February 11, 2009

Micro Loans for Small Businesses

According to the Center for Women's Business Research, women of color start businesses at three to five times the rate of other groups. One of the primary obstacles to growing their businesses to the same level of success as other groups is gaining access to capital. Further research indicates that women business owners that do obtain capital make an average of four attempts to obtain a bank loan or line of credit and more than 20 attempts to obtain equity capital.

Access to capital is key to the success of small businesses. If you own a small business in the District of Columbia and need access to capital, you may want to consider applying for a micro loan. DC Government just announced a pilot micro loan program. The loans are restricted to certified business enterprises (CBE) but you never know, this might be the one attempt that works in your favor. Click here for more details and application instructions.

1 comment:

Debra Stokes said...

Great info for small businesses. Thank you for the post.