Created on March 17, 2014
The following is an excerpt from Frequently Asked Questions about Small Business Finance
What is the lending picture for ventures owned by women, veteran, minorities, and immigrants?
Women-owned businesses (just like their male counterparts) largely depend on personal finances; but women-and minority-owned firms are more likely to use credit cards for startups and expansion. Women are 30 percent more likely than males to start businesses without seeking financing, and only half as likely to obtain business loans from banks. Hispanic- and African-American owned firms are more likely than other business owners to rely on owner equity at startup. Veteran-owned businesses’ use of credit for startup and expansion was similar to other businesses. For example 11 percent of veterans used credit cards and 8 percent used bank loans for expansions, while the figures were 13 percent and 9 percent, respectively, for all firms.
The sources of startup capital used by immigrant businesses do not differ substantially from those used by non-immigrant firms. However, their heavier-than-average reliance on credit cards negatively affects a business by displacing a personal relationship with a bank, which is often the source of less costly financing that is tailored to a business’s needs.
Created on March 14, 2014
Thanks to the U.S. civil rights movement and the push for women’s equality, African-American women now have opportunities that an earlier generation could only dream about. Today African-American women crew NASA space missions, run Fortune 500 companies and win Pulitzer Prizes for successful Broadway plays. Here's a profile of one African-American women who has made her mark and inspire women everywhere.
Catherine L. Hughes
Financial difficulties forced Catherine L. Hughes to give up her home and live with her young son in the studio of the first radio station she bought in Washington. But today Radio One, the company she founded in 1979, is a multibillion-dollar enterprise that includes radio stations in every major market in the United States. Radio One reaches an estimated 14 million listeners each week. When Radio One became a publicly traded company on the NASDAQ stock exchange in 1999, it was the first ever owned by an African-American woman. In January 2004, Radio One launched TV One, a national cable and satellite television network featuring programming for African-American adults. In an interview with Hello Beautiful, a website aimed at African-American women, Hughes decried the negative portrayals of African-American women so often found in mainstream media. “We’re interested in the positive side of being African American,” Hughes said of Radio One and TV One programming.
Created on March 6, 2014
As we close out National African American History Month, the Commerce Department is proud to announce our participation in the launch of Business Sunday. This initiative is focused on connecting current and future business leaders from congregations and communities around the country with the federal resources they need to start and grow their companies. As a reflection of the President’s commitment to job creation and economic opportunity for all Americans, Business Sunday will help people access valuable technical assistance, grant information and other resources from the Minority Business Development Agency, BusinessUSA and the Small Business Administration.
Congressman Cedric Richmond Recognizing the Minority Business Development Agency on its 45th Anniversary
Created on March 6, 2014
HON. CEDRIC L. RICHMOND
IN THE HOUSE OF REPRESENTATIVES
Wednesday, March 5, 2014
Mr. RICHMOND. Mr. Speaker, I rise today to applaud the Minority Business Development Agency on this its 45th Anniversary. Established in 1969, the MBDA has worked tirelessly and diligently to promote the growth and global competitiveness of a critical segment of the U.S. Economy, the minority business community.
U.S. Department of Transportation invites you to the “Women In Transportation Symposium: Promoting Future Industry Leaders”
Created on March 4, 2014
The U.S. Department of Transportation (USDOT) Office of Small Disadvantaged Business (OSDBU) invites you to the “Women In Transportation Symposium: Promoting Future Industry Leaders.” Hosted by the OSDBU, and in partnership with the National Association of Black Women in Construction (NABWIC), the event commemorates Women’s History Month by focusing on the empowerment of Women Owned Businesses and young women interested in careers within the transportation industry.
Attendees will learn about new initiatives, resources to help grow their businesses and upcoming contracting opportunities from DOT leadership, including Acting Deputy Secretary Victor Mendez, and key industry stakeholders. Agency internship program leads and private sector representatives will be available to provide career tips and discuss available resources to high school and college students.
There will also be an active Networking Session where attendees will have the chance to interact, increase their marketing efforts and learn about potential opportunities directly from Small Business Specialists from each DOT Mode, state and local transportation representatives, and Prime Contractors. Representatives from across the Mid-Atlantic Region will also be available to discuss the upcoming Purple and Red Line Metro Projects in Maryland and the South Capital Bridge Project in the District of Columbia.
Capacity is limited and participants must be pre-registered. For security purposes, all participants must present a picture I.D. on the day of the event. Doors will open at 9:00 am, at the main building entrance.