New York, Chicago and Los Angeles are among the top cities for African American-owned small businesses. From time to time, there are Black and minority business grants available to help African American and other minority entrepreneurs. National African-American Small Business Loan Fund Term Sheet Program National African-American Small Business Loan Fund Borrower Borrowers must be: an existing business in operation for more than two years, 51% owned or controlled by one or more African Americans, principally managed by one or more African-Americans located in Chicago, Los Angeles The National African American Small Business Loan Fund is designed to help address the needs of African American entrepreneurs, who are the fastest-growing segment of small business owners but have not seen the number of loans made to them rebound since the 2008 economic downturn. The National African-American Small Business Loan Fund is a fairly new program launched by VDEC and JPMorgan Chase. The Community Impact Loan Fund is a new NDC product established in partnership with $2 million in startup capital from Morgan Stanley, to support minority small business owners. Small business owners can apply for loans, between $35,000 and $250,000 on average, to grow their businesses. It was created to boost economic opportunity for minority-owned businesses in the cities of … The National African American Small Business Loan Fund will increase economic opportunity for small businesses that lack access to credit and primarily serve low-income communities in New York City, Chicago and Los Angeles You just need to make an application and that is all. They work in New York, Los Angeles, and Chicago. From time to time, there are Black and minority business grants available to help African American and other minority entrepreneurs. These minority-owned businesses serve low-income communities. They will either fund grants or loans or help entrepreneurs access funding from other sources. Personal loans are based on your personal credit history, and therefore do not require business plans and projections. SEFA services are designed to help micro, small and medium-sized business enterprises. VEDC and JPMorgan Chase & Co. today announced an expansion of a lending program for African American-owned small businesses in Los Angeles. Our Loan Program, majority-owned by local African American business leaders, understands the needs of African American business communities: Our Loan Program will offer low-cost capital to African American owned small businesses on reliable and easy-to-understand terms and tailored to meet their specific business needs.