BCF partners with leaders of NMSDC's regional affiliates and the MBDA to provide competitive financial products and support businesses owners of color.
NEW YORK, June 15, 2023 /PRNewswire-PRWeb/ -- As the Juneteenth holiday weekend comes upon us, Business Consortium Fund (BCF), regional affiliates of the National Minority Supplier Development Council (NMSDC) and the MBDA today announced the launch of a new loan program entitled "Fueling Tomorrow's Growth for MBEs." This initiative is designed to help business owners of color access the capital and financial resources needed to grow their businesses and close America's racial wealth gap. BCF and NMSDC regional councils are working together to promote the loan program and help minority business enterprises (MBEs) thrive and prosper.
"Fueling Tomorrow's Growth for MBEs" program offers competitive loan products for business owners of color. These include:
- Business Loans. Ideal for business owners of color seeking access to capital to grow their businesses. Loan amounts range from $100,000 to $1 million+.
- Micro Loans. Tailored to the distinct needs of small businesses or small projects, micro loans offer modest funding for business growth or sustainability. Loan amounts range from $5,000 to $100,000. Interest rates start as low as 3 percent.
"I am delighted to partner with the NMSDC regional councils as we support the growth and development of minority-owned businesses across the country," said Business Consortium Fund President and CEO Sahra S. Halpern. "At BCF, we believe that providing access to capital and financial resources is critical for MBE growth. That's why we're committed to offering competitive loan products and services that cater to the unique needs of business owners of color. And, I'm pleased to share that we have not raised our rates, despite current challenging economic times."
Minimum pre-qualification criteria:
- At least 51% ethnic/racial minority ownership
- At least two years in business for microloans, three years for small business loans
- No bankruptcies, tax liens, or judgments in the last three years
Loan monies can be used for equipment purchases, upgrades to information technology, payroll, inventory, digital marketing campaigns, business expansion and acquisition, relocation, working capital, leaseholds improvements, and other BCF approved uses.
ABOUT BCF
The Business Consortium Fund, Inc. is a 501 (c)(3) certified, not-for-profit business development group designated by the United States Department of the Treasury as a Community Development Financial Institution (CDFI). Today, BCF is America's most comprehensive financing and technical support organization exclusively serving business owners of color. Non-media-related inquiries may be directed to [email protected] or via telephone at 1-212-243-7360.
Media Contact
Cheryl McCants, Impact Consulting Enterprises, (646) 872-2377, [email protected]
Roger Baron, Impact Consulting Enterprises, (908) 967-9422, rbaron@eimpactconsulting.com
SOURCE Business Consortium Fund
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