The SBA (Small Business Administration) has provided more than $330 million in loans to African American female entrepreneurs this year. If this is something you’re interested in and need an exceptional business cash advance bad credit, you’re at the right place.
SBA Loans &Business Cash Advance Bad Credit
The agency’s basic funding program called 7(a) Loan Program has approved African American female business owners for 1.412 loans ($334.1 million.)Thus, the number of loans approved rose by5%, and the dollar amount for fiscal years 2018/2019 accounted for about 30% growth, as compared to 2016 and 2017.
Many U.S. African American female entrepreneurs start a business and take it to the next level thanks to the mentioned loans. Tameka Stigers is one of them: she has been able to provide many members of her community with employment opportunities.
However, when considering a business funding option, you should shop around and weigh out all the available opportunities so to come up with the best one for your own case. Very often, business funding from a respectable alternative online lender proves to be the best option for many female entrepreneurs, especially if you need a business cash advance bad credit.
Business Funding for Female Entrepreneurs
The National Women’s Business Council reports thatbanks or other financial institutionsapprove 5.5% of businesses owned by female entrepreneurs in the U.S. In comparison, the percentage of male-owned businesses makes up 11.4%.
In September 2019, the SBA’s 7a and 504 loan programs approved 1.192 loans ($740 million) for businesses run by female entrepreneurs. Thus, the number of loans approved increased by 9%, and the dollar volume rose by 7% as compared to the 2018’s same period.
Moreover, in 2019, African American women entrepreneurs got over $9.6 million in loans from the agency. The dollar amount rose by 17% from the previous yearand by 34% from 2017.According to the SBA’s Associate Administrator for the Office of Capital Access, the 504 Loan Program registered a rise of 10% in the amount projected to provide women throughout 2018.
To sum up, more than $330 million in business loans have been approved by the SBA for African American female business owners in 2019.
Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their business cash advance bad creditsolutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.