* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. HELLO, AND WELCOME [00:00:01] TO THE SCORE HOUSTON TV SERIES, [SCORE Houston (#07): "Minority Entrepreneurship and Available Resources"] THE ENTREPRENEUR'S JOURNEY WITH A SCORE. I'M YOUR HOST, KEVIN MCADAM, BUSINESS MENTOR AND VICE PRESIDENT OF COMMUNITY OUTREACH AT A SCORE HOUSTON. FOR THE LAST SIX DECADES, SCORE HAS BEEN SUPPORTING THE SMALL BUSINESSES BY PROVIDING FREE CONFIDENTIAL MENTORSHIP. WE ARE DELIGHTED TO PARTNER WITH HOUSTON TV TO DEVELOP A SERIES WITH BUSINESS INSIGHTS TO SUPPORT YOUR ENTREPRENEURSHIP JOURNEY. IN THIS EPISODE, WE WILL DISCUSS MINORITY ENTREPRENEURSHIP, WHICH REFERS TO THE PRACTICE OF STARTING A BUSINESS BY PEOPLE WHO ARE PART OF A MINORITY GROUP, SUCH AS AFRICAN AMERICAN ENTREPRENEURS, IMMIGRANT, OR WOMEN ENTREPRENEURS. I'M EXCITED TO WELCOME SEVERAL SPECIAL GUESTS TODAY WHO WILL DISCUSS CHALLENGES ASSOCIATED WITH MINORITY ENTREPRENEURSHIP, AS WELL AS AVAILABLE RESOURCES TO OVERCOME THOSE CHALLENGES. WE WILL DISCUSS SOME COMMUNITY PROGRAMS AVAILABLE TO SUPPORT MINORITY ENTREPRENEURS, AS WELL AS THE IMPORTANCE OF BUILDING A PROFESSIONAL NETWORK VIA CHAMBERS OF COMMERCE AND BUSINESS ASSOCIATIONS. WE'LL ALSO TALK ABOUT SOME TIPS FOR MINORITY ENTREPRENEURS IN REGARD TO SEEKING LOANS FROM BANKS AND FINANCIAL INSTITUTIONS. PLEASE, UH, STAY TUNED. WELCOME BACK TO TODAY'S EPISODE ON MINORITY ENTREPRENEURS. I'M YOUR HOST, KEVIN MCADAM, BUSINESS MENTOR AND VICE PRESIDENT OF COMMUNITY OUTREACH AT SCORE HOUSTON. DID YOU KNOW HOUSTON IS ONE OF THE MOST DIVERSE CITIES IN THE UNITED STATES IN HOUSTON? NEARLY ONE IN FOUR RESIDENTS ARE FOREIGN BORN ENTREPRENEURS FROM AFRICAN AMERICAN, HISPANIC, OR ASIAN AMERICAN COMMUNITIES PLAY AN IMPORTANT ROLE IN THE CITY ECONOMIC GROWTH. IN THIS SEGMENT, I WOULD LIKE TO WELCOME TWO GUESTS, DR. SJA KUALA FROM THE SHORE PROGRAM AT THE UNIVERSITY OF HOUSTON, AND DR. VIETA LEHRMAN, A SCORE CLIENT AND AN IMMIGRANT ENTREPRENEUR. DR. SALHA KUALA IS PROFESSOR OF ACCOUNTING AND THE FOUNDING DIRECTOR OF THE SHORE PROGRAM AT THE UNIVERSITY OF HOUSTON SHORE STANDS FOR STIMULATING URBAN RENEWAL THROUGH ENTREPRENEURSHIP, THE SHORE PROGRAM AND DR. KUALA HAVE RECEIVED NUMEROUS AWARDS AT THE GLOBAL AND NATIONAL AND LOCAL LEVELS, INCLUDING ENDURING LIFETIME ACHIEVEMENT AWARD IN 2021 AND INSPIRING PROGRAMS IN BUSINESS AWARD IN 2023. DR. BETA LEHRMAN IS THE FOUNDER OF SEAMLESS TREATS CHOCOLATE. SHE IS A BIOMEDICAL SCIENTIST WITH TWO PHDS IN IMMUNO-ONCOLOGY AND GENE THERAPY. IN 2020, SHE LEFT MEDICINE TO PURSUE HER DREAM OF HELPING PEOPLE MOVE TOWARDS A HEALTHIER LIFE AND MAKE THEM A WAR OF THE CONNECTION BETWEEN SUGAR AND CANCER. SHE HAS BEEN DEVELOPING HER BUSINESS IN HOUSTON WITH THE HELP OF HER SCORE, MENTOR, AND PARTICIPATED IN THE SHORE PROGRAM. I WOULD LIKE TO WELCOME BOTH OF YOU TO