Small Business Development and Finance

Nonprofit Organization Provides Microloans to Black-Led Businesses In Southern California

Access to capital is one of the greatest ways small businesses can become sustainable and focus on growth. However, many Black-led companies need support in gaining access to capital. In response, a California-based nonprofit is supporting Black entrepreneurs in the state with microloans.

The Black Cooperative Investment Fund (BCIF) offers zero-interest microloans ranging from $5000 to $20,000 to Black-owned businesses in Los Angeles, Orange, Riverside, and San Bernadino counties. The microloan

Tax Preparer Breaks Down Master P’s Prescription About How to Get ‘Free’ Cars as an Entrepreneur

Entrepreneurs are always looking to earn a profit in their business while reducing their taxable income. During the “Assets Over Liabilities” panel at the Sept. 24-25 Revolt Summit x AT&T, music mogul Master P provided some answers by sharing the importance of possessing credit and knowing how to use business deductions to grow business wealth strategically.

“Well, I am going to tell y’all something that might make a lot of sense that they don’t teach us — credit is so important. I want to show

Types of Grants for Black Business Owners

Many business owners need access to additional funding to continue to grow and develop their ventures. After all, lack of adequate financing is one of the primary reasons that businesses or startups fail within the first few years of operation.

For Black-owned businesses, though, the need for additional funding may be even greater. According to the U.S. Census Bureau’s 2020 Annual Business Survey, there were an estimated 134,567 Black- or African American-owned businesses with 1.3 million emplo

Can You Get an SBA Loan With Bad Credit?

Videographer and filmmaker George Williams was feeling a cash crunch. At the height of the pandemic, the owner of Digitoral Media faced canceled events and a dwindling cash flow. Williams applied for an Economic Injury Disaster Loan (EIDL), a source of funding backed by the U.S. Small Business Administration (SBA) that provides economic relief to entrepreneurs and nonprofit organizations that experienced revenue loss during the pandemic. However, while Williams received a grant, his loan applica

SBA Community Advantage Loans: What You Need To Know

The Community Advantage (CA) loan program is a pilot initiative established by the Small Business Administration (SBA). Its purpose is to meet the needs of businesses in underserved communities that might not qualify for a traditional loan. Unlike traditional SBA 7(a) loans, the CA loans program partners with mission-focused lenders that provide credit, technical, and management assistance to entrepreneurs.

Learn if you may qualify for the CA loan, the process for applying, and how the funds ca

How To Start a Sole Proprietorship

Freelancers. Independent contractors. Solopreneurs. Self-employed workers. What do they all have in common? They are all sole proprietors—business owners who operate an unincorporated company. According to the IRS, more than 27 million businesses paid taxes as sole proprietors by filing Schedule C of Form 1040 for 2018.

Just how do entrepreneurs become sole proprietors? And what are the advantages and disadvantages of choosing this legal structure over a limited liability corporation (LLC) or a