Citizen Bank Supports GPMBSA Project
The Alliance at Work
Funds Available for Housing Development
With strong talent and determination, but weak capital
and collateral, Fatou NDiaye required assistance
to relocate and expand her Senegalese restaurant to the
Philadelphia University City area. She contacted the Greater
Philadelphia Minority Business Strategic Alliance (the
Alliance), which in turn, collaborated with three of its
members, and the process began
First Fatou obtained technical assistance with a business
plan, financial projections and a loan package from the
Philadelphia Minority Business Development Center (PMBDC).
The loan package was then submitted to The Reinvestment
Fund (TRF). The loan was approved by TRF, but a final
hurdle remained: the loan would require additional collateral.
With all business and personal assets exhausted, Fatou
and the Alliance turned to a third partner, the Small
Business Administration (SBA). The SBA provided an 85%
loan guarantee and the "deal" was completed.
A loan in the low, six figures closed in 2002, and Fatou
was able to realize her dream. Now opened and thriving
at its new location, Fatou & Fama Restaurant is just
one example of how the Philadelphia Minority Business
Strategic Alliance works to help minority entrepreneurs
achieve their goals.
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