Bronzeville Stimulus Session for

Small and Minority Businesses - Part 1

Small Business Administration Presentation

Photo: Metropolis/Leila Khaled

Ready, Set, Go!

SBA - Know the Information

Photo:Timothy Muhammad

Photo: Timothy Muhammad

Special Guest: Kim Shackleford of Asili Chi Salon and Spa, recipient of $150,000 SBA Backed Loan

Photo: Timothy Muhammad

Special Guest: Harold Irving, recipient of $250,000 SBA Backed Loan before Recovery Act in effect

Photo: Timothy Muhammad

SBA Representative Alfred Belluomini

Remember: a Lender looks at hundreds of business plans and all say they will be successful. None of them say they will fail. An entrepreneur has to be realistic, their plan has to make sense, and projections must match other businesses in the same field.

Photo:Timothy Muhammad

Some Lenders say you have to be in business for 2 years even though the SBA will back the loan. Also, if you do not have any assets, the Lender has nothing to rest on should your business fail. Lenders are audited by the FDIC and if they make loans that are not secured, they can loose their charter.

You are working with the bank and not the SBA unless the loan defaults. You are the client of the bank and the bank is the client of the SBA.