Minority Business Owners Lend a Hand

When it comes to starting a new business, there’s nothing better than a leg-up.

That’s what local attorney Rick DeHoyos told attendees during the Minority Alliance Network Organization meeting on Thursday in San Angelo.

M.A.N.O Exists To Help Minority Business Owners

DeHoyos is one of the founders of M.A.N.O. non-profit group. It exists to help minority business owners get that all-important leg-up, and hopefully get off to a great start.

“We do this so that you can learn,” DeHoyos told attendees. “If you have the same background I had — my parents weren’t business owners — so everything I have learned as a small business owner, I have had to learn the hard way.

“I had to make phone calls and desperately ask my friends for information, because it’s not like I could call my family to ask for advice about my small business.”

DeHoyos said in addition to the information they connect business owners with, the group tries to focus on helping members get started with the networking that is so vital to developing any kind of business.

This meeting is a continuation of the group’s Financial Literacy Series, and features a 30-minute Q&A session with three local lenders.

Rey Villareal of The Bank & Trust was joined by Zach Balderas and Orlando Lara of First Financial Bank, and the trio answered questions about financing for startups, with plenty of tips about what to expect, and how to make sure you have all of the necessary documents before heading to the bank.

They told attendees about how they look at credit applications and collateral, and they encouraged everyone to develop the relationships they already have with their current bankers, because you are more likely to get a loan from an institution familiar with your finances.

Other useful tips include:

• You will need at least two year’s tax returns to get a loan.
• When it comes to getting a business loan, you are your credit score.
• Get a CPA for your small business; having professionally prepared documents helps speed things along, and ensures you won’t have any unwelcome surprises.
• Small business owners should investigate Small Business Administration loans, because they will require lower down payments.
• Having the right loan structure is crucial to make sure you can support the debt you’re taking on.
• New businesses should take advantage of the free assistance available through the Small Business Development Center.
• Banks have strict rules and requirements they are not allowed to deviate from.
• The last thing lenders want is a loan in default or foreclosure, because it’s uncomfortable, costly and time consuming.

Following the panel discussion, Dr. Merl Brandon, CFO of San Angelo ISD made a half-hour presentation on the proposed school bond, followed by a lively question and answer period.

M.A.N.O. Getting the Word Out

The Minority Alliance Network Organization was created with a mission to “to serve as a resource for the minority business community, through developing partnerships, education, and networking opportunities.”

Other founders include local realtor and community leader Sherley Spears and State Farm agent Tony Villareal who have been joined by local pharmacist Carlos Robledo on the MANO board, which now includes eight members.

“We want to be a resource for minority business owners,” Spears said, in explaining the group’s origin. “We want them to come and let us help them learn.”

She told attendees that the idea for MANO went from concept to reality in about six months, and the group has been actively working and expanding for about 18 months now.

In that time, they have held five seminars, formed several partnerships with local lenders and the Small Business Development Center, and worked to bring new business owners into the organization.

“This is a great time for minority business owners to get it together, and figure out what it is they want to do,” Spears said.

She talked briefly about the minority-majority in San Angelo, representing about 53-percent of the local population.

She also said the group currently is holding a monthly social event so members can meet in a relaxed setting and have fun getting to know one another.

“But we need you to tell everyone you know,” she said. “We are a young organization, so we need the support.”

What’s Next?

MANO will be hosting a golf tournament at Quicksand Golf Course on April 21, with several sponsorship opportunities still open.

The event was created with fun in mind, but also plenty of chances to meet new people and enjoy an afternoon at the golf course.

The tournament will provide funding for continuing education and certification opportunities for MANO members.

To learn more about MANO, or to become a member, visit their website.

Sponsor

Refreshments for the evening were provided by Lynda Rodriguez, VP of Public Finance with SWBC Investment Services.