Grants and Credit Resources for the LGBTQIA+ Businesses to Thrive in Pride!

According to the reports published by the National LGBT Chamber of Commerce, LGBTQIA+ business owners collectively contribute about 1.7 trillion dollars to the U.S economy! That being said, it’s jarring to digest the fact that a majority of LGBTQ business owners didn’t receive any official business financing for which they had to resort to their personal funds.

Several agencies, including debt collection agencies in Houston, Texas are fostering an inclusive workspace to break this barrier. However, social stigmas associated with the community are still relevant and have been one of the major reasons behind the higher levels of financial insecurity that business owners of this community face at present.

In this article, we will take a deep dive and look at some of the top grants and credit resources that the LGBTQ business community can rely on to thrive in this fiercely competitive market.

Types of Credits for LGBTQ Business Communities

Running a small business comes with a fair share of challenges. And financial challenges are one of the worst kinds of hurdles that these businesses face in their initial years.

The LGBTQ business community is no exception to this! However, their struggles are compounded as a majority of financial institutions refuse to grant them loans or credits of any kind!

That leaves us with a handful of options from where they/ them community can acquire funds for their businesses-

● Online Loans for Businesses

Earlier, the limitation of sources was the reason for the downfall of many businesses, which includes LGBT businesses as well. However, nowadays, several options like online creditors have come up. This has created an array of opportunities for them to secure funding for their businesses.

These creditors offer loans with flexible terms and conditions, thereby helping small businesses meet their funding needs immediately, and also allowing them convenient repayment modes.

● SBA and Microloans

Microloans and Small Business Administration loans (SBA loans) are also widely available nowadays, which has helped support unreserved communities by providing them with business credits.

Both of these credit options are small and short-term loans, having a shorter repayment time. Added to that, both of these loan options come with low interest rates and abide by an all-inclusive approval policy that makes securing loans for these businesses easier.

● Bank Loans

Banks are one of the most-visited places for small business owners when they require funds! However, not all banks foster inclusive practices. So, while visiting, ensure that the institution has a certain commitment toward the community, and is known for its inclusive practices like most Houston debt collection agencies are adapting nowadays.

You might even find some banks and financial institutions offering dedicated funding targeted at LGBT IA+ business owners.

However, remember that failing repayments may trigger these institutions to seek help from professional credit collection agencies in Houston, Texas like Nelson Cooper & Ortiz LLC. So, make sure to repay in time to steer clear of such issues.

Types of Grants for LGBTQ IA+ Communities

Grants are a kind of free financing source. This means that whatever the capital they give you, it doesn’t need to be repaid!

Let’s take a closer look at the institutions providing grants that are available for LGBTQ IA+ businesses-

● Arcus Foundation

The Arcus Foundation is an organization that focuses on social issues, which include the rights of the LGBT community on a global scale. Their LGBTQ IA+ Social Justice and Great Apes & Gibbons programs have been successful in offering more than about 2,000 grants to 500 organizations scattered in more than 50 countries.

● National LGBT Chamber of Commerce (NGLCC)

The National LGBT Chamber of Commerce offers the Community Impact Grant Program by joining hands with the Grubhub Community Fund. They are dedicated to providing financial grants to LGBT-owned and collaborated businesses like cafes bars, and restaurants. The grant amounts range from $5,000 to $25,000 which helps assist the LGBT-community businesses effectively.

● The Trnsaform Business Grant

Claiming themselves as “anticapitalists' ' and “antiracists,' ' The Transform Business Grant is dedicated to providing micro-grants that are meant for people belonging to oppressed communities, like people of color, and the LGBTIA+ community. You can secure a $1,000 microgrant along with an effective year-long business strategy.

Wrapping It Up

If it were not for the social stigmas and lack of awareness, the LGBTQIA+ business community would not lack proper funding opportunities. So, as long as the stigmas are not uprooted, only a handful of institutions are there to save the business community from falling apart!

However, with the rise in awareness among people, many organizations like business debt collection agencies in Houston have started fostering inclusivity for these unreserved and highly misunderstood communities!