Loans Set To Help Minority Businesses

Imagine Tallahassee – Minority Business Fund

Tallahassee, Fla.
In two weeks, the Tallahassee city commission will look to approve spending of funds in the Imagine Tallahassee project.

One of the ideas is $7.5 million in loans for businesses owned by minorities and women. The Big Bend Chamber of Commerce hopes funding from Imagine Tallahassee will give local businesses owned by minorities and women the help they need to succeed.

Thais Wilson has run her home-based business in Tallahassee for the last two years. Here invention, Comfortibles, are mix and matching comforters that detach.

“We have other product lines that are in the works coming out,” said Wilson. “I just got back from traveling to China.”

Imagine Tallahassee has allocated a minority business investment fund of $7.5 million to the Big Bend Minority Chamber of Commerce. The chamber would then approve loans to businesses run by minorities and women.

“It would allow me to get a facility and it will also allow me to employ other people in Tallahassee.”

Not everyone will be able to qualify for these loans. In fact, all entrepreneurs will be vetted by the chamber of commerce to make sure they have business plans moving forward.

“You gotta show that you have a plan that can put in place and how that plan will cause you to make money and be able to pay your loan back,” said Sean Pittman of the BBMCC.

Pitman says of all the projects from Imagine Tallahassee, this is he most innovative.

“We’re not giving hand outs but hand-ups to people who deserve it.”

Wilson says she won’t be the only one that benefits. The community will too.

“Just releasing funds like that would do something phenomenal for the community, helping to grow Tallahassee as a whole.”

Applicants of the loans will have to receive training and education before receiving them. The chamber hopes to give out between 50 and 100 loans per year.

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