Money, Money, MONEY for your Business! Resources you can use.
The success or failure of Black entrepreneurs is directly tied to their access to investment capital. There have been quite a few funding resources that have found their way into my inbox or social media news feed. I could not resist sharing! If any of these opportunities are beneficial, by all means, please forward. Sharing is caring.
The U.S. Black Chambers, Inc. in partnership with the University of Phoenix is offering a unique 15 week training program for participants interested in improving their opportunities to access capital and who want to have the competitive advantage when competing for contracts. Upon completion, trainees qualify for The Micoloan Program. This is where the real money is after you have successfully completed the training and learned how to make your business eligible and attractive for outside financial investment.
But wait.. There's more! Nerdwallet.com put this list of resources together of the Best Small-Business Loans for Minorities in 2016.
Loans are a viable option when seeking start up funds, but who can you trust? Venturize.com is an online platform helping women and minority entrepreneurs avoid predatory lenders, compare financing options, and borrow with confidence. This powerful tool is a resource worth exploring if you are new to the lending waters. Been weary of the sharks? Venturize.com will help you navigate your way to determining what is the best loan option for you and what you will need to apply without any pushy salesmen or advertisers.
Venturize.com was created by the Opportunity Finance Network (OFN). OFN is a group of CDFIs or comunity development financial institutions whose mission is to help low-income communities have greater access to mainstream wealth.
Have you heard of BlackFounders.com? If you are Black and working hard to break into the technology industry, this the organization to bookmark, follow on social media, attend events they host and register to receive their newsletter. The mission of Black Founders is to create a global system of inclusion and advancement of Black innovators in the industries of Biotechnology, Business Products, Fashion, Gaming, Education and more.
Black Founders is using Gust, a funding platform to track startups who are currently raising money and actively looking for investors. Gust connects startups with the largest collection of investors across the world. If you want investors to find you, registering a the Gust website will be your first step. Until the loans are approved or the venture capitalist is ready to invest in your business, downsizing is also an option. Simply spending less and investing more into your business are usually a prerequisite for an entrepreneur low on funds.
This is the part where I tell you the real-deal-Holyfield: a good idea or a great service is NOT ENOUGH. Most financial institutions and grant makers want to see, in dollars and cents, how much are you willing to pour into your business. A side hustle or an at-home business is another way to generate the financing you need to get your start up off of the ground and make your dreams a reality.
Microloans and angel investors sound a lil intimidating? Your start-up capital can also come from a SIDE HUSTLE. And I am not talking about getting a part-time job. A real SIDE HUSTLE IS A MONEY-EARNING ACTIVITY THAT FUELS YOUR PASSIONS. Take what you may naturally be great at and monetize it. For example, do you teach for a living? Offering online tutoring. Since your are shopping anyway, ever thought about being a secret shopper to make extra money?
Those are just two ideas. Here is list of 32 additional streams of income for your
consideration. And they don't require you to take compromise your character or engage in illegal activities. Trust me. I checked them out. No stripping, measuring scales or trapping required. They are legit.
Do you know of any additional resources, contest, grants or lending opportunities entrepreneurs can access today? If so, leave me a note in the comments section! And don't forget to subscribe to the Minority Report Newsletter for more business news and information.