Our partner Opportunity Finance Network launched Venturize, a new tool to help entrepreneurs find the right capital for their business and understand the fine print with different credit options.
Kathia Kacic brings our community another credit tip in her ongoing series about ways to improve a credit score.
Main Street Launch’s Advising Corner features tips to build your credit and is brought to you by Karla De Leon, Lead Business Advisor.
We are continuing to feature more clients on our website. Click here to see businesses highlighted in your neighborhood.
Lending Circles to Build Your Credit
Strengthening your personal credit is paramount as you continue to utilize business loans to grow your business. In a Lending Circle, you’re borrowing from someone in the group, but you’re also lending. A group of people come together (facilitated by Main Street Launch) and each make a monthly payment from $50-$200 per month. This amount is automatically debited from your bank account each month, so you don’t have to worry about making a payment on time. Every member of the circle receives the full pot of money (deposited directly into their bank account) once in the rotation until everyone has received the full amount.
Get to Know Maopepe Gaoteote,
Vice President – Loan Closing & Compliance
Meet Our Clients: Jenny Pennywood
“In 2008, Jen Garrido was exclusively working as a fine artist in several galleries. When the recession hit, everything stopped. Jen has always been business-driven and created work for herself, so she got creative about other ways to use her experience as an artist to make money. She decided to start Jenny Pennywood after doing some projects with friends and with her husband. Now Jenny Pennywood is a home textiles line that is made in the USA, primarily in San Francisco. ‘There’s a beauty to staying small but being successful,” says Jen. “I’m a mom, so I created my business to fit into a lifestyle where I don’t have to overwork or overextend myself.'”
BusinessAdvising.org connects free expert advisors and mentors to entrepreneurs for tailored, hands-on assistance to grow businesses and create new quality jobs in their communities. Click here to sign up at no cost to you.
Townsqd is a closed social network that connects neighborhood small businesses to each other. This platform fosters collaboration among businesses and offers a place to share resources and information. Click here to join at no cost to you.
Localwise connects local people to jobs at local businesses. As small businesses are ready to make their first hire or grow their team, Localwise offers a local job community focused on building talent in small businesses. Click here to post a job.
This quarter, we want to share about Venturize, a campaign designed to help small business owners understand their financing options so they can make the best choice for their business. Nationally, there are nearly 8 million small businesses owned by people of color and 11.3 million small businesses owned by women that help power their communities. However, entrepreneurs of color are denied loans at nearly three times the rate of white small business owners. The financial crisis led to banks cutting back on small business lending and the rise in online lenders that offer “quick and easy” cash without disclosing hidden fees, high interest rates, and prepayment penalties that can force entrepreneurs into economic distress.
The rise of unregulated online lenders provides an unprecedented but confusing variety of financing options, many of them designed to help the lender’s bottom line than to help a small business to succeed. In response, our partner Opportunity Finance Network (OFN) created Venturize, a campaign designed to equip small business owners to make the best choice for their business using clear, trustworthy information and mobile-friendly tools to compare financing options or prepare a loan application with no strings attached. OFN is the leading national network of community development financial institutions (CDFIs) like Main Street Launch that are investing in small businesses that benefit underserved communities across the United States.
Visit venturize.org to learn more about the campaign and to check out the resources and tools designed to help small business owners learn about their financing options and prepare for applying for financing. The website also features a CDFI locator tool that helps small business owners find CDFIs in their community that can help them get affordable financing or business advising services.
Welcome to our Newest Team Members
Main Street Launch is thrilled to welcome our summer interns to the team:
Opportunity to Gain Additional Exposure for your Business
Contribute to SharpHeels
SharpHeels is an online news, fashion, and lifestyle magazine, and they are looking for contributors.
Topic Categories include: Career Tips, Entrepreneurship, Leadership, Money & Finance, Industry Events, Office Style & Beauty Advice, Health & Wellness, Business Travel Tips, City Guides, Art & Books, Office Design & Décor, Women in Entertainment, Women in Music, Women in Sports, etc.
- Smart, creative contributors with strong writing and grammar skills and the ability to educate, captivate, and motivate our audience.
- Writers who can make a commitment to contribute to SharpHeels at least one time every other month.
Target & Timing:
- Target Audience: Professional Women 27-55
- Length of Article: 750-1200 words
- Timing: Monthly, Bi-Monthly, Quarterly
- Article Tone: Educational article that should Captivate + Educate + Motivate the readers
If you’re interested in taking advantage of this opportunity, please email Katie Taylor and she’ll introduce you to their team.
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Visit our website to learn about Oakland Launch, San Francisco Launch, and Veteran Launch.
Powering Dreams. Transforming Communities.
Main Street Launch
2101 Webster Street, Suite 1200, Oakland CA 94612