Obtaining small business loans has always been a trial for women of color have it harder than most. In the past few decades the number of women entrepreneurs has increased and is changing the face of small business in America. A lot of viable small business never gets off the ground because the loan applicant is a woman of color. Although it has changed some it is still a rather daunting prospect for a woman of color realizing the attitudes toward giving small business loans to women. The advent of government incentives to banks has made it possible for some women to get their foot in the door.
Small business loans are being given to women of color from a variety of sources. There are organizations national and international, non-profit and profits are showing more favor to women of color now than ever before. The problem now is hearing about these opportunities before they are gone. Finding what organizations have money to lend, when and how is the battle. There are thousands of applicants for every announced opening for small business loans geared toward women. You have to be diligent and watch the various sites and contact the SBA often to keep on top of these opportunities.
No longer are banks and lending institutions disparaging the creditability of these women of color. Most of the women are exhibiting better savings practices and have better credit scores than their male counter parts. Of course every silver lining has its cloud and these small business loans are no exception. There are studies that show that the prejudice against women entering into business still exists. This may account for the fact that most loans given to women are at higher interest rates and shorter payback times than those given to businessmen. Still ladies of all colors are getting their moment in the business arena.