Many agree wholeheartedly, Carolyn M. Brown’s statement in the article below about the minority business owners inability to access funding is right on point. And though she states that contests and other grant opportunities are out there and that these business owners should go looking for them. What she doesn’t get is that if business owners are out there chasing down games and searching under rocks in order to access working capital then they aren’t working on the their company.
Business owners don’t have time to spend chasing after shadows and entering contests like The Hunger Games for business. What Minority Enterprises need are solutions and access to working capital. Small business loans, Merchant Cash Advance loans, Asset Based Lines of Credit, Factoring, Receivables Credit, Low interest term loans and so many other types of funding available for business owners through Indigo network. We believe it’s good business to partner with small to medium sized businesses, especially minority owned companies. There is a goldmine in marketing to and working with men and women entrepreneurs who are starting off small but have big dreams. Partnering with these business leaders is not just good for my bottom line. It’s good for America. Many of these leaders are the real job creators we hear so much about.
Here is an excerpt from Carolyn’s article taken from Inc.com.
“It takes money to make money. That is the plain and simple truth in business. A shortfall of capital is one of the most commonly cited reasons why a company is unable to expand business and succeed. The prospect of getting financing for a start-up even in a growing economy is very difficult due to the fact that business owners lack operating experience and solid credit history.
America’s credit crunch environment is making it tougher than ever for entrepreneurs to raise money to start or grow their businesses, particularly minority-owned firms. A study released by the Minority Business Development Agency found that minority-owned firms are less likely to receive loans than non-minority-owned firms, especially businesses with gross receipts less than $500,000. The tightening of lending standards on traditional loans means minority businesses have to become more vigilant about their funding sources.
Today, only 59 percent of small businesses are able to obtain adequate financing, reports the National Small Business Association (NSBA). That number has steadily decreased in the last five years. Banks don’t finance dreams, says Todd McCracken, president of NSBA. They finance businesses that are likely to be successful. Your company has to have a good financial track record and a solid business plan, he adds.
Business owners must look past traditional lending sources, says Joe Kiefer, CEO of Indigo Network. We often have the ability to find solutions that are a bit more elegant than a one size fits all approach.
When your company needs access to working capital (and you will…) we have solutions that might prove useful to you. Talk to someone on our team today to learn more..