NEW YORK, Nov. 9, 2021 /PRNewswire-PRWeb/ -- The NMSDC Business Consortium Fund (BCF) and the National Minority Supplier Development Council (NMSDC) today announced the launch of a series of new microloan products exclusively serving businesses owned by people of color. The BCF Microloans Program will provide certified, minority-owned businesses with low-interest loans that can be used to meet a variety of technology, working capital, equipment, or inventory needs.
BCF is deploying microloans ranging in size between $10,000 to $100,000 per borrower with interest rates as low as three percent. Qualified microloan recipients have up to five years to repay the funds. The microloans have been made possible, in part, with support from the Wells Fargo Open for Business Fund, a roughly $420 million recovery effort created to help small-business owners impacted by the pandemic to recover and rebuild.
"Our collaboration with Wells Fargo and the National Minority Supplier Development Council allows BCF to deepen our capital commitment to business owners of color," said NMSDC Business Consortium Fund President Sahra S. Halpern. "Our microloan products meet a critical need for emerging small businesses, and this capital will help close the capital access gap for business owners of color. Our microloans provide the working capital essential for small businesses' growth."
The simplified application process only requires:
- 2018, 2019 & 2020 business and personal tax returns or 1040 with Schedule C (just the 2019 and 2020 tax returns for loans up to $15,000)
- At least three years in business (two years for loans up to $15,000)
- Last three months business bank statements
- NMSDC certification
- Two forms of identification, and other documents as necessary
- No bankruptcies
- No new tax liens and/or judgments over the last three years
- Personal guarantee
Business Consortium Fund invites business owners to visit the BCF website, https://www.bcfcapital.com, to start the application process. There they will find frequently asked questions and answers, a sample prequalification questionnaire, and a link to the application portal.
ABOUT BUSINESS CONSORTIUM FUND
The NMSDC Business Consortium Fund, Inc. is a 501(c)(3) certified, not-for-profit business development group, affiliated with the NMSDC, and certified by the United States Department of the Treasury as a Community Development Financial Institution (CDFI). BCF is also the sole owner of Triad Investments L.P., one of 11 Specialized Small Business Investment Companies (SSBICs) dedicated to serving minority-owned businesses in the US. Non-media-related inquiries may be directed to [email protected] or via telephone at 1-212-243-7360.
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Media Contact
Cheryl McCants, Impact Consulting Enterprises, 973-337-2028, [email protected]
Roger Baron, Impact Consulting Enterprises, 973-337-2028, [email protected]
SOURCE NMSDC Business Consortium Fund
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