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We want them to…make safe and sound loans. ” Regulators are emphasizing a back to basics approach to underwriting. As Federal Reserve Chairman Bernanke explained, “Our guidance is very clear. You shouldn’t be rejecting loans because of the industry or because of the geography, or some category. You need to look at each individual business…the only way to make loans is going to be by doing the work. ” Some forum participants also highlighted the availability of alternative sources of credit.

how to apply for minority business loans

” Banks naturally tightened their lending standards as a result of the recession.

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is a business loan tax deductible Warner, U. S. Senator, Commonwealth of Virginia; Thomas D. Bell, Jr. , Chairman of the U. S. Census Bureau reports that during the economic expansion from 2002 to 2007, the number of businesses owned by minorities increased 45 percent, led by African American owners, who experienced a 60 percent increase in businesses owned. White owned firms increased only about 13 percent during this period. While minority owned firms now account for more than 20 percent of businesses, they remain relatively small, employing only around 5 percent of the nation's employees. The vast majority of small businesses are seeded with the personal or family savings of the founder. While the scale may differ, the reliance of savings differs little across ethnic groups.

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Accounting forms the backbone of any business, as without sound finances, a company cannot hope to perform well.

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The "Good" loan approval are relatively fast within 36 hours and revolving loans up to 7 years with maturity extensions are allowed.

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