It's all about the economy (and the economy is about investment)
Terry Dean in The Austin Weekly News,
Obama hosted the Q&A at Austin Town Hall, 5610 W. Lake St. Business owners were joined by representatives of the Austin Chamber of Commerce, the Austin African American Business Networking Association (AAABNA) and elected officials.Instead of asking Churches to poney-up for the investment pool, it would have made more sense to ask big retailers to patronize these small businesses.
[***]
Obama advocated African-American businesses pooling some of their resources together to help existing or new businesses. As an example, he suggested the large number of black churches on the West Side could possibly pool some of their money to help fund loans for small business.
Obama said other ethnic communities with businesses-such as the Korean communities-have such a structure in place. Despite problems facing some small businesses in Austin, Cook County as a whole, as reported by the U.S. Census Bureau in April, has more black-owned businesses than any other county in the nation, and has the fastest growing black-owned firms in the nation.
I know Chicago has a bad history here, but I'd trust Walmart to implement an effective minority business program more than the City.
It's all those growing business that will employee people, and you can bet they're just as worried as Walmart when the council starts meddling.
Makes more sense to me then passing the plate at Church.
3 comments:
The Korean system is an intra group program called a "gye". Usually no more than 24 months in term, gye members ante a fixed amount of dollars each month in exchange for a single monthly payout position in the gye. The contributions are calculated to sum to an amount such as $5,000 or $10,000 or more
A member can obtain more than one position in the 24 month cycle. The cost per position depends on how far in the future the payout date is from the start date to that position -- the further out, the lower the monthly payment in. Time value of money and all that. The underlying interest rate is well below the outside bank rate.
Payouts are usually used to buy store inventory or for other investment.
Anybody can do it. First you have to find twenty four (or less, if some buy more than one position) people who can be trusted and have some small resources.
The monthly meeting in some gye involves dinner and drinks, paid for by the lucky guy getting the payout. That is happening less seldom these days.
The important thing is trust. Will the person getting an early payout stay for the remaining months?
There is no reason why any small business community can not do this.
There is no reason why any small business community can not do this.
You bet.
And they should.
But it would be nice to let in a big business community with an agreement to spread the business around...
...instead of asking the little communities all the time.
Post a Comment