Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource "Voices That Must Be Heard" Articles Description An account of the resource The Independent Press Association (IPA) translates articles from the ethnic press (when necessary) and distributes them via web and fax newsletter to mainstream and ethnic press, government offices, nonprofits, and interested individuals. Voices That Must be Heard was designed by the Independent Press Association staff in New York City in response to the horrifying events of September 11. After Sept. 11th, Voices focused on the South Asian, Arab and Middle Eastern communities in New York. Since February 2002, the project has expanded, selecting articles from the broad range of ethnic and community newspapers throughout the city. Here, the Archive has preserved the Voices collection from its inception until November 2002. VTMBH Article VTMBH Article: Edition 11 VTMBH Article: Article Order VTMBH Article: Title Bridging the capital gap? A program targeting small businesses in need is in need of small businesses VTMBH Article: Author Alvina Alaston Oden VTMBH Article: Publication Kip Business Report VTMBH Article: Original Language English VTMBH Article: Translator VTMBH Article: Section news VTMBH Article: Blurb Bridge to Capital program, or BRIDGE, was supposed to be a revolutionary program to help small, new majority and women-owned businesses in New York City gain capital. But it hasn't helped one client. VTMBH Article: Keywords VTMBH Article: Body Expansion capital. It's so vital to small businesses, yet so elusive. As a result, many managers lack the sophistication, contacts and know-how to secure the cash needed to attain the next level. Last March, the Industrial and Technology Assistance Corporation (ITAC) and the New York Community Investment Company (NYCIC) launched what was supposed to be a revolutionary program to help entrepreneurs get over the expansion capital hump. Called the Bridge to Capital Program, or BRIDGE, the idea was to provide small, new majority and women-owned businesses in New York City with high-end strategic planning and fundraising service. According to Franklin Madison, Jr., ITAC's technology program director, small- to mid-size enterprises have a dire need to raise capital, but hit roadblocks when they are unable to produce effective business plans. That's where BRIDGE comes in. "This program [BRIDGE] hires high-end consultants who write business plans that cost anywhere from $10,000 to $30,000. These plans get capital," said Madison. "Our consultants usually have an investment banking background, so in addition to writing the plan they are also able to shop it around to potential investors. That is what makes this program so great," he explained. Eligible BRIDGE participants receive up to two-thirds of the cost of business consulting services for one year. The maximum loan amount is $20,000. The remaining one-third of the total consulting cost is the responsibility of the qualifying business. The loan must be paid back within 18 months at a rate of less than 5 percent. If the consultant's effort succeeds in raising capital, BRIDGE is entitled to a 1 percent to 5 percent equity stake in the venture. "This is a very important and unique program that is intended to provide funding to small businesses in two areas,"explained Howard Sommer, president of NYCIC. "The first component of the program is to prepare a complete and effective business plan and also to engage financial intermediaries to help raise capital for those small businesses." <b>Turned Away</b> Sounds good. There's only one problem. In the 11 months since the program's inception, not a single business has received any funds from BRIDGE. At least 16 companies from diverse industries have applied. However, all were denied assistance because they did not meet the basic requirements. To be eligible for the program, companies must be located in the five boroughs of New York City; create, produce or distribute a product; have been in operations for one year; generate under $20 million in annual sales; and demonstrate the ability to grow and expand. The vast majority of the businesses that applied and were turned down did not have any existing capital. "A business must have some revenue: some of these companies had zero revenue," said Madison. "This is a sign that there is a need for start-up funders and funding streams. If you can demonstrate that you can make money, then you can chase money." <b>Retooling</b> BRIDGE's 0-for-16 record has led its co-sponsors to consider revamping the program. "We are in the process of overhauling the entire program. Our goal is to find someone who can come in here and develop better marketing and promotion strategies to make BRIDGE work," said Madison. "At this stage of the game, we are hoping to attract banks, private investors and investment banking firms to provide funding for new businesses, as well as the ones we have turned away to get the help they desperately need," he added. In the meantime, Diana Parra, regional communications director for the U.S. Small Business Administration (SBA), suggests that entrepreneurs needing help check out the SBA. "Small business owners have other outlets for hiring consultants who are sometimes very costly. The SBA, in conjunction with state governments and local universities, funds small business development centers which have trained counselors to write and develop effective business plans for those in need. Hiring an expensive consultant is not necessary," said Parra. <i>For more information about BRIDGE, visit www.itac.org or www.nycic.com.</i> VTMBH Article: Line Breaks 1 VTMBH Article: Date 2002-03-08 VTMBH Article: Thumb VTMBH Article: Article File news47.doc VTMBH Article: Hit Count 59 Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Bridging the capital gap? A program targeting small businesses in need is in need of small businesse 911DA Item Elements describing a September 11 Digital Archive item. Status The process status of this item. approved Consent Whether September 11 Digital Archive has permission to possess this item. unknown Posting Whether the contributor gave permission to post this item. yes Copyright Whether the contributor holds copyright to this item. yes Source The source of this item. born-digital Media Type The media type of this item. article Original Name The original name of this item. Bridge to Capital program, or BRIDGE, was supposed to be a revolutionary program to help small, new Created by Author Whether the author created this item. yes Described by Author Whether the description of this item was submitted by the author. no Date Entered The date this item was entered into the archive. 2002-03-08