Newspapers / The Charlotte Post (Charlotte, … / Dec. 10, 1981, edition 1 / Page 3
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Snail Businesses Having Problems Getting Capital Charlotte Post Food Ads Offer Th* Very Best By Chase Vance Post Staff Writer Bobby Lowery's Better Cleaning Maintenance ope ration has been in service for 18 years. But every thing is not pleasure and bliss. "Yes, all small business- I es are having problems getting enough capital," Lowery remarked "You can’t get money unless it's there and now a days there is not much money avail able.” Lowery, like other small minority businesses ope rators in the area could use more capital to expand his business. Many feel that the Small Business Administration is not the answer. The limited funds in this era of Reagan omics and the fact that what is available has to be distributed throughout the Ifctate are major draw backs. “We have been in ope ration for 20 years," said James Grier Sr. of Grier’s Alter House. “We really haven’t tried to get addi tional capital that we need because I know what per centage of the dollar, the lenders are expecting in return. We just can’t afford it. I have not talked to anybody at the Small Busi ness Administration, but I understand from people that they have helped that everything ia not pouonoc — and cream.” One of the understand ings that Grier has is that the guidelines of the Small Business Administration are so rigid and demanding that the businesses "be come theirs until the loan is paid off.” “I would rather make it on my own," Grier said. “There is a lot of red tape involved." One reason, some busi nessmen expect to have problems securing loans, is that corporate America does not want to see minor ity businesses succeed. Corporate America is mak ing money and does not want to give up any part of it, said an anonymous busi nessman who was contact ed. “The door has been opened,” the anonymous businessman said. “The chief executive has said that you must let minority contractors and business men in to talk about their Black Merchants j vjdremdy Concerned Continued from Page 1 Hailstock is concerned that the courts are not harsh enough when it comes to punishment. “I will go to court and spend a lot of time and most of the time all the judge does is give a suspended sentence. Only mice lias somebody had a fine imposed. But most of the time nothing is done," he pointed out. .- Dowiv the road at Mini Pantry at 2305 LaSalle St. operator Richard Hopkins has been in business 10 years and has a unique theory concerning the crimo problem. "It’s someone who's passing through that might roo me. lhe liSliai t'rooks who rob in other places live over here and don't want to waste me,” he remarked. "I have had four or five break-ins and usually find out who did it. Somebody in the neighborhood usually knows who did it. And they just steal petty things like cigarettes,” he added. Hopkins does not feel that the problem is lack of police protection. "We get enough police protection. They do what they can. I think the police do a fine job,” he stated. He believes that the pro blem and the solution to crime lie with the people “People over here don’t want to get involved with the police unless they're in trouble. People need to be more observant. They sl^lbldn't be afraid to meddle,” he advised. His other tneory is mai unity offers an answer "In neighborhoods where peo ple are together you can control the unusual. But where people are always coming and going you don't know what's unusual,” he —pointed out-—— Advise offered by all merchants was that the • black community needs to stick together and help each other out in the effort to reduce crime Check the ads in the Charlotte Post each week for the best bargains in town, Bobby Lowery ...Business leader vares. The problem is staying in. They are out to Set you. They make every :ffort to prove that you :an’t do the job once you ire in. Then they don't lave to deal with you. You lave to be a super com pany to meet their demands.” Henderson Reid of Reid's supermarket has been in iperation for 17 years. He s having problems secur ng the capital that he leeds to expand his opera 400 again.—Not too long igo, he moved into a shop ping center complex on West Boulevard between Morning Drive and Ridge Avenue. "They don't want to loan you money," said Mr Reid mufming to banks-and sther lending institutions. "The interest rate is too high," he continued. ‘When we moved into our shopping center the lending rate was nine percent. Now it is 15 to 18 percent. That is a lot of money when you are talking about big dol lars." The facility that he is in now was made available by a government guaranteed loan through the Small Business Administration—, and Mechanics and Farm ers Bank. “Small black businesses have a hard time," he said. “They don’t give you money, (Small Business Administration). Lending institutions give others more of a break. When 1 got my present loan, I was still begging and some people had gotten their loans on their first try. It looks like