fast small business loans

According to the 2000 U.S.

Census, ethnic minorities prise 90% of the nations population over the next 50 years--representing more than half of the country.

This population boom has spawned a rapid growth of minority-owned businesses, which have grown twice as fast as all U.S.

firms over the past five years.

To assist these emerging panies, the Small Business Administration SBAlaunched a variety of lending programs, such as the 7A Loan Guaranty Program for small businesses and the Certified pany 504 Loan Program to finance fixed assets, such as facilities or machinery.

From 1998-2001, the SBA issued on average less than $10 billion per year worth of 7A loans to small businesses, while minority firms received on average less than $3 billion per year, which represents 24% to 26% of the total number of loans.

African American enterprises were the second-lowest recipients of these loans.

We respond to demand, says Mike Stamler, spokesperson for the SBA.

We have been encouraging all minority entrepreneurs to apply to these programs.

But Asian Americans applied in greater numbers [throughout the four years].

Of course, what kind of belt-tightening will occur in the wake of the September 11 attacks is anyones guess.

But minority entrepreneurs may have to start tapping more innovative capital resources i.e.

minority-focused venture capital funds munity-based securitization programs to maintain their cash flow.

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