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SMALL BUSINESS ADMINISTRATION
WASHINGTON, D.C. 20416
OFFICE OF THE ADMINISTRATOR
February 5. 1964
The President
The White House
Washington, D. C. 20501
Subject: Pllot Loan Project for Pro-
spective Negro Businessmen
Dear Mr. President:
I thought that you would be interested to learn that the
Small Business Administration launched a pllot loan and management
training program for very small businesses, particularly those of
minority groups, In Philadelphia last week, and that the Initial
response to the program has been extremely enthuslastic.
Briefly, the program operates as follows:
Three Philadelphia institutions have organized a non-profit
corporation. (The three Institutions are: (1) the City of Philadel-
phia; (2) the Drexe) Institute of Technology; and (3) the Fellowship
Commission.) This non-profit foundation, called the Small Business
Opportunities Corporation, will have a permanent staff of five people
augmented by the voluntary participation of 30-40 prominent business-
men from the Phlladelphia area.
The non-profit corporation will recruit and screen prospective
businessmen from the various poverty groups and, with the help of SBA,
will organize a training program for each Individual, pointed towards a
particular enterprise. Any person certified by the non-profit corpora-
tion as reasonably qualified to conduct successfully the type of busi-
ness he proposes to enter will be eligible for a special loan from the
SBA. It is a special loan because it will not require previous earn-
ings record, previous experience, or collateral. Loans are presently
1 Imited to $6,000, with a maturity of six years.
It Is expected that the early applicants will be trained In
finance for the operation of grocery stores, service stations, repair
shops, paint stores and similar small retail and service operations.
In the first five days of the program (January 29 to February
4) 293 small businessmen were screened, 100 of them referred to SBA to
Document source description
October 1963 memo on blacks appointed to positions in the Ohio state government.
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"ocrText": "SMALL BUSINESS ADMINISTRATION\nWASHINGTON, D.C. 20416\nOFFICE OF THE ADMINISTRATOR\nFebruary 5. 1964\nThe President\nThe White House\nWashington, D. C. 20501\nSubject: Pllot Loan Project for Pro-\nspective Negro Businessmen\nDear Mr. President:\nI thought that you would be interested to learn that the\nSmall Business Administration launched a pllot loan and management\ntraining program for very small businesses, particularly those of\nminority groups, In Philadelphia last week, and that the Initial\nresponse to the program has been extremely enthuslastic.\nBriefly, the program operates as follows:\nThree Philadelphia institutions have organized a non-profit\ncorporation. (The three Institutions are: (1) the City of Philadel-\nphia; (2) the Drexe) Institute of Technology; and (3) the Fellowship\nCommission.) This non-profit foundation, called the Small Business\nOpportunities Corporation, will have a permanent staff of five people\naugmented by the voluntary participation of 30-40 prominent business-\nmen from the Phlladelphia area.\nThe non-profit corporation will recruit and screen prospective\nbusinessmen from the various poverty groups and, with the help of SBA,\nwill organize a training program for each Individual, pointed towards a\nparticular enterprise. Any person certified by the non-profit corpora-\ntion as reasonably qualified to conduct successfully the type of busi-\nness he proposes to enter will be eligible for a special loan from the\nSBA. It is a special loan because it will not require previous earn-\nings record, previous experience, or collateral. Loans are presently\n1 Imited to $6,000, with a maturity of six years.\nIt Is expected that the early applicants will be trained In\nfinance for the operation of grocery stores, service stations, repair\nshops, paint stores and similar small retail and service operations.\nIn the first five days of the program (January 29 to February\n4) 293 small businessmen were screened, 100 of them referred to SBA to"
}