Starting a new business or owning an established one comes with its challenges, especially today when the world economy is faced with COVID-19. These challenges are even greater for the entrepreneurs representing Black merchants and minority groups. This article will tell you about business financing opportunities for Black-owned businesses and how eMerchantBroker.com can help you with exceptional merchant services.
Funding Opportunities for Black Entrepreneurs: eMerchantBroker.com
Many Black entrepreneurs have difficulty obtaining bank loans and getting access to business funding from an alternative lender these days. The Federal Reserve reported that small businesses run by Black entrepreneurs were half as likely to get access to business financing as whites early this year.
Now, Black businesses can now apply for funding offered by an Atlanta nonprofit and another business as the most recent effort to support Black consumers and businesses. The amount makes up $150 million to the 1 Million.
Of course, this hasn’t been the only option to apply for: this is just the latest one. You can find many programs meant for African Americans. Only, like any other business financing opportunity, they come with limited terms and scope to cover the necessary expenses.
The good news is that Black merchants can apply for alternative funding options such as those offered by trustworthy merchant services providers like eMerchantBroker.com. With an expert merchant services provider, both Black and White business owners can be sure to obtain the most secure and cheapest merchant processing and funding services that are the best fit for your own companies.
COVID-19 Impact on Black Businesses
COVID-19 has severely affected Black- and White-owned businesses. As you know, businesses affected by the current crisis were offered a $660 billion loan initiative by the federal government, called the Paycheck Protection Program or PPP.
Nearly 58% of Black-owned businesses were already faced with financial risks before COVID-19. From February to April 2020, 41% of these businesses in the U.S. were forced to close their doors because of COVID-19.
So, the number of Black businesses is growing. This means more and more African Americans are searching for business financing to start a business or take the existing one to the next level. Even if you, as a Black business owner, don’t qualify for a specific funding program, you can apply to a reputable alternative online lender in the U.S.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker.com, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.