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Idea Cafe's CyberSchmooz
Financial Feasts

Financing message forum where you can get and give insights found nowhere else. Belly up to the table and request funding. Or tell your money tales. Any money talk is fair game except ads.

The Latest Hot Topics:

Show Me the Money!
Belly up to the Financial Feasts table and talk turkey about money... what to look for, where & how? All money talk is fair game. Go

 

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

 

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