Since 2007, more than 8 million minority-owned firms have launched small businesses in the US. In fact, minority small business owners are represented in every industry sector, according to the US Department of Commerce.
Lenders have taken notice. Funding options abound for minority business loans.
What Defines a Minority-Owned Business?
How does a minority-owned business qualify for a loan? What if the businesses are single proprietors, owned by minority entrepreneurs?
Here’s the definition:
A minority-owned business is one with at least 57% owned or controlled by one or more minority individuals.