THE PROGRAM. I APPRECIATE YOUR TIME AND YOU BEING HERE. AND LET'S START WITH YOU. DR. KUMA WALLA, UH, I KNOW, UH, SCORE. HOUSTON AND SHORE PROGRAM AT UNIVERSITY OF HOUSTON. UH, HAS, UH, WORK HAS BEEN WORKING, UH, TOGETHER TO SUPPORT ENTREPRENEURS. COULD YOU EXPLAIN A LITTLE BIT ABOUT THE SHORE PROGRAM AND WHO IS ELIGIBLE TO, UH, BENEFIT FROM THIS PROGRAM? SURE. UH, THANK YOU, UH, FOR THE OPPORTUNITY. UM, AS YOU SAID, SURE. STANDS FOR STIMULATING URBAN RENEWAL THROUGH ENTREPRENEURSHIP. IT'S AN ACADEMIC PROGRAM AT THE UNIVERSITY OF HOUSTON BAUER COLLEGE OF BUSINESS. IT'S AN INNOVATIVE EDUCATIONAL PLATFORM THAT CREATES A VALUE ADDED PARTNERSHIP BETWEEN THE STUDENTS, THE UNDER-RESOURCED ENTREPRENEURS AND EXECUTIVES FROM THE BUSINESS COMMUNITY. THE PROGRAM [00:05:01] HAS TWO GOALS TO ECONOMICALLY EMPOWER OUR UNDER-RESOURCED ENTREPRENEURS AND TO TRAIN OUR STUDENTS IN HUMAN-CENTRIC SKILLS THAT THEY NEED FOR THE FUTURE OF WORK. AS FAR AS ELIGIBILITY IS CONCERNED, BEFORE, UH, THE BEGINNING OF EVERY SEMESTER, BECAUSE AN ACADEMIC PROGRAM IS OFFERED TWICE A YEAR, AT THE BEGINNING OF EVERY FALL AND SPRING SEMESTER, ABOUT 400 TO 600 ENTREPRENEURS FROM THE COMMUNITY ATTEND A FREE FOUR HOUR MASTERCLASS AT THE UNIVERSITY OF HOUSTON WHERE THEY LEARN HOW TO DEVELOP A SHORT, MINIMUM VIABLE BUSINESS PLAN. ABOUT TWO THIRDS OF THOSE ATTENDING APPLY AND ABOUT 120 APPLICANTS ARE ACCEPTED INTO THE PROGRAM BASED ON THREE CRITERIA. ARE YOU COMMITTED TO THE BUSINESS? DO YOU HAVE A CONCRETE BUSINESS IDEA, AND ARE YOU FROM AN UNDERSERVED COMMUNITY OR WILL YOUR BUSINESS SERVE AN UNDERSERVED COMMUNITY? THE FIRST TWO CRITERIA BINDING TO GET INTO THE PROGRAM, BUT THE THIRD ONE IS NOT. OKAY. SO, UH, LET ME ASK YOU ABOUT MINORITY ENTREPRENEURS BECAUSE WE KNOW A STARTING A BUSINESS IS A CHALLENGING TASK AND IT IS EVEN MORE CHALLENGING THAN FOR MINORITY ENTREPRENEURS. SO DO YOU HAVE SOME NUMBERS, UH, UM, TELLING US, UM, WHETHER MINORITY ENTREPRENEURS BENEFITED FROM YOUR PROGRAM, UH, AND HOW DOES YOUR PROGRAM MAY HELP MINORITY ENTREPRENEURS IN PARTICULAR? YES. SO, UM, EQUITY AND ECONOMIC EMPOWERMENT ARE INTEGRAL TO THE SHOW PROGRAM. WE WANT TO MAKE SURE THAT THESE UNDER RESOURCE ENTREPRENEURS THAT HAVE THE PASSION, THE INTELLECT AND THE WORK ETHIC HAVE ACCESS TO ALL THE RESOURCES AVAILABLE FOR THEIR SUCCESS. UH, 77% OF OUR ENTREPRENEURS ARE WOMEN, 50% ARE AFRICAN AMERICAN, 27%, UH, SELF-IDENTIFY THEMSELVES AS LATINA. 