To make efforts to help a small business grow at a fast pace one does not only needs a great business idea, a lot of effort and perseverance, and wise decisions on the right time it also needs a lot of luck.
One thing that slipped out of my mind and that is money. Finding the funding for a business project is quite a tough task to do and it becomes even tougher when the color of your skin is dark and that of your counterparts is white. The people who say that racism does not exist in the developed countries of the world are liars as the dark people who live in countries where white are in majority one is reminded that he is inferior. The ethnic minorities living across the globe have a somewhat similar story to tell when it is about their equal rights.
Keeping this fact in mind the officials associated with the Metropolitan Economic Development association had to announce the return of its million-dollar challenge for minority entrepreneur’s competition that was scheduled to be held later this year. The Meda Million Dollar challenge played a significant role in helping small businesses grow and flourish. It is an event where new skills and crafts get exposure to the outer world.
It helps highlight the innovation and creativity that the businessmen possess. This is the best event to help eth small businesses grow as it helps attract more capital investments. The president and CEO of MEDA Gary Cunningham said while introducing his company.
Minorities Establish their Small Businesses
This organization was created in 1971 and since then it has been helping the minorities establish their small businesses. It has helped more than 500 small businessmen by providing them different services that are needed for setting up a small business. Meda helped people by providing them free business consulting, financing solutions, and helped them try their luck with government and corporate opportunities.
Available Competitions For Startup Financing
From 21st May to 13th of June 2019 entrepreneurs of different colors will get a chance to apply for the second annual competition which will give at least $1 million in business financing in the shape of a convertible note. The very next day of application deadline up to 20 businesses owned by ethnic minorities will be participating in the competition which is inspired by the TV show shark tank. There is a panel of judges appointed for the judgment of the ventures revealed by the businessmen; each participant will have to convince the judges that his business is ready for growth.
The judges will select only 10 contestants for the next stage of the competition. In this second stage of the competition, the 10 finalists will participate in the boot camp organized by Meda for successful pitching. Most of the Meda officials describe this part of the contest as a growth speed increasing tool that offers the industry and the investor feedback, marketing consultation, and connections on a professional level.
On 19th of October, 2019 the finalists will be going to St. Paul Minnesota for their last opportunity to plead their case in front of the respected judges. Last year this stage of the competition was very lucky for nine of the minority businessmen from four different states were awarded almost $1.5 in funding.
What Is The Importance Of Funding For Minority Entrepreneurs?
According to a report published by the US Department of Commerce’s Minority Business Development Agency, there were almost 8 million businesses owned by the minorities across the country, it makes the increase of 38% in less than ten years’ time.
Only in the US millions of small businesses are owned by members of minority groups, a study conducted by National Bureau of Economic Research made a rough estimate according to which only the minority entrepreneurs make only 20% of the entrepreneurs that are funded by the venture capital. According to a report publishes by Minority Business Development Agency found that the rates of loan rejection were 300% higher for minority firms with estimated receipts under $500,000 and roughly two times high for those who have more revenues.
According to Cunningham
Cunningham’s comments, Meda’s annual plan of offering an avenue for fresh entrepreneurs of color is beneficial for the country. The effect of helping minority businessmen is far more than the help we provide to an individual, it does not only help create new jobs it accelerates the economic development too. Mr. Cunningham said that when they support the minority entrepreneurs they support all and they were feeling proud to bring the Million Dollar Challenge again for the second year in a row to create a stronger impact. The second Meda Million Dollar Challenge for all the minority entrepreneurs is open to all for-profit of minority-owned business.
All the efforts made by Meda have helped a number of new entrepreneurs get financial help in the form of the reward that they get. These efforts have born the fruit of new vacancies that have provided employment for all the unemployed who had reached the verge of suicide. This initiative by Meda has provided hope for thousands of people who have been living a deprived life. The people who have been living hand to mouth have become financially sound. We can judge the success of the last years’ competition with the fact that the organization had to arrange for the competition yet again for the year 2019. We wish the organizers tremendous success in the 2019 competition and hope to see them again next year.