Minority and Women Prequalification Program
If you're a minority or female small business owner, you're eligible for preapproval from the SBA. You may also receive help from a technical assistant in preparing your SBA application.
Who it's for
- Minority- or women-owned retail, professional and services firms with revenues less than $25 million, depending on the industry average
- Minority- or women-owned manufacturers, wholesalers and distributors, depending on the industry
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Loan uses
Minority and Women Prequalification Program loans can be used for
- Working capital
- Inventory
- Equipment
- Real estate expansion
Features
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Loan size. $Up to $250,000
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Terms. Working capital: 5-10 years; equipment: 5-10 years; commercial real estate: up to 25 years
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Interest rate. Does not exceed 2.75% above the prime lending rate
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Required collateral. Business assets, personal assets may be required
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Fees. Normal closing costs; bank processing fee: $250-$1,000; SBA fee: varies with loan size
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