Minority Owned Businesses Prefer Business Credit Cards than Loans

April 10, 2024 By: Stephanie H. - CreditMonarch Online Writer01 comments

^{Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.}

Small business owners who are Asian, Black, Hispanic, and Native American can obtain funding through minority business loans. Many lenders offer loans for minority-owned businesses, however, getting funding from a traditional financial institution may be tougher for some business owners due to issues like credit challenges or limited banking history. Traditional loans have less flexible qualification requirements, which may require you to submit a certification stating that your business is minority-owned.

Many minority owned businesses rather opt in for a small business credit card to avoid the hassle that comes with applying for a small business loan. There are many advantages to using business credit cards for new business owners. Your business has likely already spent money on office supplies, business travel, advertising, and software. It would be wise to use those purchases to earn either cash back or travel points. Using a business travel rewards credit card or business cash back credit card can give you the ability to do that! In addition, there are business credit cards that offer 0% APR and can be utilized for financing startup costs or major purchases. As a new business owner, you have the option to refinance high-interest debt through the use of a balance transfer credit card.

Here at CreditMonarch, we have compared some of the best business credit cards for minority business owners.  We believe these are the best and most popular minority owned business credit cards in Florida.

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