Learn more about loans that may be right for your small business. 

How can I use a small business loan for my business?

You can use your small business loan to cover multiple costs, but it’s important to carefully consider the implications of taking on debt before you do. Only apply for the funding you need, when you need it, and have a plan to pay it back as quickly as possible. If your business needs funding, our network of mission-driven lenders may be able to help.

But before you take the next step, be sure you have everything you need to proceed. Creating a plan of action for how you’ll use and pay back your small business loan before you apply will help increase your approval chances and better position your business for success.

About Connect2Capital small business loans for entrepreneurs of color

Connect2Capital helps level the playing field for entrepreneurs of color by connecting them to responsible, fair, and mission-driven lending partners committed to making small business loans for people of color more accessible. Business owned by people of color turn to Connect2Capital when traditional funding isn’t an option.

Why? Because we believe that every business owner—regardless of current circumstances—deserves the resources, tools, and guidance to get ahead. We invite you to explore our community, resources, and programs designed to support business owners on every step of their journey.

Your future is not only out there, it’s just around the corner. And it starts by connecting to a small business loan through Connect2Capital today.