The COVID-19 pandemic is hitting minority and women-owned businesses hard. Even with certain areas opening ahead of a fully-flattened curve, businesses still need capital to make payroll and keep operations running. Paycheck Protection Program (PPP) loans offer relief in these times, but women and minority small business owners are facing challenges when applying.
Challenges Facing Minority and Women-Owned Businesses
Once PPP loans were announced, large businesses seemed to jump to the head of the line, which edged out smaller entrepreneurs. The big rush caused the funds allocated for PPP loans to run dry, and even businesses that were already approved for financing were stuck in a holding pattern. Additionally, large lenders prioritized larger clients for PPP loans instead of focusing on small businesses that truly depended on relief and recovery financing. High fees for loan application and processing further marginalized women and minority small business owners who were already impacted by the pandemic. In short, small business owners need a more accessible way to get the relief and recovery financing they need.
Small Lenders Help Small Businesses
Minority and women-owned businesses need solutions, not barriers to entry. While large lenders and banks were reaching out to large corporations, women and minority-owned businesses were marginalized. Small lenders are not beholden to the red tape of traditional lenders, which means they can process loans quickly without bureaucratic delays. Small lenders also understand the needs of small businesses better and are willing to listen so they can present solutions that will help women and minority-owned businesses reach their goals. Small lenders can also process PPP loans so that entrepreneurs can get the relief and recovery financing they need to make it through this period in time successfully.
Working with Women and Minority-Owned Businesses
Nanaki Capital works with minority and women-owned businesses to deliver affordable financing solutions quickly. Whether you need working capital, a boost in cash flow, an additional business line of credit, or a PPP loan, we can help. Our team works to provide financing solutions to women and minority-owned businesses because we understand that communities thrive with the success of small businesses. Contact Nanaki Capital today to get the financing your business needs.
