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The U.S. Department of Commerce provides several resources designed to help black entrepreneurs. These include a list of Minority Business Development Centers and a directory of other organizations that can support aspiring business owners.
Most states also have agencies dedicated to small business development, which are often good starting points for learning more about their local business environment.
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Startups are risky, but so are small business loans. Many banks won't even lend to businesses that don't have a history of success or collateral for loan repayment. The interest rates on these loans are much higher than those available through personal financing options like credit cards.
Following are the bodies that help black entrepreneurs:
1- Small Business Administration (SBA)
The Small Business Administration (SBA) provides several services and resources to entrepreneurs, including business loans for those who qualify.
2- Minority Business Development Agency (MBDA)
The Minority Business Development Agency (MBDA) operates to help minority-owned businesses succeed. Along with its mission statement to "promote economic growth by creating jobs and wealth for all Americans, including minorities," the Small Business Administration offers many resources to help black entrepreneurs.
3- Business Consortium Fund (BCF)
The Business Consortium Fund (BCF) is a nonprofit organization that provides grants and technical assistance to help underrepresented entrepreneurs launch and grow their businesses. BCF was founded in 1971 and has worked with more than 25,000 entrepreneurs.
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4- Minority Business Development Council (MBDC)
The Minority Business Development Council (MBDC) is "a private, nonprofit economic development corporation dedicated to promoting minority business ownership." The MBDC works with businesses at every stage of the game, from startups to established firms.
5- Center for Economic Progress (CEP)
The Center for Economic Progress (CEP) helps Chicago's low-income residents access the financial and other support to start and grow their businesses. CEP provides one-on-one consultations and classes that teach entrepreneurs how to apply for loans, take advantage of business tax credits, select a location for their companies, and much more.
6- Minority Business Development Agency (MBDA)
The Minority Business Development Agency (MBDA) is part of the U.S. Department of Commerce and effectively serves as the government's liaison to minority entrepreneurs. Created in 1969, MBDA provides grants and financial assistance to businesses that demonstrate a "high potential for success."
(Alt Tag: MBDA for Black Entrepreneurs)
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7- National Minority Supplier Development Council (NMSDC)
The National Minority Supplier Development Council (NMSDC) was founded in 1977 to help minority entrepreneurs gain better access to business opportunities within large corporations. Today, NMSDC provides various services, including certifying qualified suppliers and promoting supplier diversity initiatives in business-to-business relationships.