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Small business loan options for native american owned businesses

Native American business are facing unique financial challenges. We can help minority businesses to grow with a range of small business loan options. For more information, visit https://www.onlinecheck.com/blog/business-loans/small-business-loan-options-for-native-american-businesses/

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Small business loan options for native american owned businesses

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  1. SMALL BUSINESS LOAN OPTIONS FOR NATIVE AMERICAN-OWNED BUSINESSES • NATIVE AMERICAN • BUSINESS LOANS WWW.ONLINECHECK.COM

  2. The Analysis There are government grants available for Native American-owned businesses, but these are highly competitive. A small business loan is a more practical funding option that can help them start a new business on non-tribal lands. More and more minority businesses are starting in the United States. The number has increased to almost 11 million in minority-owned businesses with employees over 6.3 million and $1.8 trillion in annual revenue. About 1.6% percent of the U.S population reflects the Native Americans They collectively own about 300,000 businesses and its keep growing Even this increased number has not resulted in increased revenues and number of employees. With quick access to affordable financing options, Native American-owned businesses can scale their businesses with more revenues and employment opportunities. WWW.ONLINECHECK.COM

  3. DEBT-FREE GRANTS OPPORTUNITIES Debt-free financing options are important to business’s growth. With less debt, businesses can have more resources to focus on growth rather repay a small business loan. Here is a list of grant opportunities for Native American-owned businesses: U.S. Department of Commerce Rural Enterprise Grant Program There are also crowdfunding sites like kickstarter, Causes, RocketHub or Indiegogo where you can grow money for your small business. You can use a compelling story as an opportunity to share your business inspirations, goals and cultural root to the public. Administration for Native Americans U.S. Department of the Interior First Nations Development Institute WWW.ONLINECHECK.COM

  4. SMALL BUSINESS LOANS FOR NATIVE AMERICAN-OWNED BUSINESSES If you’re not able to qualify for a grant, a small business loan is your next best option. Before you apply for a small business loan, understanding the metrics like interest rates, loan usage, and the repayment schedule is important since all these metrics can affect your small business. Here is a list of the best Native American small business loans for 2019: 1 - COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) LOANS DFIs are private nonprofits financial institutions that provide funding, investment, training, and mentorship to small businesses in economically deprived communities. The main purpose of these CDFIs is to provide these distressed communities with an alternative to traditional lending. WWW.ONLINECHECK.COM

  5. SMALL BUSINESS LOANS FOR NATIVE AMERICAN-OWNED BUSINESSES If you’re not able to qualify for a grant, a small business loan is your next best option. Before you apply for a small business loan, understanding the metrics like interest rates, loan usage, and the repayment schedule is important since all these metrics can affect your small business. Here is a list of the best Native American small business loans for 2019: 2 – U.S. Department of the Interior Indian Loan Guarantee Program The U.S. Department of the Interior (DOI) provide funding to Native American-owned businesses via an Indian Loan Guarantee Program. These loan programs provide long-term loans at lower interest rate to federally recognized American Indian and Alaska Native tribes and individuals enrolled in such tribes. In order to qualify, the business owner must have 51% share in ownership, with 20% down payment and the product/service must assist the economy of the tribal area or the reservation. WWW.ONLINECHECK.COM

  6. SMALL BUSINESS LOANS FOR NATIVE AMERICAN-OWNED BUSINESSES If you’re not able to qualify for a grant, a small business loan is your next best option. Before you apply for a small business loan, understanding the metrics like interest rates, loan usage, and the repayment schedule is important since all these metrics can affect your small business. Here is a list of the best Native American small business loans for 2019: 3 – U.S. Department of Agriculture Business & Industry Loan Guarantee The U.S. Department of Agriculture (USDA) provides funding to Native American-owned businesses via Business & Industry Loan Guarantee Program. These small business loans are available in any rural community with easy eligibility criteria. In order to qualify, the business should be located in a rural area with less than 50,000 inhabitants and some collateral to provide a cushion for the lender’s interest in the loan. The USDA guarantees loans with cash up to $25 million, and terms up to 30 years depending on the loan usage. The interest rates are typically lower than market to assist rural businesses to get started. WWW.ONLINECHECK.COM

  7. SMALL BUSINESS LOANS FOR NATIVE AMERICAN-OWNED BUSINESSES If you’re not able to qualify for a grant, a small business loan is your next best option. Before you apply for a small business loan, understanding the metrics like interest rates, loan usage, and the repayment schedule is important since all these metrics can affect your small business. Here is a list of the best Native American small business loans for 2019: 4 – U.S. Department of Energy Loan Guarantee The U.S. Department of Energy (DOE) also provide funding to Native American entrepreneurs via a Tribal Energy Loan Guarantee Program that primarily focuses on tribal energy development projects. Every energy-related projects like fossil energy production and mining, renewable energy, transmission infrastructure, and energy storage are eligible to apply for funding. WWW.ONLINECHECK.COM