63% ARE BELOW THE HUD THRESHOLD OF LOW INCOME. THE AVERAGE AGE OF AN ENTREPRENEUR, UM, BASED ON A IMPACT SURVEY IS A 41-YEAR-OLD AFRICAN AMERICAN WOMAN WITH A SINGLE PARENT, UH, WITH, WITH A THREE PERSON HOUSEHOLD. MM-HMM . BASED ON IPAC SURVEY, THESE ENTREPRENEURS, UM, ABOUT 80% OF THEM HAVE SAID THAT THE SHOW PROGRAM HAS HELPED DEVELOP THEIR INFORMAL NETWORK, WHICH THEY LACK THAT, THAT SOCIAL CONNECTION, THE EDUCATION THAT THEY HAVE RECEIVED, 98% SAID THAT THEIR, THEIR FINANCIAL LITERACY HAS REALLY INCREASED AND HELPED THEM WITH BUDGETING IN ALL, YOU KNOW, IN ALL THESE OTHER RESOURCES THAT WE PROVIDE THROUGH SCORE AND OUR OTHER ENTREPRENEURS SOHO SCORE IS A VERY BIG RESOURCE BECAUSE THEY ARE THE MENTORS TO OUR ENTREPRENEURS DURING THE ENTIRE SEMESTER OF THE PROGRAM. VERY NICE. UM, ACTUALLY WE HAVE DR. BETA LERMAN HERE WHO PARTICIPATED IN THE SHORE PROGRAM. THANK YOU FOR ACCEPTING OUR INVITATION AND PARTICIPATING IN THE PROGRAM. UH, LET'S START WITH YOUR JOURNEY INTO ENTREPRENEURSHIP. HOW DID YOU, UH, START YOUR BUSINESS AND WHAT IS YOUR BUSINESS? THANK YOU FOR THE OPPORTUNITY. MY BUSINESS IS SEAMLESS TREATS CHOCOLATE. IT IS ALTERNATIVE CHOCOLATE THAT PRIORITIZES THE RICH TASTE WHILE PROTECTING OUR CONSUMERS FROM THE HARMFUL EFFECTS OF SUGAR AND ULTRA PROCESSED INGREDIENTS. THE MISSION OF SINLESS TREATS CHOCOLATE IS TO EMPOWER THE CONSUMERS TO HAVE HEALTHIER CHOICES, BETTER TASTING CHOICES WHEN IT COMES TO SATISFYING THEIR, UH, SWEETS CRAVINGS. SO THE WAY, THE REASON I STARTED THE COMPANY WAS ACTUALLY TWO REASONS. MY, THE PROFESSIONAL REASONS IS MY MISSION IS TO IMPROVE HEALTH, AND THAT WAS THE PERSONAL REASON. I'M A CANCER SURVIVOR. I HAD LYMPHOMA AND I VOLUNTARILY GAVE UP EATING SUGAR, BUT I'M A CHOCOHOLIC. I LOVE CHOCOLATE AND I WAS LOOKING FOR THE GOOD TASTING CLEAN OPTION THAT I COULD EAT AND I COULDN'T FIND IT. AND SO INVENTING THE GREAT PRODUCT WAS EASY, BUT INVENTING THE GREAT PRODUCT IS NOT CONTRARY TO WHAT I BELIEVED BEFORE. SURE. PROGRAM IS FOUNDATION OF A GOOD BUSINESS. SO, UM, DOING COMMERCE IS LOOKED DOWN UPON FROM THE SOCIETY I'M FROM. SO I NEEDED SOME SKILLS AND DEVELOPED SOME TOUGHER SKIN, WHICH IS WHERE SCORE AND SURE. [00:10:01] PROGRAM BOTH COME IN. YEAH. AND SO YOU AS AN IMMIGRANT ENTREPRENEUR AND AN WOMEN ENTREPRENEUR PARTICIPATED IN THE PROGRAM. WAS IT BENEFICIAL? UH, ABSOLUTELY, AND I AM RECOMMENDING IT TO OTHER ACQUAINTANCE AND FRIENDS WHO ARE WOMEN AND IMMIGRANTS AND STARTING THEIR BUSINESS. UM, I ACTUALLY FOUND OUT ABOUT YOUR PROGRAM FROM SCORE NEWSLETTER. I WAS AWARE OF SCORE BEFORE I WAS AWARE OF SHORE, AND I WENT TO THE ORIENTATION, UH, MASTERCLASS AND I APPLIED BEFORE I LEFT THAT ROOM. AND I WAS HOPING AND PRAYING THAT I WOULD GET ACCEPTED AND I WAS REALLY OVERJOYED WHEN I DID. UH, THERE WERE SOME REALLY VALUABLE, UH, LEARNING MODULES FROM BRANDING TO ACCOUNTING TO MARKETING TO LEGAL AND, UM, UM, INTELLECTUAL PROPERTY, NOT EVEN MENTIONING THE VALUE OF DEVELOPING THE BUSINESS PLAN, THE LIVING DOCUMENTS ACCORDING TO WHICH YOU CAN REDUCE A LOT OF CHAOS. I WAS INTRODUCED TO MY WONDERFUL MENTOR, JIM DAVIS. I'M STILL WORKING WITH HIM. WE'RE STILL WORKING TOGETHER. WE ARE THREE YEARS IN RIGHT NOW, AND I ABSOLUTELY DELIGHTED TO BE A PART OF THE SHORE