Journal Article

Resource Utilization among Black Small Business Owners in Detroit: Results from a Questionnaire

Abstract: One of the most important ways for small businesses to access capital is through connections to resource networks. Business networks are the set of arrangements and information platforms that business owners use to increase exposure and sales, gain knowledge of their markets, develop financial management skills, and familiarize themselves with sources of financing. Networks can also connect people to other service providers, such as nonprofit organizations and professionals that support business owners through technical and financial training, referrals, legal services and procurement opportunities. For example, the Small Business Administration (SBA) supports intermediaries such as Small Business Development Centers, SCORE (Service Corps of Retired Executives), and other resource partners that help potential business owners develop business plans and understand where to get the appropriate capital for their businesses. Resource networks may also involve coordinated actions between businesses and the communities in which they operate, such as initiatives whereby business owners support programs like crime prevention, clean-up, and beautification that improve the local business environment.

Bibliographic Information

Provider: Federal Reserve Bank of Chicago

Part of Series: Profitwise

Publication Date: 2014

Issue: 1

Pages: 1-14