(NNPA)—In an effort to level the playing field for Black-owned small businesses, the Opportunity Finance Network (OFN), recently launched a service that makes it easier to comparison shop for the best loans.
Miti Sathe, the senior vice president of Small Business Initiatives at OFN, said that small business owners can go to Venturize.org, answer a few questions like loan amount, age of business and personal credit score and, in less than 15 seconds, the calculator will generate a range of loan options.
Sathe said that OFN, a national network of community development financial institutions, wanted to create a tool similar to the travel website Expedia.com, but for small business lending.
Venturize.org features tutorials on borrowing, a loan application checklist and establishing credit for your business, but the service does not lend money or recommend loans.
Minorities own about 8 million small businesses in the United States. The Wall Street Journal reported that, Black-owned businesses have received less than 2 percent of loan money furnished through the Small Business Administration, down nearly 6 percent (5.7 percent) since the recession.
About Post Author
