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Australia Edition
Tuesday, 3 August 2021

In-Depth: Organization works to fund small businesses of color in Waco

Credit: ABC 25 News KXXV
Duration: 04:10s 0 shares 1 views
In-Depth: Organization works to fund small businesses of color in Waco
In-Depth: Organization works to fund small businesses of color in Waco

SMALL BUSINESSES ARESTILL HURTING--- BUTMINORITY-OWNEDBUSINESSES ARENEEDING SOME EXTRAHELP AS WE EMERGEFROM THE PANDEMIC.THOSE OWNERS CANFACE ADDITIONALHURDLES AS THEY TRYTO RECOVER...SYSTEMICDISCRIMINATION --TROUBLE SECURINGFUNDING -- AND A LACKOF SOCIALCAPITAL...ARE ALLFACTORS.STUDIES HAVE SHOWNTHAT MORE THAN 75-PERCENT OF MINORITYOWNERS HAVE TO USETHEIR OWN PERSONALSAVINGS FOR THEINITIAL FUNDING TOSTART THEIRBUSINESSES BECAUSETHEY'RE LESS LIKELY TOGET LOANS.BECAUSE OF THIS ---THE "CENTEX AFRICANAMERICAN CHAMBER OFCOMMERCE" IS HELPINGWACO'S MINORITY-OWNED BUSINESSESWITH THE "CENTEXMINORITY BUSINESSEQUITY FUND."25 NEWS REPORTERCIERRA SHIPLEY SPOKEWITH A BUSINESS THATGOT SOME OF THATFUNDING AND EXPLAINSHOW THE MONEY WILLHELP.TRU JAMAICA IS ARESTAURANT OFF THEBEATEN PATH IN WACO ANDDURING A PANDEMIC THISBUSINESS SLOWED EVENMORE THAN OTHERS.THANKFULLY, THE CENTEXMINORITY BUSINESS EQUITYFUND HAS HELPED THEMSURVIVE.OWNING A BUSINESSCAN BE DIFFICULTCHARLES: WE'RE AJAMAICAN RESTAURANTSO WE'RE NEW TO A LOTOF PEOPLE, WE'RE ONTHE OUTSKIRT OFDOWNTOWNANICETO CHARLES JR.THE OWNER OF TRUJAMAICA SAYS AS ABLACK MAN OWNING HISOWN BUSINESS IS ADIFFERENT KIND OFACCOMPLISHMENTCHARLES: WE'RE IN THEEAST SIDE ANDPREDOMINANTLY THE EASTSIDE IS OF AFRICANAMERICAN DECENT, AND IWANT TO STAY TRUE AND BEABLE TO REPRESENT THEAFRICAN AMERICANCULTURETHE SMALL BUSNIESSADMINISTRATION SAIDBLACK BUSINESSOWNERS ARE THREETIMES MORE LIKELY TOHAVE TROUBLEACCESSING CAPITALWHICH AFFECTSPROFITABILITYPATE: WHAT WE SEEJUST AS RECONNING INOUR WHOLE COUNTRYFOR SYSTEMICINJUSTICE AND RACISMAND THINGS THAT HAVEBEEN BARRIERS THATHAVE BEENOVERLOOKED WE'TRYING TO ADDRESSTHOSE BARRIERSVICE PRESIENT OF THECENTEX AFRICANAMERICAN CHAMBER OFCOMMERCE RACHEL E.PATE SAYS THEPANDEMIC JUST MADETHINGS HARDER FORBUSINESSES OF COLORSO AN EQUITY FUNDWAS BORNPATE: OUR PART INHELPING BUSINESSESRECEIVE EQUITABLEHELP IS JUST ONESMALL PIECE IN WHATEVERYONE IS DOING TOMAKE SURE WE ARE ALLLIVING TOGETHER INHARMONY ANDPROSPERINGTOGETHERCHARLES JR. RECIEVEDEQUITY FUNDING ANDSAYS THIS IS WHATKEPT HIS BUSINESSAFLOATCHARLES: WELLOBVIOUSLY WE NEEDEDSOME EXTRA CASH.

OURAIR CONDITION HASBEEN ON ITS LAST LEGFOR LIKE 6 OR 7MONTHSHELPING 11BUSINESSES OF COLORSO FAR, THERE IS STILLA LONG WAYS TO GOPATE: YOU HAVE TOHAVE A SEGWAY INTOACCESSING FINANCIALCAPITAL BETWEENBUILDINGRELATIONSHIPSBETWEEN LARGERLENDING ENTITIES ANDTHAT'S ONE OF THETHINGS THE FUND WILLDOFUNDING ANDNETWORKING HAS BEENA BENEFIT FORCHARLES JR. HETHANKS THE CHAMBERFORCHARLES: WE ALL SEETHAT WACO ISGROWING AND WILLCONTINUE TO GROWBUT WE NEED ALL THESMALLER BUSINESSESNOT THE BIGGERCHAINS TO PLANT THEIRSEEDS AND GET ALL THEASSISTANCE THAT THEYCAN GETTHE EQUITY FUND IS STILLPROVIDING BUSINESS RELIEFGRANTS TO BUSINESS OFCOLOR BUT POST PANDEMICTHE SAME FUND WILL OFFERMICRO LOANS AND THAT WILLREQUIRE RE-PAYMENT.IN WACO CS 25 NEWSCIERRA THANK YOU.IT CAN BE HARD TO GETYOUR NAME OUT THEREWHEN STARTING YOUROWN BUSINESS.BUSINESS OWNER"TIFFANY SCOTT"STARTED HER ALL-NATURAL HAIR ANDBODY CARE BUSINESS,"URBAN ROOTZ", THISYEAR.TO HELP WITH HERSTART-UP --- "TRUJAMAICA" IS ALLOWINGHER TO SET UP SHOP INTHEIR RETAURANT.AS A BLACK WOMAN--SCOTT SAYS GETTINGPEOPLE TO GIVE HER ACHANCE AS SHE STARTSTHIS NEW CHAPTERMAKES HER HOPEFULFOR THE FUTURE.SCOTT: WATCHING THEMALSO GAVE ME LIKE, HEY ICAN DO THIS, HE'S BEENHELPING ME THE WHOLE WAYAND I TRULY APPRECIATE IT.SCOTT'S BUSINESS CBE FOUND BY GOING TOURBAN ROOTZ, SPELLEDR-O-O-T-Z, 4-U DOT COMTHE GOAL IS FOR 100GRAND FOR THE FUND.THEY'RE ASKING FORTHE COMMUNITY'S HELPTO INVEST BYDONATINGALL CONTRIBUTIONSARE TAX DEDUCTIBLEAND UNDER THE CAREOF "T-F-N-B YOUR BANKFOR LIFE."IF YOU'D LIKE TODONATE -- VISIT "CEN-TEX-CHAMBER-DOTCOM"