Our Mailing Address is:	P. O.  Box 3050 158 Madison Avenue, Suite 300 Memphis, TN 38103
Our Phone Numbers are:	(901) 525-6512 (Office) (901) 525-5204 (Fax)
Our website is:	www.mmbc-memphis.org

The MMBC has initiated a series of value added services to provide business development tools and techniques to assist our members and take their business to the next level.  These service providers have proven expertise in their focused area, and have also formed strategic alliances with MMBC to provide these services at a reduced and/or shared cost to our members.  MMBC will continually assess new service offerings and providers to ensure that we are providing our members the best, leading edge services and competitive opportunities for development and growth.

Center for Emerging Entrepreneurial Development (C.E.E.D.)
  The Center for Emerging Entrepreneurial Development (C.E.E.D.) is a business incubator which opened in March 2007 to address the lack of minority businesses in certain industry segments.  The MMBC, in conjunction with the corporate members of our organization and the Memphis Tomorrow Foundation plan, identified numerous industry segments where there was little or no representation in the form of minority or women owned businesses.  The C.E.E.D. is a corporate adoption program that allows each business owner to learn the ins and outs of their chosen industry by providing contract opportunities for their respective adoptee company.  The corporate adopters also provide feedback and instruction to allow the business owners to hone their skills and receive larger contract awards as they continue to improve their performance.  The overall objective of the C.E.E.D. is to graduate each business owner from the incubator to their own storefront, fully capable of competing on price and performance with the major companies within their industry segments.  The incubator is a three year program that has measurable goals for each company to achieve as well as the overall success of the incubator.

 

MMBC Working Capital Loan Fund

 The Mid-South Minority Business Council (MMBC) has recognized the growth needs of minority-owned businesses and, to this end, has developed programs to assist these firms with growing their businesses.  Consequently, the MMBC Working Capital Loan Fund was started for the purpose of providing access to working capital funds for women and minority owned business enterprises (M/WBE).

 

The working capital loan fund will be captive to MMBC members with working capital needs, to fund contracts from MMBC corporate members.  The initial maximum loan amount will be $50,000.  As our funding increases the amount available for loans will increase also.  Our principal mission is to grow the revenues of minority and women owned businesses by increasing the volume that member corporations spend with minority suppliers.  By accomplishing this goal we will stimulate capital investment, encourage job creation, and create wealth to advance the economic well-being of the growing minority business sector.

 

  Borrower eligibility under the working capital loan fund is limited to:

• Ethnic/racial minority business enterprises (or those under a protected group as recognized by the Federal Government), who have been certified by MMBC’s Uniform Certification Agency (UCA), and who have a contract with one of MMBC’s corporate members
• Borrowers having at least 51% ownership in the business
• Owners having a strong management team with proven experience in the business

 

Loan applications, at a minimum must include the following borrower information:

• A history of the business
• Purpose for the loan and a source of repayment
• Financial statements for the most current 3 years
• Schedule of term debt
• Aging of accounts receivables and payables
• Signed personal and corporate income tax returns for the most current 3 years
• Personal guaranty of the borrower

 

Terms and conditions of the loans with respect to repayment will depend on the type of loan, use of the proceeds, and the ability of the business to repay.  Therefore, the term of any given loan may not exceed twelve (12) months; however, the loans may be renewed, subject to approval.

 

MMBC Loan Services

The MMBC Loan Services is designed to be a one-stop shop to satisfy borrower needs that are not covered under the working capital loan fund program.  In these situations MMBC will act as the application intake source and loan originator; then refer the loans to our lending partners who will provide the funding.  Other types of loans and products that are available include:

 

• Real estate loans
• Equipment loans
• Permanent working capital loans
• Business Protection Services

              a.       Key man insurance

              b.      Business interruption insurance

              c.       Life Insurance

 

Unlike the MMBC working capital loan fund, which is designed to benefit our member companies who have a contract with one of our corporate members, the MMBC Loan Services will be available to all M/WBE’s that qualify—both members and non-members alike.

 

 

For further information please contact:

Wallace Jenkins, Chief Loan Manager

(901) 525-6512, Ext. 663