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Showing posts with the label 8(a)

Two fake “tribes” in Alabama got over $500 mil in no bid Federal contracts

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The LA Times @latimes found members of 2 fake “tribes” in racist, bigoted Alabama got over $500 mil in no bid Federal contracts as minority business owners. This brings the grand total of Federal SBA dollars swindled uncovered by @latimes to over $800 mil.

The Small Business Administration certified William Michael Cunningham as an 8(a) program participant on October 19, 2005. He did not receive any federal government contract revenue. He withdrew from the program, under retaliatory pressure by the SBA in 2008, shortly after he met and wrote to Henry Paulson, Jr., Secretary, US Department of the Treasury, offering to assist the country recover quickly from the financial crisis. He wrote to the Honorable Nydia M. Velázquez, Chairwoman, Committee on Small Business of the United States House of Representatives, describing his experiences. See: https://www.sec.gov/comments/s7-08-13/s70813-32.pdf

Minority Business Lending, 2018

Being a minority small business owner can be particularly challenging due to issues that other business owners don't face, like racial and gender discrimination, having low (or no) collateral and having a low credit scores. These factors definitely make it harder to finance a business. There are, however, resources that can help make financing your business easier, given these constraints.

Here are a few:

SBA Loans

While we have not been impressed with the outcome of their efforts focusing on African American businesses, the Small Business Administration (SBA) offers services and programs you need to know about if you are looking to start or fund a minority business. To begin with, SBA’s 8(a) Business Development program is focused on small businesses that are 51% or more owned and controlled by members of disadvantaged subgroups by ethnicity or race. The program offers a plethora of business support services, including financial assistance, business counseling, and mentoring. Th…

Impact Investing