Minority-Owned Businesses
In 2020, nearly ⅕ of small businesses in the USA were minority-owned. No matter how large your business is or what industry you operate in, you can surpass your competition and grow your minority-owned business with up to $250,000 in working capital from NextGen Capital in as little as 24 hours.
Fast, Easy Small Business Loans for Minorities
Lack of working capital and limited cash flow are the most common challenges reported by minority-owned businesses. Sometimes your business needs an infusion of working capital to meet the challenges of your industry, outshine your competition, and seize opportunities to grow or expand, but many minority-owned businesses have trouble getting the funding they need from traditional lenders. If funding from a traditional lender is approved, it is often for lower amounts with higher interest and shorter terms.
With a simpler application, faster turnaround, and flexible approval requirements, NextGen Capital can fund more minority-owned small businesses in as little as one business day. We offer several types of small business funding for minorities, from as little as $3,000 up to $250,000. We fund all industries, including healthcare businesses, medical practices, law firms, retail stores, business services, restaurants, and more.
How To Use Small Business Funding for Minorities
Funding Range | up to $250K |
Setup Fee | $349 minimum or 4% of funding amount |
Funding Disbursement Fee | $75 USD for US-based entities |
Term US States & Territories: | 1st Position: 3 – 15 months 2nd Position: 3 – 9 months |
Minority Business Loans Solutions
will help you achieve your goals without compromising your business’s cash flow.
Merchant Cash Advance
You get working capital when you need it. We’ll receive a percentage of your daily or weekly credit card sales until the advance is repaid.
Invoice Factoring
Sell us your pending invoices in exchange for the net amount in cash. You’ll receive the balance of the invoices’ value when we receive payment (minus our fee).
Collateral Loan
A secured loan that uses commercial real estate to reduce risk. Because the loan is secured, you may be approved for larger loan amounts with lower rates and fees.
Business Line of Credit
Borrow as much or as little as you need without the obligation of a fixed term loan. Draw and repay as you go, and only ever pay interest on the amount you've borrowed.
How To Use Small Business Funding for Minorities
There are no restrictions on how you can use alternative small business loan for minorities. Business funding for minorities are most ideal for supporting growth initiatives that will increase your business’s revenue, such as:
- Hiring staff so you can expand services and take on more business
- Purchasing new equipment or technology
- Renovating or remodeling your space to offer a more comfortable environment
- Expanding your business or acquiring another business
- Building a new website or expanding your existing online presence
- Purchasing raw materials or inventory in bulk at lower prices
- Investing in continuing education and training
- Energizing your marketing and advertising to bring in more business
Business Loans for Minority Eligibility Requirements
Minimum Revenue | $10,000 / month |
Length in Business | 5 months or more (Michigan requires 1+ year TIB) |
Ownership % | Minimum of 51% Ownership |
Personal Credit | US FICO 500+ |
Business Activity | At least 2 transactions per month |
Bank Balance | Positive average bank balance |
Overdrafts & NSFs | Fewer than 25 overdrafts/NSFs in 3 months, and less than 20 negative balance days |
Entity Types | All entity types, including sole proprietorships and non-profits |
Will You Qualify For Minority-Owned Businesses Funding
Exact qualification requirements depend on the type of funding you are seeking. NextGen Capital doesn’t base approval solely on your credit score or financial history. Instead, we consider the overall health of your business, including:
- Business revenue
- Cash flow
- Vendor payment history
- Years in business
- Public records
- Pay for professional development courses for you and your team
How Accounting Firm Funding Works
FAQ about Minority Loans
Hiring new employees is a great way to use your accounting firm’s funding for the long-term growth of your business.
We have a very simple application process, with same day funding available. To get started, fill out our one-page application form or speak with a Funding Advisor.
Traditional lenders can take weeks or months to review and approve your loan application. If you’re looking for a way to streamline your cash flow, as an alternative lender, we have different approval requirements and can approve funding for accounting firms. We can provide you with the funds you need to cover project expenses, operating costs, and more, often in less than 24 hours.
There are many ways you could use your funding, depending on your industry and your business goals. Some uses of funding for an could include equipment and software purchases, marketing and advertising expenses, expansion costs, and much more. Make sure to consult with one of our Funding Advisors to ensure you are using your funding in the most efficient and effective way possible.
There are no restrictions on how your funds can be used. We have a very simple application process, with same-day funding available. To get started, fill out our one-page application form or speak with a Funding Advisor.
A merchant cash advance is one of our popular funding options. We recommend you speak with one of our knowledgeable Funding Advisors—they can help you explore all of the available funding solutions for your business.
