Small business funding for the minority-owned business is still challenging, but there are options to consider that can bridge any startup gaps and help you scale.
In this article, we will explore options and provide entrepreneurship tips for starting a small business if you have a minority-owned business.
Entrepreneurial Help with Small Business Funding Options
Reports show that small business funding for minority-owned businesses is still lagging behind non-minority companies. One study from the Federal Reserve Banks of Atlanta and Cleveland shows:
However, there are signs these trends are changing; there is an increasing number of minority-business owners in the United States today. If you’re considering starting a small business, look to these resources geared for the minority business owner:
Fund Your Own Dream with Your Own Money
If you’d prefer to avoid debt but have retirement established, 401(k) funding may be an option for your business that you might not have considered. These rollovers allow you to draw money from your retirement account to fund a small business without an early withdrawal fee or tax penalty. They are an option for the minority business owner—and something with which Benetrends Financial can help you.
For more than three decades, we’ve assisted thousands of small business owners in starting and growing their dreams. We offer retirement fund management, legal services, insurance, SBA loan guidance, and more. Our startup and existing business loan programs can help you achieve your goals. To find out more, download Innovative Funding Strategies For Entrepreneurs.
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