Advice about small Business is widely dispensed, and often without the intent to improve performance. Unfortunately, there are some unscrupulous individuals out there that have a sincere interest in helping minority business owners succeed. They offer advice about how to structure a business so that it will attract a specific type of clientele. These folks would much prefer that the business owner succeed rather than see him fail.
If you think you may be eligible for a loan modification with a Bank of America or Countrywide loan modification, you may wish to consider applying for an ethnic minority loan program. These programs are available for small businesses that are owned and operated by minorities. Qualifying for this unique program requires good credit, a great income and proof that you have the proper plans for running your business. A loan officer at a Bank of America or Countrywide bank can explain the eligibility requirements and can recommend an appropriate program for you.
The success of ethnic minority small business development depends on several factors. It may be that the loan officer does not fully understand the needs of the applicant. In this case, the borrower should ask the officer questions. This information is especially critical when it comes to proving that you will be able to repay the loan.
Advice about small business development may also come from other experts in the field. For example, a former head of the FDIC (Federal Deposit Insurance Corporation) may have good insight into the needs of minorities. Alternatively, you may find information about starting a business in the minority community that provides information not directly related to your own interests. Your local chamber of commerce and other organizations can help you find support, advice and referrals for small business development programs that are specifically tailored to your community. Learn more information about Small Business Insurance Quotes Online.
When you apply for federal government financial aid for business pursuits, you will be given a choice between applying for either need-based or merit-based grant amounts. The difference between these two options lies in the amount of money that will be provided for your individual needs. For example, low income minority individuals and other socially disadvantaged minorities will almost certainly be granted more grant amounts than similarly situated individuals who do not belong to any ethnic group. In addition, grant amounts are based on need, so the more the funds are needed, the higher the awarded amounts will be. This means that in general, ethnic minority individuals will receive larger amounts of aid than similarly situated white individuals.
As with any type of grant, eligibility is determined by the filing applicant’s detailed application and financial documents. However, an important consideration is that some minority grant amounts vary according to the numbers of minority members in a community. While there are several ways to apply for federal financial aid for small businesses, your local small businesses association could be of assistance to point you in the right direction.