Incubators -- The Hidden Resource for Minority Businesses

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How to finance a business

Incubators are one of the most seriously overlooked keys for small business, especially minority small business, when they want to know how to finance a business.

For example, look at the tremendous success of the Nussbaum Center for Entrepreneurship in Greensboro.

57% of Nussbaum Businesses Minority or Women-owned.

Of 66 companies residing in the Center, 38 businesses, or 57% are owned by members of minority groups. Of that total, 28% of the companies are owned by African-Americans, compared to a national average of 5.2%. Additionally, 41% of all companies are owned by women. Asian Americans and Hispanics make up 3% of the ownership, respectively.

“The Nussbaum Center exists to boost economic development through helping create successful business owners” says Associate Development manager, Clay Howard. “The diversity of ownership demonstrates the effectiveness of the Nussbaum Center to bring businesses together, creating an atmosphere conducive to growth.”

The Nussbaum Center for Entrepreneurship, Inc. is a private non-profit corporation whose mission is to enhance economic development in Greensboro and the surrounding area through creating successful business owners.

The incubator is designed to support non-retail, new or emerging businesses. The Center provides shared support services such as business counseling, receptionist, copier, fax, mail boxes, and word processing along with office and light manufacturing space.

For information: http://www.nussbaumcfe.com or Contact: director@nussbaumcfe.com Phone: 336.379.5001

There are several hundred of these incubators scattered throughout the country. Ask your local banker or SBA representative, or your Congressional Representtive, for contact information.