Under-Resourced Entrepreneurs

Assistance for Under-Resourced Entrepreneurs

Social and economic injury that continues to the present day has resulted in many entrepreneurs being under-resourced and unable to start, operate, or grow a business. The US federal government provides access through the Small Business Act to special resources, services, and financing opportunities for under-resourced entrepreneurs and businesses owners.

In general, women and members of the racial/ethnic minority groups are presumed to be under-resourced and may be eligible for additional support from state and federal governments.

According to the Small Business Act (15 USC 637), under-resourced entrepreneurs generally experience the following:

Racial/ethnic prejudice or cultural bias because of their identity as a member of a group that is beyond their control
Reduced or impaired ability to compete in business because of worse capital and credit opportunities as compared to others who have not been subject to social and economic injury

Minority Business Assistance Center (MBAC) is the top statewide entrepreneurial support organization for under-resourced businesses and entrepreneurs. MBAC is part of the Ohio Development Services Agency (ODSA) and offers the following services:

Technical assistance, one-on-one counseling, training, financial readiness services, identifying sources of capital, and assistance with certifications
Information and assistance with ODSA’s financing for small and minority-owned businesses, including the Direct Loan program, Bonding program, Ohio Capital Access Program, and Collateral Enhancement Program

Small Business Development Center (SBDC) is also part of the State of Ohio's support for small businesses and they are well equipped to assist and support under-resourced businesses with a variety of resources and services.

Local governments in Franklin County also provide services to under-resourced businesses to ensure inclusion and diversity in competing for local government contracts:

City of Columbus Office of Diversity and Inclusion (ODI)
Information and resources on under-resourced and minority business participation in City contracts and becoming certified to do business with the City
Franklin County Small & Emerging Business Enterprises (SEBE)
Works with small, emerging, and under-resourced business enterprises to improve and enhance the competitive and non-competitive bid process within Franklin County

The list below provides details on many other local, state, and national resources for under-resourced businesses and entrepreneurs!

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Support for Under-Resourced Entrepreneurs

General Resources

Accion (Nonprofit) - Nonprofit lending network offering financing to small businesses, including loans for under-resourced entrepreneurs, food businesses, and green businesses
Kiva Columbus (Nonprofit) - Nonprofit lender focused on financially excluded and under-resourced entrepreneurs in Central Ohio
Ohio Department of Administrative Services (ODAS) (State Government) - Offers certification for socially and economically under-resourced businesses and minority businesses, which helps those businesses in compete for state government contracts
Ohio Development Services Agency (ODSA) - Minority Business Development Division (MBDD) (State Government) - Supports the growth and sustainability of small, minority, and under-resourced businesses through technical assistance, access to capital, and connections to business opportunities
SBA Business Guide - 8(a) Business Development Program (Federal Government) - Training on the 8(a) federal program, which helps provide a level playing field for small businesses owned by socially and economically under-resourced individuals or entities
USDA New Farmers (Federal Government) - Resources for new farmers, including women, youth, and veterans
USDA Office of Small and Disadvantaged Business Utilization (Federal Government) - List of USDA programs available for small and under-resourced businesses

Resources for Specific Under-Resourced Groups

Asian American Commerce Group (AACG ) (Nonprofit) - Membership organization offering business development, advocacy, and networking for Asian American-owned businesses
BLK hack - Columbus Chapter (For-Profit) - Social enterprise network that assists black entrepreneurs and people of color grow and scale their businesses
Black Tech Columbus (Nonprofit) - Grassroots group of black tech professionals focused on education, professional development, and community service
Bunker Labs (Nonprofit) - National network offering resources, tools, and networking to help veteran and military spouse entrepreneurs start their own business.
Central Ohio African American Chamber of Commerce (COAACC) (Nonprofit) - Membership organization offering business development, training, and consulting for black entrepreneurs and black-owned businesses
Community Refugee & Immigration Services (CRIS) (Nonprofit) – Offers a wide-range of services to refugee and immigrant communities in Central Ohio
The DIVA Movement (For-Profit) - Membership organization providing networking opportunities, support, and resources for women entrepreneurs
Dreambuilder (Nonprofit) - No-cost online business courses for any beginning entrepreneur but designed specifically for women (offered in English and Spanish)
ECDI Women’s Business Center (Nonprofit) – Offers business counseling, networking, mentoring, and trainings for women business owners and entrepreneurs
Hispanic Chamber of Columbus (HCC) (Nonprofit) - Membership organization offering resources and networking to Hispanic-owned businesses and Hispanic entrepreneurs
IFundWomen (IFW) (For-Profit) - Officers access to capital through crowdfunding for women-led businesses
National Association of Women Business Owners (NAWBO) Columbus (Nonprofit) - Membership organization providing support, advocacy, and services for women entrepreneurs
New American Leadership Academy (NALA) (City of Columbus) - Competitive City of Columbus program providing mentorship and professional development to New Americans
Pyramid CDC - S.M.A.R.T. Net (Nonprofit)- Entrepreneurship readiness program that provides computer technology to underserved residents of the Linden community and the surrounding area
SBA Business Guide – Women-Owned Business (Federal Government) – Information and resources for women-owned businesses
SBA Business Guide – Native American-Owned Businesses (Federal Government) – Information and resources for Native American-owned businesses
SBA Business Guide – Veteran-Owned Businesses (Federal Government) – Information and resources for veteran-owned businesses
SBA Business Guide – LGBT-Owned Businesses (Federal Government) – Information and resources for LGBT-owned businesses
SBA Jóvenes Emprendedores (Federal Government) - Spanish-language training for young entrepreneurs
SBA Office of Veterans Business Development (OVBD) (Federal Government) - Works to maximize the availability, applicability, and usability of small business programs for veterans and their dependents or survivors
SBA Pequeñas Empresas (Federal Government) – Spanish-language small business resource guide
Somali Community Association of Ohio (SCAO) (Nonprofit) - Resources and services for the Somali community, including legal assistance and business support
US Department of Veterans Affairs (Federal Government) - Benefits and verification for Veteran-Owned Small Business
Women’s Business Enterprise National Council (WBENC) (Nonprofit) - Largest certifier of women-owned businesses in the US and a leading advocate for women business owners and entrepreneurs
Women’s Small Business Accelerator (WSBA) (Nonprofit) - Membership organization providing training, mentorship, and networking for women entrepreneurs and business owners

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