Despite black-owned businesses being one of the fastest growing business segments in America, research has shown that the group is less likely to receive loans than their counterparts. In addition, when a loan is received, the amount on average is lower and results in higher interest rates than non-black owned firms. Small Business Majority, an advocacy group that looks to help small business owners in financing decisions, has connected with Venturize to offer better options for black-owned businesses.
Venturize is a resource tool designed to help “small businesses gain access to critical resources on issues such as responsible lending, retirement, healthcare, and other benefits.” Today the toll has engaged an estimated 330,000 small business owners, helping them learn and connect with lenders “who offer various loan amounts, starting at $5,000.” These loans usually fall under $100,000 and are the type that many large banks have a harder time underwriting.
Venturize is an excellent opportunity for African American led businesses to learn about loan opportunities outside of the regular process. With a strong economy currently in place, now is a great time to seek a loan and start a business. If you’re looking to learn more about these opportunities check out http://www.venturize.org/