PROGRAM. THANK YOU SO MUCH FOR SHARING YOUR EXPERIENCE, AND ONE OF THE BENEFITS OF PARTICIPATING IN THESE PROGRAMS IS TO BUILDING A NETWORK, UH, UH, AND, AND, UH, CONNECTING WITH OTHER ENTREPRENEURS AND GETTING SUPPORT FROM PROGRAMS TO APPLY FOR MAYBE MINORITY BUSINESS LICENSES. SO THESE ARE ALL THE BENEFITS. SO IN THE NEXT SEGMENT OF THIS EPISODE, WE WILL TALK ABOUT BENEFITS OF BUILDING SOCIAL NETWORKS AND DEVELOPING YOUR PROFESSIONAL CONNECTIONS WITH LIKE-MINDED ENTREPRENEURS. STAY TUNED. WE WILL BE BACK AFTER A SHORT BREAK. WELCOME BACK. I'M YOUR HOST, KEVIN MCADAM, BUSINESS MENTOR AND VICE PRESIDENT OF OUR COMMUNITY OUTREACH AT THE SCORE HOUSTON. AND WE ARE TALKING ABOUT MINORITY ENTREPRENEURSHIP. IN THIS SEGMENT, I WOULD LIKE TO WELCOME MR. FAN CHE. HE WILL BE SERVING AS THE NEW BOARD CHAIR OF THE ASIAN CHAMBER OF COMMERCE, WHICH HAS BEEN SUPPORTING THE BUSINESS COMMUNITY IN HOUSTON FOR OVER 34 YEARS. THE ASIAN CHAMBER OF COMMERCE MISSION IS TO FOSTER ECONOMIC AND BUSINESS DEVELOPMENT THROUGH BRINGING THE COMMUNITY TOGETHER, NETWORKING, COLLABORATION, UH, IN THE HOUSTON ASIAN AMERICAN COMMUNITIES. UH, WELCOME TO THE PROGRAM, UH, UH, SCORE ORGANIZATION AND THE ASIAN CHAMBER OF COMMERCE, UH, HAS BEEN WORKING TOGETHER TO SUPPORT ENTREPRENEURS FOR MANY YEARS. AND I KNOW ENTREPRENEURS CAN BENEFIT FROM, UH, JOINING ORGANIZATIONS SUCH AS ASIAN CHAMBER OF COMMERCE. SO COULD YOU PLEASE EXPLAIN A LITTLE BIT ABOUT YOUR ASSOCIATION? FIRST, THANK YOU SO MUCH FOR HAVING ME ON THIS PROGRAM. UM, THE MOST IMPORTANT REASON A SMALL BUSINESS OWNER SHOULD, UH, JOIN A BUSINESS ASSOCIATION SUCH AS THE ASIAN CHAMBER OF COMMERCE, UM, IS TO GAIN ACCESS TO EDUCATIONAL PROGRAMS, NETWORK AND RESOURCES. OUR TEAM WORKS TIRELESSLY ENDLESS HOURS TO CONNECT WITH BUSINESS AND THE COMMUNITY LEADERS IN ORDER TO MAKE SURE THAT THE LOCAL BUSINESS COMMUNITY, THEIR VOICE CAN BE HEARD, ESPECIALLY FOR ASIAN AMERICAN, UM, BUSINESS COMMUNITY. ALSO, UH, WITH 34 YEAR LEGACY AND 700 UH, CHAMBER MEMBERS, UH, WE TRY TO, UM, UM, BRING THE BEST SPEAKERS TO A LOT OF PROGRAMS SUCH AS OUR SIGNATURE BUSINESS EXECUTIVE PROGRAM AND ALSO CONNECT WITH A LOT OF BUSINESS LEADERS THROUGH OUR PROGRAM SUCH [00:15:01] AS, UH, BUSINESS EXPO, SO THAT SMALL BUSINESS OWNERS CAN MEET BIG LARGE CORPORATIONS. VERY NICE. ALSO, ACCORDING TO 2021 CENSUS, THERE ARE MORE THAN 110,000 ASIAN OWNED BUSINESSES IN GREATER HOUSTON, UH, AREA. AND, UH, WE ARE TALKING ABOUT, UH, UH, ASIAN CHAMBER IS ALWAYS TRYING TO CELEBRATE AND ELEVATE THESE A API BUSINESS OWNERS THROUGHOUT OUR YEAR ROUND ACTIVITIES, EVENTS SUCH AS RISING 10 AWARDS, ASIAN RESTAURANT MONTH, AND ALSO THE MOST IMPORTANT SIGNATURE PROGRAM, THE SPIRIT OF ENTREPRENEURSHIP AWARD, WHICH WAS JUST HELD LAST WEEKEND WITH MORE THAN 450 BUSINESS LEADERS, COMMUNITY LEADERS, GOVERNMENT OFFICIALS, AND