Charlotte, NC – The National Black Business Owners Association (NBBOA) has officially launched and has chosen Charlotte, N.C. as its home base. In addition to providing qualified business owners with the ability to obtain small business loans through its Loan Connections program , the organization proudly announces two additional inaugural programs, the Pathways To Funding Program (PFP) and the NBBOA Loan Prep Academy.
Cherie Shepherd, Founder and CEO states, “Pathways to Funding or PFP and the Loan Prep Academy are both designed to assist its less qualified members with a clear process to obtaining funding for their small businesses. PFP is designed for NBBOA members that need assistance overcoming their credit challenges, building credit separate from their personal credit and subsequently, obtaining business loan funding. We can help business owners lay out a clear path that leads to the funding they need in a relatively short amount of time.”
Members who register for PFP can expect higher personal credit scores as well as a plan to obtain $50,000 in business credit separate from their personal credit profile. Correspondingly, the NBBOA Loan Prep Academy educates participating members in the various stages of what is required to obtain a bank business loan, unsecured loan, or SBA backed loan. The Academy features online courses in the areas of business, finance management, recordkeeping, legal basics, and asset building.
The organization also has loan products available through its various banking partnerships around the country for seasoned business owners or members who have higher credit scores, although perfect credit is not required.
NBBOA operates based on three principles; Building Our Businesses, Building Our Assets and Building Our Communities. It’s main goal is to increase black wealth and asset ownership through entrepreneurship. NBBOA serves as a small business development center by providing solutions and resources for members throughout the varying stages of their business growth.
“NBBOA understands the significant needs of the black business community. Some may ask, what makes your needs different than any other small business? Historically, we have less assets which has in many cases, limited our access to capital. Any research about the wealth gap in our country will point to the fact that there is an issue within our community. Black spending power is an incredible $1.1 trillion dollars, yet, we are at the bottom of the wealth gap. White families average $140,000 of net worth while blacks average $11,000. We are here to help current and future entrepreneurs grow their businesses, become profitable employers, build assets and build generational wealth,” stated Cherie Shepherd, Founder and CEO.
The organization is also currently seeking service providers in the areas of bookkeeping, accounting, virtual assistance, credit repair, financial advisement/investing, graphic and web design, real estate brokers and business administrative professionals. Chapter Presidents are also being sought at this time.
NBBOA’s mission is to foster economic growth in the African American community through entrepreneurship. Their vision is to become a world class organization and one stop small business development center for its members. Its overall goal is to increase black wealth and asset ownership through successful entrepreneurship. This leads to an increase in homeownership, lower unemployment rates, increased investments and a better overall U.S. economy.
Membership is required to participate in any of the programs and is currently being offered at a reduced inaugural rate of $99. For more information, please visit www.nbboaonline.com or call 1-866-927-5550.