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If you follow economic news, you know that billions of dollars under the federal government’s stimulus plan are flowing to the states. Stimulus projects in Illinois are moving from “shovel ready” to “shovel in.” But in the Chicago area, many African-American contractors say they’re not the ones with the jobs and they don’t see the political will to help make it happen.
Black Contractors Say Stimulus Dollars Aren't Turning Into Jobs
chicagopublicradio.org - 21 weeks ago - 280 views
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As a majority consultant to Minority Business Enterprises on a variety of high-profile public works projects in the City of Chicago, what I learned from my clients is that bank financing & effective financial management are key to whether MBEs earn their fair share of government stimulus spending.
Banks need to learn to look beyond the limited collateral of many start up enterprises to take a chance on business prosperity.
In turn, MBEs must learn to recruit talented financial managers & project managers beyond initial friends, relatives & acquaintances to grow a well-run, financially sound business.
Before seeking protection under federal bankruptcy codes, the former O'Hare International Airport landscaper launched a road building enterprise which earned industry recognition. But as with the Greek mythological character Icarus, belated government payments, a catastrophic accident, delayed construction permit approvals & other administrative delays became the devil in the details which doomed this Minority Business Enterprise.
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