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Latest News

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M/WBE Financing & Loan Programs

State Is there a small business loan fund for MBEs/ WBEs, including the state DOT? Any other financing mechanism? Is there a state loan guarantee program for MBEs/ WBEs?
Alabama no, but the DOT helps broker loans and helps in capitalization through a joint venture program no
Alaska no, but links DBEs to USDOT loan programs no
Arizona no no
Arkansas no no
California no no
Colorado no no
Connecticut no no
Delaware no no
District of Columbia no, but DOT considering a loan program no
Florida They help broker loans, working with cooperating banks There is a program for the state to provide collateral to help MBEs obtain a loan
Georgia The DOT provides low-interest loans with sub-contract used as collaterol through a partner bank. no
Hawaii no no
Idaho no no
State Is there a small business loan fund for MBEs/ WBEs, including the state DOT? Any other financing mechanism? Is there a state loan guarantee program for MBEs/ WBEs?
Illinois yes, up to $50,000 through DCEO no
Indiana no no
Iowa no, but TSB firms are referred to state business startup funding no
Kansas no no
Kentucky no no
Louisiana no no
Maine no, but many loan and finance programs for small businesses include day-care revolving loan fund which primarily goes to WBEs no, but M/WBEs are referred to the small business loan guarantee program
Maryland yes, there is joint venture equity investment program and an M/WBE loan program yes, there is a loan guarantee program
Massachusetts It is in the process of developing one no
Michigan no no
Minnesota no no
Mississippi yes, there are two MBE loan funds no
Missouri no no
Montana DOT DBE is investigating financing program with minority-owned banks no
State Is there a small business loan fund for MBEs/ WBEs, including the state DOT? Any other financing mechanism? Is there a state loan guarantee program for MBEs/ WBEs?
Nebraska no no
Nevada no no
New Hampshire no no
New Jersey The state Econ Dev Authority has a small business loan funded with special outreach/asst to MBEs no
New Mexico no, but a $20 million micro-loan program is primarily targeted toward DBEs, for up to $100,000 for expansion or relocation no
New York yes, DOT has regional MWBE loan fund in Albany and state administers MWBE revolving loan fund through 18 local CDCs no
North Carolina no, but the state-funded MBE Center prequalifies MBEs and works with banks to underwrite loans no
North Dakota no no
Ohio Tax credit; loan; capital access, and bonding programs yes
Oklahoma no no
State Is there a small business loan fund for MBEs/ WBEs, including the state DOT? Any other financing mechanism? Is there a state loan guarantee program for MBEs/ WBEs?
Oregon no, only referrals to nonprofits or federal programs no
Pennsylvania yes, a loan fund at 4% interest up to $500,000 no
Rhode Island yes, DOT has loan program managed by Minority Investment Dev. Corp. There is also a state-wide loan program no
South Carolina no no
South Dakota no, but there is a micro-loan program for all small businesses no
Tennessee no, but they are developing an SBE loan fund that will be especially targeted to M/WBEs no
Texas no no
Utah no no
Vermont no, but M/WBEs are referred to state's extensive small business finance and DBE firms are referred to USDOT loan program no
State Is there a small business loan fund for MBEs/ WBEs, including the state DOT? Any other financing mechanism? Is there a state loan guarantee program for MBEs/ WBEs?
Virginia Assists with loan applications. There is a Capital Access Fund for DBEs but can't find info on it other than legislative code. Loan guarantee for all SBEs, targeted to MBEs
Washington yes, there is a loan rate reduction program. no
West Virginia no no
Wisconsin DOT has a loan mobilization program with minority banks. Commerce has MBD low-interest loans, up to 10 loans per year yes, a 90% loan guarantee in DOT
Wyoming no no


The information on this page is constantly being updated and fine-tuned.  If you have any updates or corrections, please do not hesitate to inform us - inbiz@insightcced.org.