Insights into the world of small business lending and development

Financing is a big hurdle for many minority-owned businesses

PEORIA — Melvin Murry has some advice for someone who wants to start a business: take it seriously or you’ll be out of business. “Be prepared to work twice as hard as you would in a 9-to-5 job. I know some people think having your own business is peaches and cream, but it’s not. You have to be willing to sacrifice. You have to be married to it,” said the owner of Murry’s Custom Autobody, 1501 SW Jefferson Ave.

Murry opened his shop in 1996, taking over from the previous owner with a Small Business Administration loan he obtained through South Side Bank. “Charlie Randle of Illinois Business Financial Services helped me put together a business plan,” Murry said.

That business plan is vital — especially for a minority company that may not have a background in finance, said Randle.

http://www.pjstar.com/news/20160514/financing-is-big-hurdle-for-many-minority-owned-businesses?page=1
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