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Every day, Karisha Harris steps into history.
Across from her office is the Birmingham Civil Rights Institute. 1 block north is 16th Street Baptist Church, a living landmark in the struggle for equality. And from the front, Kelly Ingram Park has a monument to those who fought hard.
“This is my view on a daily basis,” Harris said. “Looking at these statues, I realized I had to pay for it up front.”
Located in the heart of the Birmingham Civil Rights District, Alabama MBDA (Minority Business Development Authority) is focused on promoting the growth and competitiveness of black and minority businesses in the United States. The Birmingham agency is run by Walkers Legacy with a mission to equip her 10,000 businesses led by women of color by 2025.
Alabama MBDA program coordinator, Harris, said: “We aim to provide a more personal touch and ensure that budding entrepreneurs are on their way.”
To help with this journey, she enlisted the help of three local bankers in Birmingham for directions.
Tom Stroud, Commercial Banking Solutions Relationship Manager. Reginald Smith, SBA Banker. Trey Abston, a leader in commercial banking solutions, assisted through two live and virtual financial wellness seminars aimed at providing aspiring entrepreneurs with the expertise they need to pave the way.
“I’ve been an entrepreneur for years,” Stroud said. “Being an entrepreneur is not a job. It’s not a career. It’s a calling. But it’s not for the faint of heart.”
As such, Stroud warns:
In 1 hour, 2 sessions, local bankers provide a step-by-step guide to creating, maintaining, and building a small business or micro-enterprise with less than 5 employees and less than $100,000 in annual revenue Did.
And part of that journey is learning how to access capital. The Small Business Administration exists to help build at the local level, but it can be difficult to take an idea and make it work at scale.
“The best tip I can give you is to find a way to run your company with the least amount of money possible,” Smith said. “We often come up with great ideas but can’t see the big picture because the key to success is organic growth, learning what works and what doesn’t.”
Stroud warned entrepreneurs to avoid friends, family and idiots when it comes to raising money.
“It’s someone we often turn to for investments, but it rarely works out,” warned Stroud. “I’ve served that purpose myself.”
Instead, there are ways to get your business idea across to an impartial audience. It’s a local small business pitch contest modeled after “Shark Tank.” For example, within Alabama, Auburn University, Samford University, and the University of Alabama all have launchpad programs to turn ideas into viable companies.
Equity financing options are also available, but at a cost.
“This is where companies get into trouble,” says Stroud. “Maybe we just need another $50,000 or $60,000 to get over the hump, but to do that, we’re going to give up part of the business. They can take over your company and eventually get you kicked out.”
In just an hour, Stroud and Smith outline how to turn an entrepreneur’s idea into a success story, covering everything from budgeting to credit lines to the need for a viable business plan, before reaching out to the world. Participated in a 1:1 virtual session with an insider entrepreneur. Status.
Seeing it all done, Harris accepted it with a smile.
“Tom was recommended by a colleague, so he got to know what Regions had to offer in terms of expertise,” says Harris. “What I love about Tom and Reginald is that they are always clear, concise and approachable, and offer advice on a level that our entrepreneurs can relate to.”
For more information about the Alabama MBDA, please visit its website alabamambdacenter.com.
This story was originally published on Regions’ Doing More Today website.
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