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Showing posts with the label SBA

Liberty Bank, SBA and US Black Chamber Loan Guarantee Program by Kari Nelson, Impact Investing Intern, University of Virginia

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On Wednesday June 14, New Orleans-based Liberty Bank, a black-owned bank, announced that it is partnering with the Small Business Administration (SBA) and the U.S. Black Chambers (USBC) to guarantee loans for black business owners.

The groups hope this partnership will boost access to capital by solving one problem many black business owners experience – they cannot get capital when they need it. According to the U.S. Census Bureau, in 2014 only 47% of black business owners who requested funding from banks got the full amount requested, compared with 76% of whites. Statistics such as this are discouraging, and black business owners feel disheartened by the situation – with 57% of black business owners who don’t seek capital citing fear of being rejected as their reason. The credit gap is obviously a huge issue for black business owners and there is a lot of room for improvement in how banks and the Government address the issue. This new initiative by Liberty Bank with the SBA is an a…

Creative Investment issues comments for the Small Business Federal Contracting Forum

Creative Investment Research, Inc. issued comments for the Small Business Federal Contracting Forum public meeting to be held on Monday, June 28, 2010. The purpose of the meeting is to encourage public comment on small business issues.

On April 26, 2010, President Obama established an Interagency Task Force to develop proposals and recommendations for enhancing the use of small businesses in Federal contracting, including businesses owned by women, minorities, socially and economically disadvantaged individuals, and service-disabled veterans of our Armed Forces. The Memorandum establishing the Task Force is available here.

Creative Investment has long been familiar with the problems that small and minority businesses encounter when attempting to contract with the federal government. We reviewed our experiences in our comments. In addition, we noted which Federal agencies are doing the best job in their small business outreach strategies.

We noted that doing business with the Federal go…