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Staying in the Black: Millionaires in Training – Los Angeles Sentinel | Los Angeles Sentinel

Community Build’s Robert Saucedo speaks during the small business workshop. (Courtesy photo)

After a 30% drop during the pandemic, black business is making a comeback. A recent study from the University of California, Santa Cruz cites that the number of black small business owners increased by 28% in the third quarter of 2021 compared to pre-pandemic times.

To capitalize on this momentum, a cohort of local organizations organized a series of workshops to show small businesses how to retain, sustain and grow into multi-million dollar organizations through contracting.

Staying in the Black is a small business seminar series presented by City National Bank, Vermont Slauson Economic Development Corporation, Community Build, Inc. and the Crenshaw Chamber of Commerce. The first workshop was held at VSEDC on 17 June.

“Our goal was to help some of our small, local businesses get to the next level by providing them with vital resources,” said City National Bank Vice President of Community Development Brian Grant. “Taking advantage of the contract opportunities that come in the pipeline is how we’re going to build millionaires in our community.”

The facilitators were experts in nonprofit management, commercial bank lending, Small Business Administration (SBA) lending, commercial development financial institution (CDFI) lending, contract opportunities, minority small business certification, and intellectual property .

The president of Community Build, Inc. Robert Saucedo shares insight into how, within 18 months, he doubled the growth of a legacy nonprofit in South Los Angeles during the pandemic by monitoring business trends.

“Almost every day there is a multi-million dollar transaction in the Wall Street Journal. I had my staff monitor who is buying from whom, what industry and if there are any regulatory requirements to invest more in the community,” Saucedo said. “That’s who we’re going to target. A simple trend. These are the things to watch.

City National Bank is one of the top three SBA lenders in the country and number one in California. In his 30-year banking career, Grant has often provided services to black doctors and other high net worth individuals and businesses. He said some of them want to expand their businesses, but their financial statements don’t show enough profit to qualify for a loan.

“People don’t want to show a profit and pay taxes, but if you don’t show a profit, how are you going to grow your business?” Grant said. “A person with that mentality is destined to stay at a certain level. At the end of the day, the goal is to be profitable.”

City National Bank SBA Loan Specialist Mark Morales reviewed the three questions every business owner must answer sufficiently to qualify for a loan – How much money do you need; what you will use the money for, and most importantly, how you can prove you can pay the money back, including interest. The answer to these questions will determine the type of loan that best suits the business owner’s requirements.

“SBA loans are funded by your tax dollars, and you should take advantage of that,” Morales said. “It’s all about using your resources to take you to the next level.”

Kimberly Rolfe, director at the Virtual Business Center of Southern California, has been educating business owners about personal finance and contracting for over fifteen years. Rolfe said any business is just one contract away from becoming a multi-million dollar enterprise.

“There’s a trillion dollars in corporate and government contracts. If you’re not at that table, you’re missing out,” Rolfe said. “There is so much money. There are possibilities for everything, anything you can think of.’

Rolfe said that most of the time, small businesses will work with professionals across a variety of corporate providers to access the appropriate contract. The website and opportunity statement should demonstrate how a business’s product and services are the solution to a prospective customer’s needs.

Simply Beautiful Floral Design owner Barbara Johnson was encouraged by all the information provided at the workshop.

“I came up with a business strategy on how to effectively leverage the money that’s out there to become the next millionaire,” Johnson said. “I already mean I want to do $50 million. Nothing less. Maybe I’m limiting myself. Maybe I should make $100 million. Its possible.”

For information on future Staying in the Black workshops, visit VSEDC.org.

Staying in the Black: Millionaires in Training – Los Angeles Sentinel | Los Angeles Sentinel Source link Staying in the Black: Millionaires in Training – Los Angeles Sentinel | Los Angeles Sentinel

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