However, there are more avenues available for financial help and funding for women and minorities in business, thanks to government agencies stepping in, as well as lenders that work with them.

Small Business Administration
One of the best options for any small-to-medium business owner has always been the Small Business Administration . This is just as true for women or minorities, and the SBA provides a great source of both financial help and advice in putting together business loans, proposals, which lenders to use, etc.

Minority Business Development Agency
Similar in structure and aim of the SBA, the Minority Business Development Agency , or MBDA, is targeted more at the minority-owned businesses. For anyone that falls into that category, the MBDA works with lenders throughout the country to offer you financial help that is relevant to your business. These include the Native American Business Development Centers, Minority Business Development Centers, and more.

Small Business Development Centers
In association with the SBA is the network of Small Business Development Centers . These can be found in every state across the US, and offer invaluable help and advice when it comes to starting up a small business. Once you have that behind you, then you can move onto the next step and look at either the SBA or MBDA for further help and financial backing.

Lending Services
As well as the government backed agencies like the SBA and MBDA, there are a few other options available for women and minorities looking for business funding. For example, certain lenders and financial institutes have dedicated services and advisors that deal solely with this area.

One such lender is Prosper.com , which can offer you business loans through a unique approach. Lenders actually bid to offer you the money you need – the lowest bid wins, and then you repay that lender over a three-year period. It’s an extremely useful way to get a short-term loan to help your fledgling business.

Non-profit Organizations
Another option open to you if you’re a minority or woman business owner are dedicated lenders and business advisory organizations, but from a non-profit viewpoint. The beauty of a non-profit company offering advice is that you know it will be generally impartial, as there’s nothing in it for them. Organizations such as the National Minority Business Council , the National Association of Women Business Owners and the National Urban League are all excellent sources of information and funding for minority and women-owned businesses.

For this reason, several laws and organizations have been set up in order to ensure that minority groups, including women, have access to the wages and funds they deserve.

In fact, the government has stepped in and specifically developed a plan to assist minorities and women in setting up their own business. The program is developed and run by a federally created body known as the Minority Business Development Agency .

It is this agency which runs the different centers across the country from which entrepreneurs of different minority backgrounds, as well as women, may turn in order to start and grow a business.

There are several services which the MBDA and its various centers provide, but the most frequently used is their loan program. It’s important to note that these are not grants but loans; as with any loan, they must be paid back to the lending agency within a certain time period. These loans can be used to start up or to expand a business that is owned primarily by a woman or a person of a visible minority.

The loans themselves vary in size, and will usually be determined by the credit history of the person applying; again, no different than any other type of loan. First, though, you will have to put together a loan application package for the Small Business Association. There are a few specific criteria:

* You must have already been turned down for a regular loan by a bank or lending company.

* A guaranty is required.

* The business must operate in the United States.

The loan may be approved for up to $250,000, and terms range from five to twenty five years.

Once you have been approved by the SBA , the next step is to once again return to the lending companies (remember, you will have had to have been turned down by these people once already). With your approval from the agency in hand, you will have little trouble getting approved this time, particularly from banks with a commitment to the minority business development, such as Wells Fargo.

Any lending company who you approach needs to be approved of by the SBA, which is a great way of getting your short list together. Most will have their own set of further criteria, so make sure you look at that before going in.

A minority business loan makes it a little bit easier to expand or start up a business if you are a member of certain groups. It is well worth taking advantage of, as it is a resource that other businesses do not have access to.