Do I need MBE certification to qualify?

Not always. Kiva, Accion Opportunity Fund and Camino Financial don't require it. Some government programs and federal set-aside contracts do. Getting certified can expand your options significantly.

Can I get a minority business loan with bad credit?

Yes, in some cases. Kiva has no credit score requirement. Grameen America doesn't use credit scores at all. Accion Opportunity Fund looks at cash flow and tax returns holistically and works with scores as low as 600.

What's the difference between a CDFI and a traditional bank?

CDFIs are Treasury-certified nonprofits with an explicit mission to serve underbanked communities. They typically have more flexible requirements, access to government funds reserved for minority-owned businesses and offer services like coaching and credit building that traditional banks don't.

Are there grants specifically for minority-owned businesses?

Yes. The SBA's resource partners, the MBDA, and various nonprofits offer grants — free money that doesn't need to be repaid. Some COVID-era grant programs also remain available. Contact an SBA resource partner at sba.gov to find what's currently available in your area.

Is the SBA Community Advantage program still available?

The original pilot program expired on September 30, 2023. It has been replaced by Community Advantage Small Business Lending Companies (CA SBLCs) — mission-driven lenders operating under the standard SBA 7(a) program with a mandate to prioritize underserved markets. The product is effectively the same, but the licensing designation changed.