  8. SMALL BUSINESS LOANS FOR NATIVE AMERICAN-OWNED BUSINESSES If you’re not able to qualify for a grant, a small business loan is your next best option. Before you apply for a small business loan, understanding the metrics like interest rates, loan usage, and the repayment schedule is important since all these metrics can affect your small business. Here is a list of the best Native American small business loans for 2019: 4 – U.S. Department of Energy Loan Guarantee The U.S. Department of Energy (DOE) also provide funding to Native American entrepreneurs via a Tribal Energy Loan Guarantee Program that primarily focuses on tribal energy development projects. Every energy-related projects like fossil energy production and mining, renewable energy, transmission infrastructure, and energy storage are eligible to apply for funding. WWW.ONLINECHECK.COM

  9. SMALL BUSINESS LOAN TYPES Here are the most common types of small business loans for Native American-owned business owners! Small Business Administration (SBA) Loans Microloans Business Credit Cards Short-Term Financing WWW.ONLINECHECK.COM

  10. SMALL BUISNESS ADMINISTRATION (SBA) LOANS The U.S. Small Business Administration (SBA) provides the most reputable government loans guarantee program. SBA loans are available to type of small business, and among many, one of the agency’s goals is to help businesses in economically deprived communities. SBA loans offer lower interest rates and long repayment terms of 10-20 years, since they are guarantee by the government. The SBA 7(a) loan is the most popular loan program that offers cash up to $5 million for a variety of purposes, such as working capital, equipment purchases, business acquisition, construction, and refinancing. WWW.ONLINECHECK.COM

  11. MICROLOANS Microloan is another funding option for minority-owned businesses, which provide small amount of seed capital under $50,000 to get started with. The eligibility criteria is simple, you just need to have a decent credit score of 600+ as well as a proof of your ability to repay the monthly payments. Even startup businesses can qualify for microloans and there’s no down payment condition. Microloans have a high interest rate range of 10% to 16% based on the borrower’s creditworthiness as compared to SBA loan rates or DOI loan rates. Moreover, you can use these loans for almost any purpose including expansion, inventory, supplies, hiring, and marketing. WWW.ONLINECHECK.COM

  12. SHORT-TERM FINANCING If you need quick funding with low credit score, a short-term loan can be a savior. In order to qualify, you need to be in business for several months and have revenue of $4,000 each month, even with low credit score. The repayment terms is between three to 18 months with daily or weekly repayment schedule. Short-term loans are perfect for short-term needs like purchase inventory or supplies, payroll, and other short-term needs. WWW.ONLINECHECK.COM

  13. BUSINESS CREDIT CARDS Business credit cards are another quick and expedient funding solution like short-term loans. You can also apply for a business credit card even if you don’t have a business setup and running. The best thing about business credit cards is that they have higher limits and better rewards points as compared to consumer credit cards. With an excellent credit score, you can have a business credit limit of $50,000 or more. WWW.ONLINECHECK.COM

  14. TIPS TO STRENGTHEN SMALL BUSINESS LOAN APPLICATION Here are few tips to help you strengthen your small business loan application: Create a strategic business plan if you want to apply for SBA loans, DOI loans, and bank loans. Consider it an essential element of your loan application even if its not required by a lender. A business plan manifest how realistic you are about revenue, profit, expense projections, and exactly how much you need to borrow. Keep trying to improve your credit score. The better your credit score is, the quicker you will be approved for a loan. It also helps in getting you more credit range along with lower interest rates. If you have upward trajectory in revenue, lenders are more willing to lend you money. Even if you’re a startup, your focus should be on expanding your products/services and on getting paying customers. The more sustainable your business success is with positive financials in the long term, the more likely you will be qualified for a small business loan. WWW.ONLINECHECK.COM

  15. NATIVE AMERICAN BUSINESSES CAN THRIVETODAY! Running a business is challenging, especially for Native Americans business owners, but if you work intelligently and search for resources at the right place, you will find a great deal for sure. WWW.ONLINECHECK.COM

  16. HOW MERCHANT ADVISORS CAN HELP? Merchant Advisorsis an alternative lender helping small businesses with the aim to assist small businesses owners with the financial tools to thrive and improve small business community. Whether you’re just starting in the neighborhood, or on tribal land, Merchant Advisors can help small business owners conquer the challenges facing Native American-owned businesses. WWW.ONLINECHECK.COM

  17. THANK YOU WWW.ONLINECHECK.COM

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