Civil Rights – Miscellaneous 1963

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Lee Inhite
SMALL BUSINESS ADMINISTRATION
WASHINGTON 25, D.C.
OFFICE OF THE ADMINISTRATOR
January 6, 1964
MEMORANDUM FOR:
Honorable Walter Jenkins
Special Assistant to the President
FROM:
Eugene P. Foley Eugene P. Foley
Administrator
SUBJECT:
Small Business Loans to Prospective
Negro Businessmen, Philadelphia, Pa.
On January 28, 1964, 1 am inaugurating In Philadelphia a pro-
gram designed to increase the number and volume of small business loans
to Negro businessmen. I have a series of conferences arranged all day
in Philadelphia, together with radio and TV programs and a general news
conference. This has attracted considerable interest. I think you
ought to know about it in the event you may wish to Identify the Presi-
dent with the project.
The plan I am following in Philadelphia Is what I hope to
begin in other cities. Briefly, I am developing a system in which the
SBA works with a private, non-profit foundation (in this case it is the
Small Business Opportunities Corporation sponsored by the Drexel Insti-
tute, the Fellowship Commission and the City of Philadelphia) which will
recruit prospective Negro businessmen and, in cooperation with SBA, give
them a business management training program. The SBA will then advance
the necessary capital for those persons recommended by the non-profit
foundation as reasonably qualified to manage a business. This is a
major change in our program because It will call for some relaxation
of our lending criteria. I have not gone beyond Philadelphia at this
t Ime because I want to see what our experience is. I do have In mind,
however, attempting a similar program In other cities which have a
heavy Negro population.
The basic reasons for a special emphasis in the Negro busi-
ness community are rather obvious. There are 600,000 Negroes in Phila-
delphia, approximately 5,000 Negro-owned businesses, but only 7 SBA
loans to those businesses in 102 years. It is well recognized in bank-
ing circles that Negro businesses are extremely risky and financing is
therefore hardly available to potential Negro bus inessmen. Our ultimate

Document source description

October 1963 memo on blacks appointed to positions in the Ohio state government.

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"ocrText": "Lee Inhite\nSMALL BUSINESS ADMINISTRATION\nWASHINGTON 25, D.C.\nOFFICE OF THE ADMINISTRATOR\nJanuary 6, 1964\nMEMORANDUM FOR:\nHonorable Walter Jenkins\nSpecial Assistant to the President\nFROM:\nEugene P. Foley Eugene P. Foley\nAdministrator\nSUBJECT:\nSmall Business Loans to Prospective\nNegro Businessmen, Philadelphia, Pa.\nOn January 28, 1964, 1 am inaugurating In Philadelphia a pro-\ngram designed to increase the number and volume of small business loans\nto Negro businessmen. I have a series of conferences arranged all day\nin Philadelphia, together with radio and TV programs and a general news\nconference. This has attracted considerable interest. I think you\nought to know about it in the event you may wish to Identify the Presi-\ndent with the project.\nThe plan I am following in Philadelphia Is what I hope to\nbegin in other cities. Briefly, I am developing a system in which the\nSBA works with a private, non-profit foundation (in this case it is the\nSmall Business Opportunities Corporation sponsored by the Drexel Insti-\ntute, the Fellowship Commission and the City of Philadelphia) which will\nrecruit prospective Negro businessmen and, in cooperation with SBA, give\nthem a business management training program. The SBA will then advance\nthe necessary capital for those persons recommended by the non-profit\nfoundation as reasonably qualified to manage a business. This is a\nmajor change in our program because It will call for some relaxation\nof our lending criteria. I have not gone beyond Philadelphia at this\nt Ime because I want to see what our experience is. I do have In mind,\nhowever, attempting a similar program In other cities which have a\nheavy Negro population.\nThe basic reasons for a special emphasis in the Negro busi-\nness community are rather obvious. There are 600,000 Negroes in Phila-\ndelphia, approximately 5,000 Negro-owned businesses, but only 7 SBA\nloans to those businesses in 102 years. It is well recognized in bank-\ning circles that Negro businesses are extremely risky and financing is\ntherefore hardly available to potential Negro bus inessmen. Our ultimate"
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