DISTINGUISHED GUESTS SHOWED UP. VERY INTERESTING. SO IT SEEMS THAT ENTREPRENEURS BY JOINING THE ASSOCIATION SUCH AS, UH, ASIAN CHAMBER OF COMMERCE, COULD GAIN ACCESS TO A LOT OF RESOURCES, UH, EXPAND THEIR NETWORK. AND YOU MENTIONED SEVERAL PROGRAMS, UH, THAT THEY CAN BENEFIT FROM. BUT IN PARTICULAR, UH, WHAT CAUGHT MY ATTENTION WAS THE EXECUTIVE EDUCATION PROGRAM. UH, YOU MENTIONED IT'S A TRAINING PROGRAM AND MY UNDERSTANDING IT'S OVER EIGHT, UH, UH, WEEKENDS. UH, AND SO, UH, UH, THEY GET EXPOSED TO DIFFERENT TOPICS IN THIS PROGRAM. SO CAN YOU EXPLAIN A LITTLE BIT MORE AND ESPEC SPECIFICALLY FOR MINORITY ENTREPRENEURS WHO, UM, MAY NOT SPEAK ENGLISH WELL AND THEY MAY HAVE SOME CHALLENGES IN TERMS OF LANGUAGE, SO CAN THEY ALSO BENEFIT FROM YOUR PROGRAMS? YES, DEFINITELY. UM, BUSINESS EXECUTIVE PROGRAM IS A SIGNATURE PROGRAM ACTUALLY, THANKS, UH, TO YOU. UH, PROFESSOR MCCALLUM, YOU'RE ALSO ONE OF THE COMMITTEE MEMBERS, UH, SPEND A LOT OF TIME BEHIND THIS PROGRAM DESIGNING CURRICULUM AND, UH, TRYING TO FIND THE BEST EXPERTS. SO THIS PROGRAM IS A FAST TRACK MINI MBA PROGRAM, WHICH IS DESIGNED TO HELP A LOT OF ENTREPRENEURS WHO WANT TO TAKE THEIR BUSINESS TO THE NEXT LEVEL. AND THE STUDENTS AT THIS PROGRAM, THEY ACTUALLY TAKE A DEEP DIVE INTO FINANCE, MARKETING, BUSINESS PLANNING, AND MORE WITH A LOT OF TOP INDUSTRY EXPERTS TEACHING EACH CLASS. ALSO, THE STUDENTS, UH, FROM THIS PROGRAM, THEY FIRST TIME THEY CAN, UM, THEY CAN GET A LOT OF REAL LIFE BUSINESS LESSONS TO BE TAUGHT. AND ALSO THEY WERE GIVEN OPPORTUNITIES TO LEARN FROM EACH OTHER. VERY GOOD. AND, UH, UH, IT SEEMS THAT, UM, THERE IS THAT OPTION AVAILABLE FOR THEM TO, UH, TAKE THESE PROGRAMS NOT ONLY IN ENGLISH, BUT IN OTHER LANGUAGES. SO THAT, UH, OPENS DOOR FOR ALL, UH, ENTREPRENEURS FROM MINORITY GROUPS, ESPECIALLY IMMIGRANT ENTREPRENEURS. YES, THANK YOU FOR MENTIONING THAT. UH, SEVEN YEARS AGO, UH, THE ASIAN CHAMBER RECOGNIZED THIS NEED FOR IMMIGRANT ENTREPRENEURS TO ADVANCE OR FURTHER THEIR BUSINESS EDUCATION, BUT, UH, MOST OF THEM, THEY DIDN'T SPEAK ENGLISH WELL. SO THE CHAMBER DECIDED TO CREATE THIS PROGRAM, OFFER FIRST TIME MANDARIN CLASSES DUE TO HIGH DEMAND OVER THE YEARS. NOW WE ARE OFFERING NOT JUST THE MANDARIN PROGRAM, BUT ALSO ENGLISH, WE HOPE IN THE NEAR FUTURE WE CAN OFFER, UH, PROGRAM PROGRAMS IN MORE LANGUAGES SO THAT, UH, THE ASIAN COMMUNITY CAN BE BETTER SERVED. YEP. THANK YOU SO MUCH FOR SHARING ALL THAT INFORMATION WITH OUR VIEWERS. WE KNOW US, US AND OTHER, UM, UM, UM, VOLUNTEERS WORKING AT THE ASIAN CHAMBERS ARE WORKING, UH, AS VOLUNTEERS THE SAME WAY US, UM, OUR MENTORS AT THE SCHOOL ORGANIZATIONS ARE ALL VOLUNTEERS. SO WE REALLY APPRECIATE THIS PARTNERSHIP AND LOOK FORWARD TO, UH, FUTURE COLLABORATION, ESPECIALLY IN TERMS OF BRINGING CONNECTIONS TO ENTREPRENEURS AND ENTREPRENEURS CAN BENEFIT