We gather the week’s best small business stories and bring them to you here.
Kickstarter for black community’ aims to close African-American startup gap
A University of Michigan study found that while African-Americans are almost twice as likely as Caucasians to begin the new business creation process, businesses owned by Caucasians exist at more than twice the rate of those owned by black individuals. Fleming calls this the “black startup gap” and outlined multiple factors that perpetuate it, with a lack of funding as the first. He said most members of the black community start businesses on personal savings, credit, and the support of their friends and family because they have historically been discriminated against in terms of loans, funding, and resources. While these problems are getting better, people within the community still have limited interactions with angel investors and venture capitalists, and don’t feel there are viable financial channels bring their business to the next level.Read more (via venturebeat.com)
The Importance of Quick and Dirty
It’s hard to imagine this kind of thing happening at 37signals 10 years ago. Back then, we had no problem making something quick and dirty. When we were messing around with an idea, we didn’t care about quality or being perfect. We just wanted to see if it would work. To be sure, that’s a low bar. But low is just the right height when exploring something brand new.Read more (via inc.com)
How to get a Business Loan if your Financials aren’t Perfect. Yes, it’s possible.
Getting a loan after you’ve filed for bankruptcy can be challenging, but it is not impossible. Generally you will have to wait 4 to 6 years from your bankruptcy before you can get a loan, and during that time your credit record needs to be clean—no late payments, no collections, and no charge-offs. Lenders need to see that since your bankruptcy you’ve been on the right track.Read more (via biz2credit.com)
Who would win or lose on online sales tax
For too long the Main Street retailers that are an integral part of their communities have faced tax rules that put them at a disadvantage to their out of state, online-only competitors,” said Bill Hughes, government affairs chief for the Retail Industry Leaders Association.Read more (via usatoday)
Big Banks Dive Back Into Small Business Lending
The index, which has been tracking bank approval rates since January 2011, compiles data from companies applying for loans from $25,000 to $3 million. All companies in the study have been in business at least two years and have credit scores above 680.Read more (via thefinancialbrand.com)
Mariah Courtney runs the social media program at Biz2Credit. She is passionate about entrepreneurship, writing, travelling, food blogs, social media, and her dog Sammie.