March 26, 2024 By Suzanne Robertson

In the world of small business growth, access to affordable capital remains a significant challenge for minority, women, and veteran-owned businesses. Despite their entrepreneurial drive and potential, these underrepresented groups often face barriers when seeking financing. 

However, SmartBiz® is on a mission to change that narrative. Continue reading to learn how SmartBiz is striving to break down barriers and make SBA loans more accessible for minority, women, and veteran-owned businesses.

Understanding the challenge 

For minority, women, and veteran-owned businesses, accessing capital may be an uphill battle. Historically, these entrepreneurs have encountered systemic barriers such as limited access to traditional financing, biases in lending practices, and a lack of resources and support networks. 

As a result, many struggle to secure the funding needed to start, sustain, or expand their businesses, which may contribute to broader economic inequalities.

SBA loans made easy

SmartBiz understands the importance of inclusive entrepreneurship and is committed to leveling the playing field for underrepresented entrepreneurs. 

Through our user-friendly online application and personalized support, we’ve simplified the SBA loan application process and connect borrowers with reputable lenders who are dedicated to supporting diverse small businesses. 

“SmartBiz technology helps banks accelerate and automate these processes to ensure that no steps are skipped or accidentally neglected, while completing the process faster,” says Evan Singer, CEO, SmartBiz.

By leveraging technology and data-driven solutions, SmartBiz helps ensure that more minority, women, and veteran-owned businesses have equal access to financing opportunities.

Empowering entrepreneurs

Unlike traditional lending institutions that may overlook underrepresented entrepreneurs, SmartBiz embraces these business owners and actively seeks to support their financial goals. By providing transparent and affordable financing options, SmartBiz helps to empower these businesses to pursue their dreams, create jobs, and contribute to economic growth.

“In the case of SmartBiz, because of the SBA’s support, of our partner banks sub $500,000 SBA 7(a) loans: 30% have been made to women-owned businesses, 25% to minority-owned businesses, 10% to rural businesses, and 5% to veteran-owned businesses – all creating or retaining over 15,000 jobs since the beginning of 2017,” says Singer.

Committed to the future

SmartBiz's commitment to inclusive entrepreneurship is making a significant impact on the small business landscape. By providing accessible, transparent, and affordable financing solutions, we are helping bridge the gap and fostering economic empowerment for underrepresented entrepreneurs.