Forums: Discussions for entrepreneurs and small business.

Alchemy,

I think Chef Tracy was stating her status (veteran, minority and a woman) because there are loan and grant programs available to us, that are not available to other segments of the entreprenurial population. And it`s a shame that your tone is so discouraging, I thought this was a place for ENcouragement? If you don`t have anything nice to say...

ChefTracy,

I am also a veteran, woman and minority, congratulations to you for coming this far!! I read a great article in Inc. magazine. Talked about people like you and I. Small business owners who don`t have good credit, but who do have solid business practices and a mission. There is help. www.cdfifund.gov Community Development Financial Instituions. This is a government program that awards money to banks and non-profit organizations and these banks and non-profits in turn loan and grant money to individuals for business startup and expansion. A few of the qualifications are:

You must have a community mission

You must want to bring your business to high risk urban areas and neighborhoods

They specialize in high-risk microenterprise loan programs. Go to the website. Click on WHAT WE DO, Click on INDIVIDUALS SEEKING GRANT LOAN, Click on SEARCHABLE AWARD DATABASE. You can search for your state and city. Look at the institutions that were awarded that money and contact the person listed.

Best of Luck! See you at the top.

Nira

Good morning LByN!!

Thank you for responding and having my back.  Yes, those remarks from Alchemy were discouraging...more than you think.  But yes, I will check out that website.  Just to give you another outlet, there is an agency I have been working with and they assist minorities only.  The website is www.accion.com.  Whoever you speak with, tell them you were referred by me, Tracy Francis!  They will be very happy to help you...GOOD LUCK!

Nira,

What was the name of the article and in what issue of INC?

Tracy,

I`ll be sure to check out that resource! Let me know if the CDFI info helps.

Lisa,

The article was in the June 2007 issue of Inc. Here`s the link to the online version http://www.inc.com/magazine/20070601/finance-raising-funds-s idebar.html , let me know if that helps.

Peace and Prosperity to all!!

The first twenty loans have been approved under the SBA Patriot Loan program.  Two of the first three loans approved appear to be for start-up businesses!

Unfortunately, I`m not one of them.  Although the new program seems to help some people, the credit criteria is still the same (scores need to be in the high 600`s).  I`m still paying things off on my credit report in order to get what I want/need.  Maybe someone will give me a chance to prove myself.

good luck in your startup. what i`ve learned is regardless of most other factors what really helps is good credit scores, second is experience in the field you`re trying to go into. it`ll take some time - but you`ll get your credit scores up. if only i knew a few years ago what i know now - i never would`ve tried to start a restaurant franchise.
25-50k sounds a bit low for a restaurant in atlanta.


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