Entrepreneurship offers an opportunity to grow and give back to your community. An opportunity we see rising every year in small businesses. Yet, while entrepreneurship is on the rise, founders still face significant challenges to their growth and profitability.
Bridgette Johnson, owner of Central Café and Juice Bar, experienced these financial barriers firsthand – even before the pandemic. Bridgette attempted to secure capital to realize her dream of owning a community food business, “We went to conventional banks and we even went to our credit union asking for a business loan,” she mentioned, “those places will not give you a loan unless you have three years in the business. What do new people, [new] entrepreneurs do if they don’t have any money? Or for people that have a little bit like we did, to get the project going?” Bridgette stated.
“If you’re only getting a loan for $500 when your espresso machine is a car, it doesn’t put you over that hump,” Bridgette continued, “To get it really going and get over that hump, somebody needs to give you a chance, and that’s what I think [Business Impact NW does]…It’s really hard for people to get started, so I just want to thank you guys for taking a chance.”
Many small and start-up businesses have had the same experience. We asked Taj Benford for advice, “My advice will always be to connect with trusted advisors, ask questions, use your community that is here specifically to assist small business owners – especially today.” he continued, “To push past the ceiling when you’re automatically told no, you need a [strong] business plan, let these institutions know that you may not have the money now, but if you do XYZ, you can handle this – pandemic or not.”
Organizations like Business Impact NW and credit unions like Seattle Credit Union, focus on working with traditionally underbanked populations. Business Impact NW is dedicated to providing foundational and financial support for small businesses, supporting the chance to build wealth and opportunities for our local communities. We offer a variety of resources in lending, free classes, business coaching, and annual events such as Impact Pitch – that provides an opportunity for startup and early stage businesses to secure funding based on their community impact.
Let’s do our part in supporting every step of the journey for entrepreneurs.
Find out more about how Business Impact NW’s programs can support your business –
Learn More about Business Impact NW Loans Here
Get Started with Services at Business Impact NW
Donate to Support Business Impact NW Programs
Learn More About Seattle Credit Union Here
