Women now make up 49 percent of small business owners in the United States, but they still face funding challenges when starting or expanding a venture. As such, there are special business loans for minority women designed to provide a funding boost for the entrepreneurs behind these businesses. These loan products have less strict lending standards than standard Union Bank small business loans and offer more favorable interest rates and repayment terms.

There are also numerous state-based programs designed to help Black, Latino and other minority business owners in particular. These are often provided by state government, corporations based in a given area and community banks. They can often deliver quicker turnarounds and a more local focus.

Beyond these programs, there are several other types of financing for women business owners, including microloans and equipment financing. Many mission-based nonprofit organizations, such as Grameen America, offer these types of loans to entrepreneurial women who may not have access to other forms of funding. Microloans are typically small and come with a predetermined payment plan, with the option to draw more funds in a future period.

Another popular financing option is equipment financing, which allows a business owner to purchase new or used equipment and pay for it over an agreed upon term. This is a good option for those needing money to buy new technology, upgrade existing equipment or replace worn out equipment. This type of financing can often be received in just a few hours, compared to weeks at a bank. business loans for minority women

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