|
Minorities Getting Money
Minority business owners are one of the fastest-growing segments
of small businesses in the U.S. But you may face even bigger obstacles
to financing than your non-minority counterparts. A majority of
minority-owned firms who tried to get new capital wound up with
far less than they sought, with one-third finding none at all, according
to a study by Yankelovich Partners for the National Minority Supplier
Development Council.
Countering the barriers somewhat are some special loan programs
designed to fit minority entrepreneurs' needs, and government agencies
with resources devoted to minority business owners. A growing number
of business organizations also provide assistance, as do more and
more Web sites.
1. Loan Programs
2. Government Agencies
3. Web Links
4. Resources
1.
Loan Program Sampler
Wells Fargo/National Association of Women Business Owners $1
Billion Loan Program. A Billion Dollars for Women Entrepreneurs!!
To qualify, you must be a profitable business, have been in business
for at least two years, have good personal and business credit records
and NOT BEEN DECLARED BANKRUPT in the past ten years. Lines of credit
available for as low as $5,000 to $100,000. If you qualify call
1-800-358-3557, Ext. 120 to apply -- and tell them you heard about
it at Idea Cafe!
Blue Chip Venture. A $60 million venture capital fund for
high-growth women-owned and minority-owned businesses. 513-723-2300.
Business Consortium Fund. Network of over 150 banks who
loan to minority-owned firms certified by National Minority Supplier
Development Council. 212-243-7360.
National Minority Supplier Development Council. Organization
of over 3,500 corporations, including most Fortune 500 firms, who
use minority suppliers of products and services. 212-944-2430.
2. Government Agencies
SBA
202-205-6673
Information on SBA loan programs and publications.
Minority Business Development Agency.
1 (888) 324-1551
http://www.mbda.gov/
Call for nearest office of this Federal agency, which offers management
and technical assistance.
On your home turf, check with these offices, which frequently
sponsor programs or even whole departments geared to minority business
owners:
Small and Minority Business Trade and Commerce Agencies
Governor's Offices
Chambers of Commerce
Mayor's Offices
3. Web Links
SBA
Information on SBA loan programs and publications.
ABN
All Business Network Guide to resources for minority-owned
businesses, including government sources, schools and trade organizations,
many regional.
Creative
Investment Research Listing of women- and minority- owned
banks.
4. Resources
National Minority Supplier Development Council
212-944-2430
U.S. Hispanic Chamber of Commerce
202-842-1212
National Association of Black Women Entrepreneurs
810-559-9255
|
Ask Questions 
Share Tips 
List Your Business 
Coffee Talk with Experts 
Biz Planning | Sample Plans 
Idea 
Name 
$ 
Do It! 
Promotional Merchandise
Managing | Operations
Work @ Home 
Yoga @ Your Desk 
