Getting a loan without a credit history in the United States is a complicated path, and the thousands of immigrants who try every day to get money for a home, education, or business know this all too well.
However, over the years, those who immigrated to the United States found entrepreneurship to be a way to live and found ways to do so. In 2021, that country's government estimated that there were about 4.6 million businesses with Hispanic owners.
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If you have a business or want to start one, here are some financing options that can help you.
Interest free loan in California
Mission Asset Fund (MAF) is a non-profit organization that has a program that provides microloans to start, operate, or grow your business. MAF offers loans up to $2,500 at 0% interest.
The loans, as described on their website, are designed to support small business owners and entrepreneurs in California.
Before submitting an application, MAF requests that you schedule an appointment with your business advisor, through this link. Then you will have to complete a Order online Once approved, they will deposit the funds directly into your bank account. You will have to make payments monthly and this will help build your credit history in the United States.
For more information here we leave you Website link.
Loans for women
Grameen America is a microfinance organization that provides microloans to women entrepreneurs as capital to help them develop income-generating activities.
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This non-profit organization focuses on low-income women and the first loan it makes is no more than $2,000. Every six months, the organization says on its website, members with good reputations are eligible for larger loans. This NGO also provides financial training and support to its members.
Grameen America is located in several cities in New York, Florida and California. Here we leave you Link where you can see Application requirements and all the cities they are located in.
A grant of $10,000
Each month, WomensNet awards three $10,000 Amber Grants to women-owned businesses. One grant is offered to a new business, another for what they call specific rotating categories where they include animals, health and fitness, skin and hair care, and interior design, among others, and a third for small businesses in general.
To apply for this grant, you must fill out an application explaining the work, and describing what will be done with the money. There is a $15 application fee. Companies operating in the United States and Canada are eligible. Here you can read Get more information about this topic.
Government loans
The United States government provides loans that help its residents pay for housing, education, disaster recovery, business expenses, and more. Generally, this money must be repaid with interest.
To search for government loans that you may qualify for, visit www.GovLoans.gov where you fill out a form and are shown the options you can access. “Each federal government loan program has its own qualification requirements, application processes, and deadlines,” they explain on the official website.
Read also: Three options for interest-free loans for immigrants in the United States.
Beware of scams!
There are many sites that offer loans or grants to entrepreneurs that are not real. You must be very careful. Here we give you some tips that you should keep in mind that will make you doubt the site, although there are always some exceptions.
- If they ask you to pay for information.
- If they write to you saying you have been randomly selected to receive a grant and ask for your card or bank account information.
- If they ask for your Social Security number and banking information. This information is usually requested, but not during the application, but until the loan or grant is approved.
- If it's a government loan or grant and it's coming to you from an email other than .gov