FROM, UH, NEW CONNECTION TO BANKS, WHICH IN [00:20:01] THE NEXT EPISODE WE WILL TALK ABOUT BANKING AND HOW THE ENTREPRENEURS CAN APPLY FOR LOANS. UH, I WOULD LIKE TO THANK YOU AGAIN AND, UH, I WOULD LIKE TO ASK OUR REVIEWERS TO STAY TUNED AND WHEN WE COME BACK AFTER A SHORT BREAK. THANK YOU. THE HOLIDAY SPIRIT IS OVERFLOWING IN HOUSTON THIS YEAR. ICE SKATING LIGHTING DISPLAYS, DELICIOUS SWEETS AND SHOPPING. EXPERIENCE THE HOLIDAY SEASON IN 12 DIFFERENT VILLAGES SPANNING DOWNTOWN. MORE INFO AND HOTEL DEALS@VISITHOUSTON.COM. WELCOME BACK TO THE FINAL SEGMENT OF TODAY'S EPISODE, MINORITY ENTREPRENEURS AND SEEKING FUNDING. I'M YOUR HOST, KEVIN MCADAM, BUSINESS MENTOR AND VICE PRESIDENT OF COMMUNITY OUTREACH AT A SCORE HOUSTON. IN THIS SEGMENT, I WOULD LIKE TO WELCOME MR. NARA LAHAN, EXECUTIVE VICE PRESIDENT OF WALLACE BANK, WHICH IS A FULL SERVICE COMMUNITY BANK WITH LO LOCATION IN MAJOR US CITIES SUCH AS HOUSTON, DALLAS, AND SAN ANTONIO. UH, WELCOME, UH, TO THE PROGRAM. WE KNOW THAT, UH, SCORE AND UH, UM, WALLACE BANK, UM, HAS GREAT PARTNERSHIP AND HELPING ENTREPRENEURS SEEK FUNDINGS. UM, WE WOULD LIKE TO KNOW WHAT ENTREPRENEURS, UH, SHOULD PREPARE FOR WHEN THEY APPLY FOR LOANS FROM FINANCIAL INSTITUTIONS AND BANKS. CAN YOU SHARE A LITTLE BIT OF YOUR WISDOM WITH US IN THIS SEGMENT? FIRST OF ALL, THANK YOU SO MUCH FOR INVITING ME TO YOUR SEGMENT AND, UH, YOU KNOW, SCORE HAS BEEN A GREAT PARTNER, ONE OF THE BEST INSTITUTIONS I'VE EVER WORKED. I'VE BEEN ASSOCIATED WITH SCORE, ALSO BEING ALSO IN THE ADVISORY BOARD. AND W BANK HAS BEEN A, A GREAT PART AND A GREAT SUPPORT AND WE GET A LOT OF REFERRALS FROM, UH, SCORE OBVIOUSLY AND LIKE SCORE. THERE ARE SO MANY OTHER CHAPTERS WHICH, UH, WHICH ARE BEING FUNDED BY SBA IS SBDC, WOMEN BUSINESS CENTER AND ALSO YOU CAN GO INTO SURE. PROGRAM, DEFINITELY WITH, UH, DR. SALIA AND ALSO WE ARE TALKING ABOUT EASTERN COMMUNITY COLLEGE HAVE A BUSINESS PLAN COMPETITION, WHICH IS WALLACE BANK HAS BEEN A PART OF IT. WE ARE ONE OF THE MAJOR SPONSORS OF THAT PROGRAM. AND A GREAT OTHER OPPORTUNITY YOU HAVE IS A GOLDMAN SACHS PROGRAM WHERE THEY HAVE A COHORTS AND ALSO YOU CAN DEVELOP YOUR EXPERTISE IN THERE. SO YOUR QUESTION IS VERY VIABLE. LIKE, UH, SOME OF THE SB OFFICIALS WOULD SAY IT'S A NUMBER, A RATED QUESTION 'CAUSE EVERYBODY ASKED ME ABOUT THAT QUESTION. I'VE BEEN AFFILIATED WITH SBA PROGRAM FOR THE LAST 20 YEARS. I'M DEALING WITH A LOT OF MINORITIES. YOU THINK OF ANY, UH, PEOPLE FROM ANY PART OF THE WORLD I'VE BEEN DEALING WITH THAT. UH, THE ONLY THING I JUST TELL EVERYBODY, WHETHER YOU'RE A MINORITY OR YOU'RE NON-MINORITY, MAKES NO DIFFERENCE. YOU HAVE TO BE BUSINESS READY. IF YOU HAVE A BUSINESS ACUMEN AND YOU HAVE CONFIDENCE AND TRUST IN YOURSELF AND YOU CAN SELL YOURSELF, YOU CAN ACHIEVE WHATEVER YOU WANT TO DO. I TELL PEOPLE, THIS IS THE GREATEST