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Although we offer several financing solutions through our Chamber, sometimes you are going to need a little more. However, in this tight market, venture capitalists are being careful, so perhaps some of the options in this article will help . . . (orginally posted here):
by Dileep Rao, PhD
Your small company isn’t sexy enough to entice venture capital nor does your collateral give skittish banks enough comfort. Bootstrapping aside, here are five often overlooked alternative sources of funding in this tough environment.
Local Development
This hodgepodge includes a host of intermediaries under the auspices of the Small Business Administration. Gaining prominence are Community Development Financial Institutions (previously known as Community Development Corporations); these entities have more resources to throw around thanks to sponsorship in recent years by the U.S. Treasury. Development programs tend to offer larger loans at lower rates than banks do, though you’ll be expected to create jobs (or at least maintain them) in the community.
Asset-Based Financing
A great source of working capital for companies that market to other businesses and to governments–but beware Read the rest of this entry »
Santa’s personal wish list is not that different from every other business owner’s.
A lot of Congressmen are going to have coal in their stockings this year.
By: Justin Velez-Hagan, National Executive Director
Inc. magazine recently published an article that gave the author’s take on a “highly practical, eminently doable, totally reasonable plan to revitalize the American Dream.” (Bluestein and Barrett, July/August 2010) Admittedly, they came up with some stellar ideas for jump-starting up-starts! Given that The National Puerto Rican Chamber’s number one concern for our economy is business growth and job creation, we thought this article deserved a close look.
Promote Entrepreneurship in all schools, not just B-schools
This seems like a common sense idea that most overlook. Universities far too often rely on B-school students as society’s sole source of future entrepreneurs. However, many of the top companies in the world were founded by individuals who had no business background. Take, for example, Google–its founders, Larry Page and Sergey Brin, were engineering students vying for a Ph.D. Read the rest of this entry »
That’s right! Our official Press Release will be sent out this week, but we wanted to give you the head’s up that most of you have already seen on Facebook or on our Website. Our entire mission is to promote economic development and entrepreneurship and that includes helping you with your business . . .
Our sponsors and our volunteers have been so good at supporting our mission that they we are now able to offer a FREE one-year membership, which includes all of the FREE services and advice that our members receive! Read the rest of this entry »
By Justin Velez-Hagan
National Executive Director
Washington, D.C., September 28, 2010. Yesterday, the president signed into law the Small Business Jobs and Credit Act. The bill has been touted as one of the best ideas for reinvigorating small business and job growth and, hence, deserves an analysis by The National Puerto Rican Chamber of Commerce, a staunch supporter of small business and entrepreneurship.
The legislation itself provides temporary tax incentives as well as a general account intended to provide local community banks with funding for small business lending. Although its intent is clear, language within the bill does not guarantee funding for small business lending. While 13 democrats voted against it, only 3 republicans supported the bill. One of those democrats, the Chairwoman of the House Small Business Committee and the first Puerto Rican woman elected to U.S. Congress, Nydia Velasquez (NY), voted against the bill amidst concerns that capital from the bill would not go to its intended source.
After examining the bill, it becomes clear that the tax incentives are temporary and greater strain will be placed upon small businesses, limiting their ability to stimulate the economy. Dr. Jeffrey R. Cornwall, the Director of the Center for Entrepreneurship at Belmont University, states that small business owners “don’t need more debt, they need more customers—and the government can’t provide those.”[i]
What Makes the Entrepreneur Tick? Read the rest of this entry »
This video, as seen on YouTube, starts with a great example of an organization in Washington, D.C. called the Latino Economic Development Corporation, who helps assist Latino entrepreneurs to start their own businesses within Washington, D.C.
“44% of Hispanics chose self-employment because they needed flexibility to take care of dependents or other family obligations. . ” quotes the video. The Executive Director of the organization continues, “What Latinos lack is Read the rest of this entry »
Read this article which highlights the characteristics of the Puerto Rican Entrepreneur. It was written in 1994, but is not outdated.
You will have to create an account and log in to see the whole article, but it is worth a read if you are studying the island’s entrepreneurial prospects: http://www.jstor.org/pss/25613237
Harvard University professors Edward Glaeser and William Kerr recently published an article detailing their long-standing research that contradicts the generally accepted notion that regional economic growth is highly correlated to the number of large employers.
The professors call the systematic approach of local governments offering economic incentives (usually in the form of tax breaks) to large, developed corporations “smokestack chasing.” However, in contrast to generally accepted political theory, their research proves that incentives for the creation or growth of a greater number of smaller or start-up firms is more attributable to regional economic growth. Read the rest of this entry »
The Minority Business Development Agency (MBDA) formed an alliance with the National Urban League last week aimed at boosting minority entrepreneurship in 9 U.S. cities.
The Urban League expects to have access to the MBDA’s vast network of small business specialists that will benefit entrepreneurs in Atlanta, Chicago, Cleveland, Cincinnati, Jacksonville, Fla., Kansas City, Mo., Los Angeles and New Orleans
Read more: Minority Business agency-Urban League alliance set for Phila. – Philadelphia Business Journal
by The National Puerto Rican Chamber of Commerce 