Small Business Cents

[#1]

Regardless of background, the most important factor in securing small business financing is a strong business plan. Having a good understanding of your business needs and a clear path to fulfill them is a great start to obtaining financial help to start or expand a business. Keeping that in mind, additional resources are available to help the development of women and minority owned businesses.  These opportunities are designed to maximize the potential of women and minority entrepreneurs and promote sustainability in the business community.

Federal Loan Guarantee Programs

Although federal and state governments do not provide grants to women and minorities for starting a business, the Small Business Administration is one of the largest loan guarantors in the country.  This gives businesses the opportunity to apply to certified commercial lenders for loans that are backed by the government.  SBA does not discriminate against any group and therefore does not provide funding specific to only one demographic; however, individual certified lenders are inclined to award loans to many women and minorities businesses.  Recent studies show that SBA-backed loans are three to five times more likely to be made to minority and women owned businesses than loans made by banks. SBA local offices can help you contact a certified lender in your location for more information.

Community Business Development Programs

Several state and local economic development agencies provide loan programs to assist women and minority owned enterprises.  Eligibility varies by programs, but most of them are provide start-up financing and working capital for small businesses.  Visit the women owned businesses and minority owned businesses pages to find information on these programs.

The Minority Business Development Agency (MBDA) is another great resource for financial assistance. As the only federal agency specifically created to foster growth of minority owned businesses, the MBDA has strong relationships with local lenders that helps promote its agenda. The MBDA does not personally provide funding for women and minority small businesses but uses its resources to assist them in securing capital elsewhere.

Additional Resources:

• Loans & Grants Search Tool - Find loan programs and other financing opportunities by entering specific criteria

• Recursos para Empresas en Español

Message Edited by BobK on 04-03-2009 10:03 AM

[#2]

My partner took off and left me holding the bag on my business,  durring the meltdown in Oct Dec.   I applied for a loan...  The folks at the SBA couldn't even open my spreadsheats that I labored over  for hours and hours..   I had to take a personal loan at 25 % to survive.  They have been making less and less loans to small business.  If you want a totally frustrating experience try it....  The problem is the banks are in fianacial crisis of their own making...  Don't wast your time SBA is broken

[#3]

I formed a non profit organization,but I never start it. The mission is to provide business training for homeless individuals and families. It also provide a chidcare for their children. All what I need is a grant to start that business. I have received many trainings, and I was able to obtain lots of information. What is the short cut to obtain a grant?

[#4]

I have learned about many business programs that designed to help women and minorities. I hate to say that all of them are dysfunctional. I have wasted my time trying to get any help from those programs.They all nothing but running around service, and they all limited to phone calls and bureaucracy. I suggest to have all these business programs under one umbrella. Through my experience, I learned that those business programs have negative impacts on those who are seeking to start their own business. These programs are:Mayor Action Business Team,Business Development Center,Philadelphia Commission Development Center,SCORE,Profile Re-Employment Program,Fox Business School,Temple University,Women Business, Minority Business.PANO,women WAY etc..

I have tried all of them,untill I got exhausted and lost interest.

[#5]

Remember if this was easy, everyone would be a business owner, and why are we waiting around for the government to move our companies out of this mess, that many of us had little to do with, except for the fact that business is down about 30% across the board for all of us.  The theme for the year is find money-thank god for other women in the world that will help get my small business through another week-month.  I have been at what I do for so long, I dont know how to get up everyday and not do what I am good at, I am meant to be doing...dont hod your breath, dont wait on SBA or Banks.....get out there and find money, work, employees that will help you move forward, quit being afraid of the phone ringing with another bill being due....start answering it with the energy that got  you where you are.......and keep putting one foot in front of the other.....

Sounds great doesn't it...sometimes I have it and sometimes I have to dig very deep to pretend I have it.

[#6]

It is obvious that SBA does not discriminate against any group and consequently doesn't provide funding specific to only one demographic; nevertheless, individual certified lenders are inclined to award loans to a lot of women who are going to start their own businesses.

Message Edited by ZanetaB on 10-14-2009 02:18 PM

[#7]

Women need to get more involved in small business. It's just a hard thing to take the first step when starting out.

Regards,

Message Edited by ZanetaB on 10-14-2009 02:18 PM

[#8]

There suppose not to have any sexual discrimination and women should have equal opportunity to start and do business. Providing loans and support should be encouraged.

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locksmiths 

Message Edited by NicoleD on 10-26-2009 05:24 PM