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Troy Parker was not able to secure a line of credit with a mainstream bank. He turned to short term lenders offering loans with very high interest rates. Eventually Troy found out about a state program that provides cash collateral for loans to minority-owned businesses.
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The Lincoln & Gilbert initiative will funnel $2.5 million into grants and mentoring.
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The Lincoln & Gilbert initiative — named after the intersection of Lincoln and Gilbert in Walnut Hills, where a Black business district was located in the 1840s — says the multi-million dollar investment could double minority businesses in Cincinnati in five years.
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The loans, from $500 to $20,000, can be used for operating expenses, new equipment, hiring staff and more.
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The Cincinnati neighborhood has always had a Black business district but it's getting bigger.
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Loans are hard to come by for any small business but minority owners have an even tougher time raising capital. The African American and Filipino owners…
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Dr. Zaria Davis realized women weren't getting the same level of support when they were released from prison. That is why she launched Filling the Gap, a…
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A new effort is underway in Cincinnati to support black-owned businesses in the city which are struggling because of the coronavirus pandemic. Mayor John…
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The National Minority Supplier Development Council'?s annual conference, the largest gathering of minority-owned companies in the country, takes place…
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Cincinnati is moving ahead with plans to create a new department of Economic Inclusion. Council could approve the new department and director position…