COUNTRY IN THE WORLD, THE GREATEST COUNTRY IN THE WORLD. I MEAN BY THAT BECAUSE YOU CAN DREAM AND MAKE YOUR DREAM COME TRUE. AND THERE ARE OPPORTUNITIES WHICH THIS COUNTRY GIVES, WHICH ARE NOT AVAILABLE OTHER PART OF THE WORLD. SO DON'T TAKE THIS FOR GRANTED. VERY GOOD. YOU MENTIONED SEVERAL PROGRAMS AND ALL THOSE PROGRAMS MAKE ENTREPRENEURS READY, UH, TO APPLY. THEY, UH, THEY PROBABLY ENTREPRENEURS RECEIVE CHECKLISTS TO GO THROUGH AND PREPARE, BUT AT THE END OF THE DAY, I'M SURE AFTER 40 YEARS OF EXPERIENCE IN BANKING AND AND MORE THAN 20 YEARS, UH, IN SBA LENDING, YOU HAVE SEEN, UH, QUITE ENOUGH NUMBERS OF APPLICATIONS TO KNOW WHAT CAN GO WRONG. SO COULD YOU SHARE A LITTLE BIT FROM YOUR EXPERIENCE, WHAT ARE SOME COMMON MISTAKES ENTREPRENEURS MAKE AND ESPECIALLY IMMIGRANT ENTREPRENEURS AND MINORITY ENTREPRENEURS? WHEN THEY APPLY FOR LOANS, I ALWAYS TELL THEM, BE PREPARED, FIRST OF ALL HOW TO GET YOURSELF PREPARED BECAUSE THE FINAL DESTINATION COMING TO BANK HAS TO BE YOUR LAST RESORT. FIRST OF ALL, GO TO CERTAIN ORGANIZATIONS LIKE I GIVE AN EXAMPLE WITH A SCORE WHERE THEY CAN MAKE YOU PREPARE OR GO TO SMALL BUSINESS DEVELOPMENT CENTER, GO TO SCORE OR AT LEAST ESTABLISH A RELATIONSHIP INITIALLY WITH A BANKER. AND BANKERS ARE LIKE YOUR DOCTORS. MM-HMM . LIKE YOUR ATTORNEYS, LIKE OTHER PEOPLE WHICH YOU HAVE. HAVING A GOOD BANKER [00:25:01] AND HAVING A BOOK GOOD BANK IN YOUR, UH, IN YOUR REFERRAL LIST OR IN YOUR ADDRESS BOOK WILL ALWAYS BE HELPFUL. AND COMING TO A BANKER FIRST AND GIVE YOURSELF WHAT YOU'RE THINKING ABOUT IT. AND A PERSON WITH AN EXPERIENCE PERSON LIKE ME, I CAN GUIDE THEM WHERE TO GO, HOW TO GET, HOW TO AVAIL FINANCING AND WHAT COULD BE THE POSSIBLE PITFALLS, HOW TO DO THE BUSINESS PLAN. I CAN HAVE IN MY ADDRESS BOOK THE PEOPLE I CAN DIRECTLY REFER LIKE A PERSON LIKE YOU, KEVIN, I CAN GO AHEAD AND REFER PEOPLE IN SCHOOL, SPDC AND EVERYWHERE A PART OF IT. SO TAKE ADVANTAGE, YOU KNOW, THERE COULD BE DIFFICULTIES. THE FIRST THING PEOPLE THINK ABOUT COMING FROM, UH, THE OTHER PART OF THE WORLD WHEN THEY ARE THERE, THEY SAY HOW MUCH HARDSHIP, HOW MUCH DIFFICULT. I'LL JUST TELL YOU, THIS IS AN ORGANIZATION WHERE YOU CAN JUST SEE HOW MANY SMALL BUSINESS PEOPLE ARE SUCCESSFUL, HOW MANY PEOPLE HAVE MADE THEIR DREAMS COME TRUE. YOU CAN BE A PART OF IT. THE BIGGEST SUCCESS IN THIS WORLD IS PEOPLE ARE HONEST, PEOPLE ARE SINCERE WHO'S TRYING TO HELP YOU AND MOST OF THEM ARE VOLUNTEERS AND TAKE THE ADVANTAGE OF THOSE INDIVIDUALS. EXACTLY. AND UH, LIKE YOU MENTIONED, BUILDING THE NETWORK AND CREATING THAT PROFESSIONAL CONNECTIONS IS IMPORTANT AS WE TALKED IN OUR PREVIOUS SEGMENT. BUT, UH, UH, I WANNA IN MY LAST QUESTION FOCUS ON, UH, WHAT TYPE OF LOANS ENTREPRENEURS AND MINORITY ENTREPRENEURS MAY APPLY FOR IN PARTICULAR SBA LOANS, UH, SMALL BUSINESS ADMINISTRATION LOANS. SO