things are getting worse with the recession." By law, the Small Busi ness Administration cannot James Grier Sr. ...City's top tailor guarantee a loan if a busi ness can obtain funds on reasonable terms from a bank or other private source. A borrower must therefore first seek private financing before applying to the SBA. This means that a person must apply to a bank or other lending institution for a loan In a city over 200.0(K) like Char lotte, a person must be turned down by two banks before applying for an SBA loan. —A—eompany must be in dependently owned and operated, not dominant in its field and must meet certain standards of size in terms of employees or an nual receipts. Loans cannot be made to speculative —SOStBBgSBS neacspapera businesses engaged in gambling. Accordine to Don White Henderson Reid Owns supermarket man. official with the Charlotte office of the SBA, the SBA guaranteed $52 million last year. This year, they are experienc ing a 25 percent cut. The SBA can guarantee up to 90 percent of a loan made by a bank or other private lender. Loan applicants must be of good character, show ability to operate a busi ness successfully, have enough capital in an exist ing firm so that with an SBA loan, the business can operate on a second finan cial basis, show the pro posed loan is of such sound value or so secured as Rinsing Dishes Washing and rinsing dishes by hand three times -it day mnsrmnrrriTut w atm and energy than one load a day in an automatic dish washer Discount Brokers May Not Be For You CHICAGO - If you're making moliey^Tast; and are super busy doing it, you need more rathe»*than less help investing it, John W. Rogers^Jr . a broker with William Blair & Company here, tells successful clients. This advice is aimed par ticularly at young black professionals-doctors, lawyers, entrepreneurs or ones on the way up the corporate ladder-accord ing to broker Rogers. He especially cautions prudence and care in the choice of brokers. “Sure you may be charged a lower commis sion on a stock purchase if you go to a discount broker," Rogers says. "Bui the low discount broker rates are based on providing little or no help in choosing stocks. If you're a , retired executive or a wealthy housewife with lots of time on your hands to research your stock buys, a discount broker may be your best choice. "But most black profes sionals who have money to invest are usually working hard to make it and they don't have a lot of free time to do TfieTesearch needed— to make intelligent choices on investments. "Choosing a broker," he adds, "shouldn't be like shopping for generic items in a supermarket. rate ■ r 0 FROM llFll?F^DAYT§5PNpSUNDAY. _IP minutes from anywhere in North Carolina I DIALED DIRECT- iAX no, incuT^T Boston f*8.69 —Ohlcoip 4^69 Denver. $£72 Kansas City $2.72 Seattle $£84 ~ Los Angeles $2£4 New York $£59 New Orleans_ $£69 Long distance, lira can reach out for a lot less than you think. You can reach out with other low rates after 5PM weekdays Weekend rates also apply any night between 11PM and 8 AM. _Get the extra convenience of your own personal Bell System CrecBtTJard. Call (toll ffee) 1-B0U-241-6360. In Georgia call 1-800-282-6279. -i Southern Bell appfron C—»within theU 9 Dtrec(-dial Z trtm cw crmc' «"*»■ cettt charged "^ydchyonc** Evening rates apply from 5 PM until 11 PM on Sundays For direct-dial rates to Alaska and Hawaii, ask your operator Rates subtract to change reasonably to assure pay ment, show that the past earnings record and future prospects of the firm indi cate ability to repay the loan and other fixed debts out of profits, and be able to _ offer collateral In Bargains And In Thes&. Times Even/ Penny Counts Shop Us - Before You Buy I COPYRIGHT 1911 WINN-DIXIE CHARLOTTE INC. QUANTITY RIGHTS RESERVED...PRICES GOOD THRU SATURDAY DECEMBER 12. 1981. 3 ^ 15V* oz. ?: =| CAN f: LIMIT ONE WITH COUPON AND’10.00 OR MORE FOOD ORDER jg VQID AFTER SAT, DEC 12 1981 B ^B BB ^B BB ^B BB ^B BB ^B ^B BB BB BB ““ BBfSaSUsHE^so..? 1 iwwo"*”* 4gc =5 . JAR — pZj Zg LIMIT ONF WITH COUPON AND '10 00 OR MORE FOOD ORDER §Z - VOID AFTER SAT DEC 12 1981 jrfc. ^ffmfmwmnfmwfWmwmWmnwW Save «°* I I ^ BAG §: LIMIT ONE WITH COUPON AND 410 00 OR MORE FOOD ORDER ^ r;VOID AFTER SAT DEC 12, 1981 L W-D BRAND U.S. CHOICE SIRLOIN STEAK 12^8 . T-BONE LB. *2.88 . HALF GAL. TROPICANA 100% PURE FLORIDA 3RANGE ' ASSORTED OR DESIGNER VIVA PAPER TOWELS 1 LLARGE ROLL LIMIT? WITH M0.00 OR ' - ^^MORIFOODOROE^^i IHOUY FARMS U.S.O.A. GRADE A FRYER BREAST... ... 98* W-D BRAND U.S. CHOICE PORTERHOUSE STEAK_ ., *2** W-D BRAND U.S. CHOICE BONELESS CHUCK ROAST TMtIFTV MAID TOMATO soup_6'mw *r* TMtIFTV MAID PINTO BEANS.... iiBo 29’ i mujy) 16 oz. I CUP % %/■.•'• ■':./,•£ PALMETTO ' farms PIMENTO CHEESE HARVEST FRESH U.S. NO. 1 WHITE V.V. * » POTATOES, 'rag M” ASTOR ORANGE * JUICE.... 3 ££ *24r ■BP « HALF GAL.: SUPERBRANOC I SHERBET OR : I ICE CREAM
The Charlotte Post (Charlotte, N.C.)
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Dec. 10, 1981, edition 1
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