The Trump administration bills tax reform as a way to spur job creation and restore the middle class. But fiddling with tax rates won’t solve the underlying crisis that’s been brewing for decades: Our failure to invest in future entrepreneurs–the engines of job creation.
Lyneir Richardson wears two hats, as an entrepreneur and an academic. Since 2014, he’s been executive director of Rutgers Business School’s Center for Urban Entrepreneurship and Economic Development, a program that supports women and people of color who are starting their own ventures. He’s also CEO of Chicago TREND, which offers financing and consulting to retail developers in Chicago’s low-income neighborhoods.
No money, no growth. Without robust small businesses on the South and West sides, joblessness will continue to plague neighborhoods, experts say.
That's the message from a recent report by the U.S. Senate Committee on Small Business & Entrepreneurship, which found that access to capital remains the primary issue affecting growth of minority-owned businesses nationwide. Only 16 percent of small-business loans went to women in 2013, and less than 2 percent of black-owned businesses received loans that year, the report says.
Minority entrepreneurs represent some of the fastest-growing segments of business in the United States today, and make up about 17.5 percent of all employers in the country. Yet they often face a dilemma when it comes to marketing their product: How do they appeal to the widest possible audience while also banking on their background and directing services to the communities they came from?
Today, Octavio Blanco of CNN Money took a look at the negative impact that short-term financing—known as merchant cash advances—have on small businesses, and the alternative solutions that CDFIs provide.
Business owner Abraham Dalu came to Minnesota for the work — not the weather.
The toxicologist was born and raised in Oromia, a region of Ethiopia in East Africa. In pursuit of religious freedom, he fled the former Soviet Union, where he was studying on a government scholarship, to the United States as a refugee in the 1980s. He earned a doctorate in toxicology and made a career for himself doing research in a federal lab and for private companies.
Black owned banks in the United States have been in existence for much longer than many of us might think. Founded on March 2, 1889 and opened on April 3, 1889, The Savings Banks of the Grand Fountain United Order of True Reformers was the first Black owned bank in the US. Although this was the first bank chartered in the US, the Capitol Savings Bank of Washington, D.C. Was the first to open its doors on October 17, 1888.
While Seattle is above average in the percentage of businesses owned by people of color, the great majority of those businesses — 73 percent — have Asian ownership.
Blacks and Hispanics make up about 15 percent of the population in the Seattle metro area — but they own less than 5 percent of the businesses, according to data released Thursday by the Census Bureau. Whites and Asians, on the other hand, are overrepresented as local business owners.
Government officials, business leaders and community members gathered in Arcadia, California on Wednesday, August 31 to announce the upcoming 17th Annual Asian Small Business Expo. Organized annually by the Asian Pacific Islander Small Business Program (API SBP), the expo on Saturday, September 10 bears the theme, “Recipes for Growth.” Activities that day include a women’s entrepreneur panel and workshops to guide business owners and aspiring entrepreneurs on how to succeed in their respective fields.