THAT IS A CATEGORY OF LOANS THAT MIGHT BE MORE WELCOMING FOR MINORITY ENTREPRENEURS BASED ON YOUR, UH, OWN EXPERIENCE, UH, WOULD YOU SAY SO, AND IF THAT'S THE CASE, COULD YOU EXPLAIN A LITTLE BIT ABOUT SBA LOAN AND HOW MINORITY ENTREPRENEURS CAN BENEFIT, UM, FROM APPLYING FOR THOSE LOANS AND ANY FINAL, UH, WORD OF, UH, WISDOM AND RECOMMENDATION FOR OUR VIEWERS? YEAH, THIS IS A, A GREAT QUESTION AND UH, I CAN ANSWER LIKE, THE THING IS I CAN GO ON FOREVER, BUT DUE TO TIME CONSTRAINTS, I CAN JUST TELL YOU SP HAS A VERY GOOD PROGRAM RIGHT NOW, LESS THAN A MILLION DOLLARS. YOU DON'T EVEN PAY ANY GUARANTEE FEE, WHICH IS CAN BE A CRITICIZABLE FOR ENTREPRENEURS, WHETHER THEY'RE MINORITY ENTREPRENEURS. THE LOAN UNDER $500,000 IS CREDIT SCORE. YOU COME TO ME WITHIN COUPLE OF DAYS, I CAN JUST TELL YOU WHETHER YOU'RE SBA APPROVED OR NOT. AND THERE ARE SEVERAL OTHER PROGRAMS. THERE IS ONE PROGRAM WHICH YOU CAN GO UP TO SEVEN, A PROGRAM WHICH GO UP TO $5 MILLION. THERE IS ANOTHER PROGRAM CALLED 5 0 4 PROGRAM WHERE YOU CAN HAVE, UH, A LOAN WHICH HAS HARDLY ANY, BUT YOU CAN BUY IT FOR REAL ESTATE. AND THERE IS A PROGRAM UNDER SBA WHERE YOU CAN GET WORKING CAPITAL INVENTORY EQUIPMENTS UP TO 10 YEARS WITHOUT ANY BALLOON PAYMENTS. SO THEN EXPORT PEOPLE WHO ARE TRYING TO EXPORT, YOU CAN GET UP TO $5 MILLION AND YOU CAN GET A PRE-SHIPMENT FINANCING UP TO 90% AND THEY'RE ALL GUARANTEED BY THE SBA. SO THERE ARE THOUSANDS OF PROGRAMS WHICH COMES UP WITH DIFFERENT, EVEN WITH THE BANKING INSTITUTION WE ARE TALKING SBA, THE BANKS MAY HAVE THEIR OWN CONVENTIONAL PRODUCTS AND THERE ARE OTHER ORGANIZATIONS WHICH DIRECTLY AND WE HAVE THOSE CONTACTS. SO DO NOT FEEL SHY MEETING A BANKER. DO NOT BE HESITANT MEETING A BANKER. THEY ARE YOUR FRIENDS BECAUSE WE ARE HERE. IF WE ARE LENDING THE MONEY, WE CAN, WE PROGRESS OURSELVES. THE BANK PROGRESSES AND, AND WE ARE HELPING THE COMMUNITY DEVELOP THEIR OWN NETWORK AND FINANCING AND CREATE EMPLOYMENT. THANK YOU SO MUCH FOR, UH, SHARING ALL THAT WISDOM THEM WITH OUR VIEWERS. UH, WE APPRECIATE THE PARTNERSHIP, UH, UH, YOUR BANK HAS WITH SCORE AND WE LOOK FORWARD TO EXPAND ON THOSE COLLABORATIONS. THANK YOU SO MUCH AND PLEASE CONTINUE THIS GOOD WORK. THANK YOU. UH, IN THIS EPISODE OF THE SCORE HOUSTON TV SERIES, WE TALKED ABOUT MINORITY ENTREPRENEURS. WE DISCUSSED THEIR CHALLENGES AND HOW THEY MAY OVERCOME THOSE CHALLENGES BY SEEKING SUPPORT FROM COMMUNITY ORGANIZATIONS. I WOULD LIKE TO THANK ALL OUR GUESTS FOR SHARING THEIR INSIGHTS AND EXPERIENCES WITH OUR VIEWERS. IF YOU ARE LOOKING FOR GUIDANCE FOR YOUR BUSINESS, YOU CAN REQUEST A MENTOR BY FILLING OUT A SIMPLE FORM ON OUR WEBSITE AT A SCORE ORG SLASH HOUSTON. PLEASE MAKE SURE TO WATCH THE OTHER EPISODES OF THE SCORE HOUSTON TV SERIES. UNTIL NEXT TIME, GOODBYE. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.